CHINA / National |
State Council to execute ownership of state assets(Shanghai Daily)Updated: 2007-03-08 13:35 China's cabinet will execute the ownership of state-owned assets on behalf of the country, according to the latest property law draft, Wang Zhaoguo, vice-chairman of the National People's Congress Standing Committee, said at a news conference this morning. State-owned assets include natural resources, infrastructures and institutes' assets that all belong to the country, the draft said. The State Council and local governments should perform as owners and enjoy owners' interests and rights of companies that are invested by the country, the draft said. China's property law draft calls for fairness to each market player, including the state, companies and individuals, for the same rights under the same market trading rules. The long-debated draft was first submitted to the legislature in 2002, but it was withdrawn from the NPC full session last March over worries that the draft, the country's first specific law to protect private ownership, might undermine the legal foundation of China's socialist system. The draft was further revised in August to instill state ownership at the heart of the economic system after 15,000 suggestions from the general public were received. |
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