Property Rights Legislation

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A key issue for China’s future development, and for wealth-creation, is that of property rights, and there has been much policy debate (see here). The IHT now reports that a proposed law to protect private property rights is now back on track, having previously been derailed:.

    “The legislation, submitted [recently] to Parliament, would give private property the same protection as government assets while affirming the “dominant role” of state industry…The likelihood of the proposal being enacted is high, as China’s Constitution was amended in March 2004 to enshrine the right to own private property, a first since its revolution of 1949.

The legislation could also be used to help address the gap between rich and poor – and especially between urban and rural residents:

    “A key source of unrest is the government’s insistence that it own all farmland. Communist leaders have faced protests over the seizure of farmland for the construction of shopping centers and other projects”.

This is definitely one worth watching.

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