First property law set for 2005

China's first property rights law, guaranteeing the rights of individuals, companies and the state, to own and use property, is expected to come into force next year, reports said. The draft legislation is expected to be voted on at the annual session of the National People's Congress (NPC), China's top legislative body, in March, 2005. The law is designed to give owners firmer legal footing in the event their rights are infringed. "The new law will not only protect assets, but help motivate people to accumulate wealth," Wang Jiafu , of the Chinese Academy of Social Sciences' legal institute told the South China Morning Post.