Plans to allow farmers to trade their land titles will come under discussion at a meeting of China’s Communist Party leadership on Thursday in what could amount to one of the most significant policy changes in 30 years, the Financial Times reported. All land in China has been under state control since the advent of Communism in 1949 and is leased out to citizens. But the country’s leaders are now expected to permit farmers to transfer or rent their 30-year land leases to other individuals or companies. They may also allow land to be used for collateral to access loans. Direct private ownership of land is unlikely to come any time soon but many analysts believe these expected reforms will eventually lead to privatization. Economists have long argued that allocating small plots of land to households and restricting land sales result in an inefficient agriculture industry. Although informal transfers are common there is no legal framework.