China moves to better protect property rights
November 28, 2016 Category Macro-economy, Weekly
China has for the first time released a guideline on better protection of property rights. The country will provide equal, comprehensive and law-based protection to all kinds of property rights and encourage the participation of the public in the process, says the guideline issued by the Central Committee of the Communist Party of China and the State Council. Secure property rights “raise people’s sense of wealth security, boost social confidence, foster positive expectations and raise the impetus for entrepreneurship and innovation by various economic entities,” according to the document. China will further clarify the relations between owners and managers of state-owned property, and push for diversification of equity in state-owned enterprises (SOEs), the document says. The Chinese authorities will also conduct research on extending the land-use rights for homeowners, thereby increasing people’s confidence in the safety of assets if reforms are implemented. Most homes bought in China only provide rights to the use of the property for a certain number of years, and questions about future ownership have started to crop up as some contracts near their expiration date. The guidelines call for equal treatment under the law for all property holders, and for fair and clear laws when land or homes are requisitioned.
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