| A law-based business environment and organization compliance have the same value pursuit, that is, the compliance of their performance. Since compliance programs have the advantages of efficiency, saving public resources, and internationalization, thus could become legal tools for creating a sound business environment. Public institutions and companies are the primary participants in the business environment. As the main builders of business environment, public institutions must exercise administrative power and provide public services strictly in accordance with law, and companies must also operate their business in accordance with law. In this way, building a law-based business environment would become an act of following the natural course. The purpose of legal operation of public institutions could be better achieved with public power compliance programs. Public institutions not only rely on compliance programs to achieve their own compliance, but also promote corporate compliance through an external incentive mechanism. The role of self-regulating industry organizations, as a communication bridge between public institutions and corporations, has also been underlined. In business practice, they have indeed promoted corporate compliance by carrying out industry supervision, co-constructing information systems of untrustworthy organizations, facilitating joint investigation, and so on. China should further promote the participation in compliance by public institutions, companies, and self-regulating industry organizations and maximize their role in building a law-based business environment through such measures as building a “top-down” responsibility chain and a “down-top” information flow within the organizations, strengthening external incentives, and toning down the administrative color of self-regulating industry organizations. |
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