破产法学者李曙光：在改革的脉搏中｜我们的四分之一世纪

Core Viewpoint - The article highlights the significant contributions of Li Shuguang in the development of bankruptcy law in China, emphasizing the importance of a robust legal framework for market economy and the need for personal bankruptcy legislation [4][17]. Group 1: Contributions to Bankruptcy Law - Li Shuguang has been a key figure in drafting and revising various laws, particularly the bankruptcy law, since 1986, playing a crucial role in its evolution [4][6]. - The bankruptcy law serves as a mechanism to eliminate failing companies and promote fair competition among market participants, allowing for wealth redistribution during financial distress [4][6]. - The first market-oriented bankruptcy law was passed in 2006, but its implementation faced challenges, with a significant drop in court-accepted bankruptcy cases compared to business closures [12][13]. Group 2: Legislative Evolution - The initial bankruptcy law in 1986 was aimed at state-owned enterprises and was part of China's commitment to establishing a market economy during WTO accession negotiations [6][7]. - The new bankruptcy law was reinitiated in 2003, with a focus on aligning with international standards and promoting equal market access for all economic entities [9][10]. - The 2025 revision of the bankruptcy law aims to address gaps in the existing framework, including provisions for small and micro enterprises, financial institutions, and cross-border bankruptcy [16][22]. Group 3: Personal Bankruptcy Legislation - Currently, China lacks a formal personal bankruptcy law, which Li Shuguang advocates for, arguing that it would provide relief for honest but unfortunate debtors [17][20]. - The concept of personal bankruptcy is gaining traction, with pilot programs being tested in various regions, indicating a gradual shift towards recognizing the need for such legislation [22][23]. - The proposed revisions in 2025 include provisions that allow for the clearing of personal debts in specific circumstances, marking a potential step towards establishing a comprehensive personal bankruptcy system [22].