Property law in China
Landmark property law takes effect"China's landmark Property Law that provides equal protection to both state and private properties was put into effect on Monday [1 October].
"The law approved by the national legislature in March after repeated revisions and unprecedented eight readings is seen as a significant step in the country's efforts to further economic reforms and boost social harmony.
"The 247-article law stipulates that no units or individuals may infringe upon the property of the state, the collective and the individual...
"To address public concerns over fraudulent acquisitions and mergers of state property, the law stipulates that illegal possession, sharing, and destruction of state property is prohibited. Those who cause loss of state property shall bear legal liability, according to the law.
"The concept of improving the protection of private property was first brought up at the 16th National Congress of the Communist Party of China held in November 2002. In March 2004, the NPC adopted a major amendment to the Constitution, stating that people's lawful private property is inviolable."
posted by Ken Wedding @ 8:29 AM
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