Legal entities classification models in the Russian Federation and China

Abstract

The author of the article applies the method of comparative historical and modern analysis to trace the classifications of legal entities, which have evolved in different stages of development of the Russian Federation and China. The latter has chosen a “progressive” way of reforming the transition from a planned economy to a market economy, and Russia completely abandoned the Soviet model, using “shock therapy” to implement reforms. From a legislative point of view, Russia tried to abandon the Soviet model, and China still adhered to certain provisions that have remained since the Stalin era. In spite of the fact that the Chinese “progressive” approach more protected the economy from instability, in the area of designing the legal system, China has not fully completed the transition to a market economy. Searching for suitable models, both countries gradually got rid of the Soviet model of planned economy classification. After 40 years of implementing the policy of Reform and Opening, economic construction in China has achieved brilliant results. China is currently amending the classification of legal entities, and we should pay attention to it, as well as conduct research and comparison. Now the promulgation of the Civil Code (general part) of China has caused the previous state to be broken. The new corporate classification model is undoubtedly a new breakthrough. Russia has also formed its own classification model of legal entities. As a result, the legal entities classification in these countries has become closer again, however each country still possesses its own features.