Introduction

This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book introduces the lack of rules regulating interregional cross-border insolvency and the possibility of cooperation is sketched out. It illustrates the birth and development of the "one country, two systems" principle and provides an overview of the peculiar "four Chinas" composition from political and economic perspectives as well as its influences on interregional legal cooperation in China. The book also provides an overview of the cross-border insolvency system in the four regions. It conducts a comparative research between the Regulation and the United Nations Commission on International Trade Law (UNICTRAL) Model Law by laying emphasis on the key aspects, including jurisdiction, recognition and reliefs, enterprise groups as well as cooperation and communication. The book examines a balanced way between the Regulation and the Model Law and then tailors them into China's context, which is composed of ten recommendations attached with comments.