The New Development Of International Financial Legislative Model Under The Global Financial Governance Perspective

Since the breakout of the global financial crisis, there have been certain new developments in the model of international financial law under the guidance of global financial governance theory. The new developments, in particularly, could be seen in the aspects of legislators and legislation process. There are diversified Non-State actors participating in the international financial legislation, including International Organizations, State-to-State Contact Groups, Trans-governmental Networks, Private Standards Setting Bodies and Civil Society Organizations. When it comes to legislative procedure, the informal process provides paths for the stakeholders at different levels, which shows the spirit of democratization. Since the global financial governance just provides the interpretation of the recent development, which doesn’t prove its legitimacy. It is necessary to verify the authority and acceptance of the recent model through the legitimacy criterion. Accordingly, the article finds three main criterion of legitimacy in the matter of international financial legislation model, with analyzing and summarizing the views of scholars at home and abroad. The first one is the representativeness of legislators, the second one is the participation of legislative procedures other is and the third one is the transparency of legislative procedure. Furthermore, when it is necessary, the effectiveness of legislature and derivative legitimacy will be used as collateral standards.Thus, taking the status quo of international financial legislation into consideration, the article attempts to classify and describe the legislative participants, and integrate the legislation process, so that to fully elucidate the legislative operation process. On the account of that, it takes advantage of above criterion to make elaborate assessments. It turns out that the recent development of international financial legislative model is legitimate, and it will play a more important role in the future. However, the recent model is not perfect, and needs to be improved. It is essential to improve the representativeness of the developing countries and civil society organizations within the legislators, and to enhance the participation of developing countries, to calibrate the participation of civil society, which would give them more opportunities to substantively, effectively participate in the international financial legislation. Finally, focusing on China’s practice in the new development of international financial legislative models, the article puts forward four pathways for China to take substantive participation in the legislation of international financial law, by signing regional treaties, initiating agenda-setting, drafting the international financial standards, and developing the civil society of China.