The Inadequation And Improvement Of Internatinal Factoring Legislation In China

Currently factoring in the international application is very common, it has a tremendous impetus to the development of international trade, In particular, it is conducive to SMEs, But factoring in the development of our country still in the initial stage, In order to better promote China's international factoring business in this paper, three aspects are discussed.The next part states emphatically the legal frameworks which are about factoring in U K,USA, Germany, France and Japan and then analyzes the advantages and disadvantages. respectively by comparing with each other in the list. According to the complexity and simplicity of the legal frameworks, German is the most simple and loose country, while Japan and USA are the most restricted countries. USA is the only country which regulates its factoring with law of secured transaction, while others countries use the law of assignment of debt. As far as legal system regulating factoring is concerned, UK (statutory assignment and equitable assignment) and France (system of assignment of debt and system of contract subrogation) adopt two models, while Japan and German adopt only one model, that's assignment of debt.Once again in light of China's current situation, factoring in China described the inadequacy of the system, such as factoring the loss of specialized legal effect of the regulation of legal factoring lack the necessary information, such as information sharing and disclosure of the legal system has not been established. China's international factoring claims the transfer of legal gaps in four aspects were also discussed. Lastly, our international factoring the improvement of the legal system, I believe that should improve domestic law first, and better, such as convergence with the international legal aspects were also discussed.