China will step up protection of property rights to provide sustained impetus for economic development, according to a decision made at the State Council executive meeting chaired by Premier Li Keqiang on Wednesday.

Businesses will have better protection for operational and property rights, and private businesses will have protection equal to their public sector counterparts. Protection of residents' property rights will also be enhanced.

In his Government Work Report this year, Li said government will work faster to improve its protection system and guard the rights of economic entities under all forms of ownership and the property rights of citizens.

China's Property Rights Law was promulgated in 2007. In 2016, the Central Committee of the Communist Party of China and the State Council issued a guideline on improving the protection system and protecting property rights according to law.

According to the decision at Wednesday's meeting, regulations and documents that are contradictory to the law and go against the protection of property rights will be revised or abolished as part of equal protection efforts. The government will ensure administration adheres to the rule of law and that wayward and arbitrary enforcement are strictly prevented.

Government oversight of environmental protection and workplace safety must be conducted through lawful means, and no arbitrary or illegal methods should be employed to restrict business production and operation.

"Enhancing the protection of intellectual property rights is a matter of overall strategic significance," Li said.

Establishment of a compensation mechanism is to be explored as a penalty for property rights infringements. Law enforcement and judicial protection will be stepped up to increase the cost of infringements and reduce the cost of rights protection, the Wednesday meeting decided.

IPR law enforcement in key areas like the internet, exports and imports will be reinforced, as well as in areas where counterfeiting is rampant. A record of government neglect of its duties will be set up, and the redress and punishment for government negligence will be improved. The government will also establish complaint filing and compensation mechanisms for businesses that suffer losses in property rights due to government misconduct.

"Entrepreneurs should be given a confidence boost through the speedy conclusions of a number of key pending infringement cases," Li said.