China's WTO Updates
China to Draft Property Rights Law

The drafting of the Property Rights Law, a law aiming to protect the legitimate rights of and fair competition among various enterprises, is under way in China' s Standing Committee of the National People's Congress (NPC).

This was disclosed at a legal awareness-elevation lecture attended by lawmakers, who had just concluded the 23 session of the 9th NPC Standing Committee.

NPC Standing Committee Chairman Li Peng presided over the lecture, during which, Wang Liming, associated dean of the Law School of People's University of China, detailed the principles for making the law and its major content.

Li said that it is imperative to make the property rights law adaptable to the expansion of the market economy in China, though a number of laws concerning property rights protection have been promulgated.

The law is aimed at addressing problems arising from enterprise reform, land charter and circulation of property, and foreign practices should be borrowed to fit the demands of China's entry into the World Trade Organization (WTO) as well as its participation in worldwide competition and cooperation, he noted.

Professor Wang said academics believe that the conditions for making such a law have been matured and China has the ability to make a property rights law adaptable to China's reality and market economy with Chinese characteristics.

(Xinhua News Agency September 11, 2001)


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