Making Mencius' saying a reality
(China Daily)
Updated: 2008-03-10 06:51

"People can have a long-term life plan only if they know their private property is secure." This saying of 4th century BC philosopher Mencius gained strength in March last year when the 10th National People's Congress (NPC) approved the Property Law after a 14-year legislative marathon.

The law is considered as important as the adoption of the statement, "A citizen's lawful private property is inviolable", in the constitutional provision in 2004, and marks the beginning of a new era in China with equal private and public property rights.

Explaining the law to legislators, NPC Standing Committee Vice-Chairman Wang Zhaoguo said that under socialist market economy, everyone should enjoy equal status and equal rights, follow the same rules and shoulder the same responsibilities.

A Chongqing woman hit the headlines almost at the same time that the Property Law was passed. Wu Ping had showed exemplary courage in protecting her assets. "With rapid social and economic development, more and more people are getting to know how to use legal weapons to protect their own rights," Peking University's professor of law He Weifang says. Wu was one of the first, and "the trend will continue".

Among the other major economic laws passed in the past five years are the Anti-Monopoly Law, Anti-Money Laundering Law and the amendment to the Corporate Income Tax Law.

Experts say commercial legislation will continue to be heavy in the next few years, but social issues will also get more attention. "China's is still a developing economy where the market is yet to be fully established. We need more laws to regulate economic behavior and prevent disorders," says Ying Songnian, a professor of law with China National School of Administration and a member of the 10th NPC's Internal and Judicial Affairs Committee.

"After all, economic growth is the key to solving social issues."

(China Daily 03/10/2008 page8)