China's landmark Property Law that provides equal protection to
both state and private properties was put into effect on
Monday.
The law approved by the national legislature in March after
repeated revisions and unprecedented eight readings is seen as a
significant step in the country's efforts to further economic
reforms and boost social harmony.
The 247-article law stipulates that no units or individuals may
infringe upon the property of the state, the collective and the
individual.
"The law will inspire people's enthusiasm to create wealth and
is helpful for them to fully enjoy the fruit of reform and
opening-up," said Xu Xianming, president of the China University of
Political Science and Law.
To give equal protection to private property by law is in accord
with the Constitution, the proposition of the Communist Party of
China and people's common requests, according to Wang Liming, a
professor of Renmin University of China who participated in the
legislation process of the law.
However, the bill had met with doubts and opposition from people
who argued private property should not be leveled with state
property.
In response, senior legislator Wang Zhaoguo said during the
parliamentary full session in March that it will be impossible to
develop the socialist market economy or to uphold and improve the
basic economic system of socialism if equal protection is not
secured.
"Under China's socialist market economy, all players enjoy the
same rights, observe the same rules and bear the same
responsibilities," said the vice chairman of the Standing Committee
of the National People's Congress (NPC), China's top
legislature.?
To address public concerns over fraudulent acquisitions and mergers
of state property, the law stipulates that illegal possession,
sharing, and destruction of state property is prohibited. Those who
cause loss of state property shall bear legal liability, according
to the law.
The concept of improving the protection of private property was
first brought up at the 16th National Congress of the Communist
Party of China held in November 2002. In March 2004, the NPC
adopted a major amendment to the Constitution, stating that
people's lawful private property is inviolable.
(Xinhua News Agency October 1, 2007)
