The external dimension of Chinese modernization is characterized by its commitment to“the path of peaceful development,”engaging with international law as an emerging power through a two-fold interaction in the process of development. On the one hand, the rise of emerging powers has challenged the hegemonic status of traditional great powers, destabilizing the established international political and economic order. On the other hand, the motivation and capacity of emerging powers to advance international law have come under scrutiny, highlighting the need to move beyond both the great power-dominated model and the predicament of fragmented development. With the sustained enhancement of their national strength and international influence, emerging powers represented by China have acquired greater voice in the construction of international order through legal, institutional, and systemic participation and innovation, consistently providing public goods to the international community and promoting the democratization of the international order. Chinese modernization transcends the paradigm of international law of great powers embedded in the traditional Western path to modernization, propelling international law toward a more equitable and reasonable direction.
The World Bank’s new Business Ready (BR) framework mandates that corporate management assumes the obligation to preserve business value, avoid bankruptcy where possible, and, if bankruptcy becomes unavoidable, to file for bankruptcy in a timely manner before the commencement of formal insolvency proceedings. The absence of corresponding provisions in both the Company Law and the Enterprise Bankruptcy Law constitutes a potential point deduction in the BR assessment and reveals a legislative gap that urgently requires addressing within the legal framework. When a company faces financial distress and enters the zone of insolvency, management’s fiduciary duties should no longer be confined to the company and its shareholders
but should extend to include creditors. This shift represents not only a breakthrough in the scope of traditional fiduciary obligations but also an essential adaptation to market development aimed at protecting creditor
interests. The framework for management’s obligations prior to bankruptcy proceedings should be constructed by addressing the relevant parties, timing, required measures, and legal liabilities. Such a system aligns with the trends of Company Law reform by reinforcing accountability under the board-centric governance model, meets
the objectives of Bankruptcy Law by facilitating the rescue of viable enterprises and enabling market-oriented liquidation, and further promotes the development of the pre-reorganization regime. Collectively, these reforms are of profound significance for improving China’s bankruptcy legal system and enhancing the overall quality of the business environment.