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By Wu Jinglian, DRC

2016-11-30

The “Guidelines on Improving Property Rights Protection System and the Protection of Property Rights in Accordance with Law” issued by the CPC Central Committee and the Central Government is a programmatic document conforming to the trend of the times and has received adequate concern and support from various social circles. If a property rights system has clear attribution, well-defined power and responsibility and strict rules for its protection, it can serve as the basis of market economy and related institutional arrangements. In order to establish a unified and open modern market economic system with fair and orderly competition, there still remain some issues to be addressed relating to property rights protection in China. The fundamental way for enhancing property rights protection lies in the promotion of law-based governance of the country. Since the opening of the 18th CPC National Congress, the CPC Central Committee and the Central Government have put forward a series of requirements for strengthening the protection of property rights, which have proved the determination of the CPC Central Committee and the Central Government to enforce the protection of property rights of various economic organizations and citizens by law. The Third Plenary Session of the 18th CPC Central Committee points out that the public ownership economy and the non-public ownership economy are both important components of the socialist market economy, and that the state protects the property and legal rights and interests of all kinds of ownership economy and ensures that all kinds of ownership economy are equally protected by law. In order to implement these principles, the Central Government has issued a document, indicating that those laws and regulations relating to market entities and formulated according to different types of ownership should be straightened out and abolished. The document points out that all unjust, false or wrong cases involving property rights should be corrected. The document adds that the non-retrospective operation principle should be followed strictly when dealing with improper management of private enterprises in the absence of sound legislation. If these issues are properly handled, a law-based socialist market economy will usher in a bright future.

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