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.
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