[photopress:Wu_Bangguo.jpg,full,alignright]With the passage of China’s Property Law on March 16, (our illustration shows China’s top legislator Wu Bangguo presiding over the meeting at which the National People’s Congress gave a seventh reading to the long-debated property law) and its implementation on October 1, the world of property in China changes. In a major way.
Duan Kuang, a professor at the Law School of Fudan University, in a recent presentation, said the Property Law was a breakthrough in China’s civil statute book. He said, ‘To deliver the same amount of protection to legally acquired properties, whether they are publicly or privately owned, is the major doctrine of the law. This is the demand of a civilized society as well as the requirement of a market economy.’
The law, which aims to protect the rights of possession, does not prefer any specific kind of property ownership. It shields both tangible properties, for example, real estate rights, and intangible properties such as the rights of creditors.
The law makes it clear that all properties are protected on an equal footing.
Duan Kuang said, ‘When personal interests are at odds with those of the public or the nation, we used to promote selfless sacrifice. It is good if people are willing to sacrifice. But we can’t force people to do so. . . .
‘The sense of security, in both economic and political terms, will help dispel the qualms of investors and encourage them to expand their business. Only when the rights of possession are guaranteed can investors have confidence in making investments.’
Duan noted that the European Union once cited the lack of a property law as one of the reasons for not acknowledging China’s status of a market economy.
Liang Huixing, a civil law expert and a professor at the Chinese Academy of Social Sciences, said as long as there exist divisions of properties, there will exist inequality. He said of the new law, ‘It should eliminate the divisions. Properties should not be differentiated due to manners of ownership and law makers should not write into the law such divisions.’ But, he stated, the passage of the law is a step forward, bringing China closer to a more harmonious society.
Source: Shanghai Daily