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Chinese lawmakers on Sunday started debating the country's landmark draft property law, a sweeping bill designed to protect both public and private ownership, for a record seventh time.

 

The latest version, which strikes a balance between private property and state ownership, says all market players enjoy equal legal status and rights for development.

 

The draft has undergone more reviews than any other bill by the Standing Committee of the National People's Congress (NPC), China's top legislature. It is hoped that the marathon legislative process will end next March with a vote at the full NPC session.

 

The draft was first submitted to the legislature in 2002 and withdrawn from the NPC full session last March amid worries that the draft, the country's first specific law to protect private ownership, might lead to undermine the legal foundation of China's socialist system.

 

But opposition faded after drafters revised the fifth version in August to install state ownership at the heart of the economic system.

 

During the process, lawmakers collected more than 15,000 suggestions from the general public, who showed great interest in the draft law.

 

(Xinhua News Agency December 24, 2006)