[photopress:NPC.jpg,full,alignright]The decisions made by the NPC and the CPCC will undoubtedly affect the property market in China. Thus it is important to understand the overall picture.
- NPC: The National People’s Congress is the highest law-making body. The tenure of an NPC is five years and the 10th NPC will finish its term next year.
- The country’s administrative, judicial and procuratorial bodies are created and overseen by the NPC.
- NPC deputies, numbering less than 3,000, vote for national leaders.
- The NPC usually holds its annual full session in early March. This year’s full session starts on Monday and is the fifth and also the last session of the 10th NPC.
- Officials say this year’s session will be key to preparations for the 17th National Congress of the Communist Party of China (CPC) to be held in the latter half of this year.
- Wu Bangguo is the chairman of the 10th NPC Standing Committee.
- CPPCC: The Chinese People’s Political Consultative Conference brings together a wide range of delegates. It is an important part of multi-party cooperation and political consultation under the leadership of the Communist Party of China.
- It is composed of the CPC, other political parties, mass organizations and public representatives from all walks of life. There are representatives from Taiwan, Hong Kong and Macao as well as returned overseas Chinese and other specially invited people.
- The major function of the CPPCC is to conduct political consultation and exercise democratic supervision, organize its members from various non-Communist political parties, mass organizations and the public to take part in the discussion and management of State affairs.
- The CPPCC session usually begins two days ahead of the NPC session, and the two sessions run parallel for more than a week. This year’s CPPCC starts on Saturday.
- The chairman of the CPPCC National Committee is Jia Qinglin.
- The Minister of Finance will deliver a speech to NPC deputies on the budget, while the Minister of the National Development and Reform Commission discusses the social and economic developments.
- NPC deputies will examine these reports and air opinions during the group discussion.
- The examination of the government reports is one of the most important ways for NPC deputies to perform their governmental supervision duties.
- Property rights law. NPC deputies will examine the draft property rights law and corporate income tax law, and vote on them at the NPC closing session.
- If passed, the property law, which has received a record seven hearings at the NPC Standing Committee, will be China’s first law to equally protect both public and private ownership.
- The tax law will end two decades of preferential income tax policies for foreign businesses and place them on a ‘level playing field’ with domestic companies by unifying the corporate income tax rate at 25%.
Source: People’s Daily Online