Abstract: The values of the intrinsic mechanism of the guarantee system include justice, freedom, equality, safety and efficiency. The Chinese Civil Code promotes these values by attaching importance to the special status of the third party that guarantees the debtor's mortgages and the guarantor, practicing the doctrine of autonomism in the guarantee field, highlighting the equal legal treatment of the third party that guarantees the debtor's mortgages and the guarantor, enhancing the value of equality through the incorporation of the concept of substantive guarantee, establishing the rule on the unified order of compensation, strengthening the protection of security rights, guaranteeing transaction security through the expansion of the scope of application of the rule of "buyer in the normal course of business", and raising the efficiency of secured transactions through innovations such as promoting the circulation of collaterals. New judicial interpretations in the security field have further strengthened these values. Nevertheless, China still needs to vigorously promote the maximization of these values and the realization of their coherence in the process of institution building and application of laws.

Keywords:intrinsic system of guarantee law; modernization of guarantee law; substantive guarantee (functional guarantee); reform of the guarantee law

Author:Xie Hongfei, a research fellow and the head of the Civil Law Department, CASS Institute of Law.

Source: 5 (2021) Southeast Academic Research.