Study On The Legal Mechanism Of Monetary Cooperation In Lancang-mekong River Sub-region

The establishment of the regional cooperation mechanism is an important achievement of Chinese neighboring diplomacy.It is a brand new cooperative mechanism based on the common needs and special conditions among China,Cambodia,Laos,Myanmar,Thailand and Vietnam.Besides,cross-border economic cooperation is an important part of regional cooperation in the region,and monetary cooperation is an indispensable factor in economic cooperation.On the one hand,economic and monetary cooperation can increase the stability of the national currency,so as to improve the ability of these countries to resist the financial crisis.On the other hand,through the signing of currency swap agreement,coordination of national currency exchange rate path can strengthen economic and trade between countries.It will also promote the economic development of all countries and enhance the overall national strength,which is to carry out the significance of Lancang-Mekong River sub-regional monetary cooperation.On the basis of studying the evolution of monetary cooperation in the European Union,this paper analyzes the shortcomings of the Lancang-Mekong River sub-region and puts forward the conception of the legal mechanism of monetary cooperation.Finally,I give some advice on the strategic choice and reform for Chinese government to take part in the Lancang-Mekong River mechanism.This article is divided into four parts,and each part of the specific content is as follows:The first part is a basic overview of the Lancang-Mekong sub-region.Firstly,a brief introduction of the geographical location and the existing cooperation mechanism in the Lacang-Mekong sub-region is introduced,which leads to the importance of the Lancang-Mekong sub-region in today's world pattern.Since the existing co-operation mechanisms in this region are dominated by foreign powers,it is important to find ways of cooperating in line with the interests of the countries of the Lancang-Mekong sub-region.Based on the analysis of the existing cooperative mechanism,the second part analyzes the factors that contribute to the present situation,finds out the favorable factors and the unfavorable factors,and then draws the necessity of carrying out monetary cooperation in the Lancang-Mekong sub-region.This part analyzes the conditions of economic and monetary cooperation in Lancang-Mekong sub-region by the five perspectives of location,economy,politics and diplomacy and legal conditions,and finds out the existing advantages and disadvantages.Then,with currency swaps as an example,I illustrate the need for economic cooperation in the Langcang-Mekong sub-region.The third part discusses in detail the legal mechanism of monetary cooperation in Lancang-Mekong sub-region.First of all,I expound my views on what kind of legal model and operation mechanism should be demonstrated,and then I put forward an idea that the currency cooperation can be divided into three stages.The liquidity rescue mechanism should be established in the early stage,the exchange rate linkage mechanism should be established in the middle period and the goal of monetary integration should be realized in the later period.In view of the current state of cooperation in the Langcang-Mekong sub-region,it is difficult to form a super-state authority to formulate a hard law,so it is suitable to adopt a soft-law model.From the current mode of monetary cooperation in the Lancang-Mekong sub-region,the level of cooperation is very far away from monetary integration,so it is suitable for the use of phased progressive way gradually to a high level of monetary cooperation.The fourth part focuses on the basic position,core content and advancing of China's participation in the Lancang-Mekong sub-regional monetary cooperation.Finally,I put forward some suggestions on how to reform the existing legal system in China.Specifically speaking,China should take the balance of the cost and benefit of monetary cooperation as the basic position.And as the goal of structural reform,it is beneficial to reduce the inflation rate and the exchange rate fluctuations.Furthermore,it is significant to expand the RMB participation in the currency swap scale,to promote the RMB free Exchange and to promote the construction of international financial center.Finally,with the efforts above,we are supposed to actively participate in the Lancang-Mekong sub-region regional monetary cooperation.