World

China to Protect Private Property

by Jordan Yerman | March 8, 2007 at 10:54 am

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A law protecting private ownership of land would seem at odds with the tenets of Communism, but we all know that China is not a true communist state, but more of an authoritarian state that understands that a command economy has no real future. Furthermore, China understands that its market potential is what makes it the superpower that it is.

China has unveiled a landmark law that will boost the protection of private property rights.

This is the first piece of legislation in the Communist country to cover an individual's right to own assets.

Analysts say the move is an important step away from Chinese egalitarianism and towards a market economy.

The bill will also reportedly boost protection against land seizures, which have become a major source of unrest among farmers in rural areas.

Introducing the law to the annual session of China's legislature - the National People's Congress (NPC) - Deputy Chairman Wang Zhaoguo said the country's economic and social changes made the proposed legislation necessary.

It will help "safeguard the immediate interests of the people", he told reporters.

With the economy becoming increasingly dependent on private investment, China's people "urgently require effective protection of their own lawful property accumulated through hard work," he said.