China May Establish Private Property Rights

"China has presented its parliament with a controversial law that would protect private ownership in a country where the concept was once virtually stamped out."

"The Property Law, due to be approved next week by the National People's Congress (NPC), is viewed as a step to keep pace with the rapid opening-up of China's economy."

"Land and some other assets have long been officially owned by the state in China and Wang said the law will keep public ownership 'at the core of the economic system to prevent fraudulent acquisitions and mergers of state property.'"

"The draft strengthens the protection of state-owned property, stipulating that illegal possession, looting, illegal sharing, withholding or destruction of state property is prohibited."

"Opponents have argued the law will help corrupt officials and others who have become rich through dubious means to protect their ill-gotten gains."

"Supporters, however, say private companies will gain added protection against economic crime."