Reshaping business law thinking creates new opportunity for 2014

Business law is a general term for legal norms that regulate business parties in business relationships and their business activities. Compared with conventional civil law, business law has unique social functions, legal values and operating rules.

With respect to social functions, business law focuses on encouraging transactions and increasing social wealth, while civil law emphasises human livelihood and development. In terms of value orientation, business law pursues profits, with a focus on efficiency, while civil law strives for order, with a focus on fairness. The operating principles of business law are to strengthen the organisation of enterprises, strive for economic efficiency, maintain fair transactions and ensure security of transactions, while those of civil law comprise equality, autonomy of private law, fairness, good faith, public order and good morals. Business law thinking is an abstract thinking process in which legal professionals, as guided by the above business law concept, perceive, differentiate, analyse and then judge and regulate the business activities of business parties.

Abstract business law thinking is usually a hot issue in academic circles. Some scholars believe business law thinking is mainly applied in the theory, principle and system for business legislation, and cannot be used to directly guide judgment on specific business affairs. In fact, business law thinking was first proposed by courts during the trial of business cases, and has become an essential guideline for delivering judgments on business affairs.