China's top legislature adopted the landmark Property Law on Friday after a
14-year-long debate and one of the most complicated legislative processes in the
country.
Also adopted is the Corporate Income Tax Law, which gives equal footing to
domestic and foreign-invested companies and a reduction in the general corporate
tax rate.
Among the 2,899 legislators who attended the closing
ceremony of the National People's Congress' (NPC) 2007 session, 2,799 voted for
the law, with 52 against and 37 abstaining. The 247-article law, which will come
into effect on October 1, 2007, defines the citizen's rights in a wide range of
economic activities, from owning a piece of land or house to using a parking
space. 
The newly enacted law guarantees equal rules and rights for property owners
of the State, collectives and individuals.
It is the first time in China that the protection of private properties, a
concept already enshrined by the Chinese Constitution, has been written into a
specific law.
"The Property Law is a new milestone in the country's progress in its
economic reform," Li Weizu, a legislator from Chongqing, said.
The NPC, with more than 97 percent support rate, on Friday also approved the
new Corporate Income Tax Law, which will take effect on January 1, 2008.
(China Daily 03/17/2007 page1)
