BEIJING, Oct. 1 (Xinhua) -- China's landmark Property
Law that provides equal protection to both state and private properties was put
into effect on Monday.
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
The 247-article law stipulates that no units or
individuals may infringe upon the property of the state, the collective and the
"The law will inspire people's enthusiasm to create
wealth and is helpful for them to fully enjoy the fruit of reform and
opening-up," said Xu Xianming, president of the China University of Political
Science and Law.
To give equal protection to private property by law
is in accord with the Constitution, the proposition of the Communist Party of
China and people's common requests, according to Wang Liming, a professor of
Renmin University of China who participated in the legislation process of the
However, the bill had met with doubts and opposition
from people who argued private property should not be leveled with state
In response, senior legislator Wang Zhaoguo said
during the parliamentary full session in March that it will be impossible to
develop the socialist market economy or to uphold and improve the basic economic
system of socialism if equal protection is not secured.
"Under China's socialist market economy, all players
enjoy the same rights, observe the same rules and bear the same
responsibilities," said the vice chairman of the Standing Committee of the
National People's Congress (NPC), China's top legislature.
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