Legal Issues Of The Auction System In China

The development of the market economy will inevitably lead to theemergence and development of the auction market. With theestablishment and improvement of China’s economy market, circulationsystem of commodity has been gradually established and presents a widerange of characteristics. The objective is also to promote the China’seconomic reform. As an emerging thing, auction industry shows itspositive role in the field of accelerated circulation of commodities andpromotes the reform of state-owned enterprise. As an important elementof the market economy, auction industry is of great significance inChina’s socialist market economy. In1997, China promulgated andimplemented the Auction Law, the Basic Law to adjust the auction. TheAuction Law is China’s first specialized legal expertise to adjust andstandardize the auction. The implementation has important historicalsignificance in the promulgation of the law, to end of the history of nolegal of our auction. The Auction Law specified the basic transactionsnorms and auction rules of China’s auction industry and promotes the development of China’s auction industry. The Auction Law forms aunified auction market in China and adjust the role of the legal systems ofthe auction industry. The auction industry has become an important partof the market economy in China and has an important significance to thehealthy development of the market economy So our country’s the auctionlegal system have gained considerable development in terms oflegislation and practice.Because of the short time to establish the system in our country,there are many problems with the development of defects such as theblindness of it,behavior disorder. Auction adjustment range is smallerand can not give a comprehensive adjustment to auction practice. Withthe rapid development of the auction industry, the legal construction lagcompared to practice development. There are inadequacies in the auctionlegal system in many ways. In order to promote the sustained and rapiddevelopment of the auction industry and play a positive role in a marketeconomy, the legal system of China’s auction should be perfect.This paper first introduces the basic overview of the legal system inour auction economy,including the legal concept, basic legal characteristics, historical background and legislation of auction.Then, thecurrent auction legal norms and practice is studied. It exists problems inthe legal status of the auctioneer,"the declaration does not guarantee"auction rules, the court for compulsory auction, the right of first refusaletc. Finally, through the above analysis, considering the concrete practiceof the auction condition, this paper puts forward some suggestions toimprove the current condition of auction and to establish a universallyapplicable auction System from the angle of legislation.