BEIJING, March 24 (Xinhua) -- Chinese President Hu Jintao calls on the nation to study conscientiously the property law and create a new situation in building socialist country ruled by law.

    Implementation of the property law should be based on the actual condition of China in the initial period of socialism. It should serve the fundamental interests of people and help build a socialist harmonious society, Hu said at a group study by the Political Bureau of the Central Committee of Communist Party of China (CPC) on Friday.

    Hu, also general secretary of the CPC Central Committee, urged people to have a better understanding of the significance that the property law gives equal protection to the state, collective and individual property rights, unswervingly stick to China's basic economic system, safeguard the lawful rights and interests of Chinese people and make the legal system perfect.

    China's top legislature, the National People's Congress (NPC), adopted the landmark property law on March 16, granting equal protection to public and private properties, which is due to come into effect as of Oct. 1, 2007.

    Hu praised the law as an important step to form a legal system of Chinese characteristics and a significant move to implement the basic strategy of governing the country according to law.

    He urged leading officials to take the lead in studying and implementing the property law and correctly handling the relations between power exertion and protection of people's rights.

    He also asked officials to deepen reform, improve the socialist market system and create a more fair and open market order.

    Liang Huixing, a researcher with the Chinese Academy of Social Sciences, and Wang Liming, a professor of People's University of China, were invited to give lectures on the enactment and implementation of the property law during the group study.