Legal policy and the People’s Republic of China’s legislation of reform and opening-up period

The article is devoted to the study of the peculiarities of the legislative policy in the sphere of regulation of economic transformations carried out by the Chinese authorities since 1978. The leaders who came to power after Mao Zedong’s death and the end of the “cultural revolution” (1976) instigated widespread reforms, which are better known as the policy of “reform and opening-up” in China. The course of “four modernizations” was proclaimed in the country, law-making activity was resumed which had been interrupted by various destructive political campaigns for two decades (1956–1976). The changes were realized without a breakup of the essential foundation of the new Chinese statehood, formed in October 1949. When China returned to the epicenter of global geopolitics, the world was shown not only a unique model of economic development, but one that differed from the West. At the same time, China followed a peculiar path of legal development. With no multiparty system, separation of powers, checks and balances, the transformation of the country into a legal state on the European model, the constitutional consolidation of the priority of international law over national, etc., China managed to achieve amazing economic results. Over the years of reforms, China has proved to the world the possibility of an alternative, in comparison to the West, and no less progressive legal regulation models of the economic sphere. Thanks to the national-oriented legal policy, which supposes the priority of protecting state interests, the Chinese reformers managed not only to attract significant investments from abroad and new Western technologies to the country, but also gained absolute control over them, including the mass registration of intellectual property rights of foreign businesses to their citizens. In the pursuit of quick profits, foreign businesses have not paid due regard to the particularities of the current Chinese legislation, which “were happy to” let allows foreigners into their territory, but prevented the free export of legitimate profits out of the country. Now, against the backdrop of an unfolding trade and economic war between China and the United States, an increasing number of foreign entrepreneurs are thinking about the transfer (return) of their production from China to other countries. It will not be easy to do and in some sectors of the economy it is no longer possible. The vagueness and non-specificity of Chinese regulations is an excellent basis for the introduction of any restrictive measures against a foreigner wishing to export his capital and material means of production. The basis of legal policy and legislation governing “reform and opening-up” were formed at the beginning of their realization. Now the West, which has been actively helping China to rise for last 40 years, can only “reap the fruits” of its own foreign policy strategy