[photopress:Wang_Zhaoguo.jpg,full,alignright]The following is a short summary of the Explanation on the Draft Property Law of the People’s Republic of China delivered by Wang Zhaoguo, vice-chairman of the Standing Committee of the National People’s Congress (NPC) at the Fifth Session of the Tenth NPC. Click on the link to get a slightly fuller version.
The property law serves to regulate property relationships and involves defining the property of the State, the collective, individual and other obligees and protecting the property. It is necessitated by the need to uphold the basic socialist economic system.
Enactment of the property law will serve to define the scope of State-owned property and collective-owned property and it will serve to define the scope of private property and protect private property in accordance with law.
Clear-cut definition of property and fair competition are the basic requirements for developing the socialist market economy.
Enactment of the property law will serve to confirm the attribution of things, specify the contents of ownership. It is necessitated by the need to safeguard the immediate interests of the people.
People’s living standards have improved in general, and they urgently require effective protection of their own lawful property accumulated through hard work, of the right to land contractual management they enjoy in accordance with law, and of their other lawful rights and interests.
Enactment of the property law will serve to define and protect private ownership, condominium right, right to land contractual management and house-site-use right.
Property law is an important component part of the civil code, playing the role of a prop in the Chinese-style socialist legal system.
Enactment of the property law provides an important step taken within the term of the current National People’s Congress for giving a basic shape to the Chinese-style socialist legal system.
Source: China View