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China passes new law on property China passes new law on property
(about 6 hours later)
China's parliament has passed a landmark law that increases the protection of private property rights. China's parliament has wrapped up its annual session, passing a landmark law to increase private property rights.
This is the first piece of legislation in the Communist country to cover an individual's right to own assets. It also approved a bill ending preferential tax treatment for foreign firms, setting a standard rate of 25%.
Parliament also passed a law that ends preferential tax treatment for foreign companies, setting a corporate rate of 25% for all businesses. Premier Wen Jiabao ended the session as he had begun it last week, promising a move to more sustainable growth.
Both bills were passed by huge majorities, although some senior Communists oppose the property law. He also raised issues such as corruption, regional ties and international fears over China's military build-up.
On the final day of the two-week annual session of parliament, 99.1% of the 2,889 legislators attending backed the property law. Contentious law
The tax legislation was passed with only slightly less support. China's leaders have been struggling for decades to enact a law to cover private assets - seen an important step away from Communist collective ownership and towards a market economy.
Illegal seizures But some legislators feared that while the new property law would undoubtedly increase protection for home owners and prevent land seizures, it would also erode China's socialist principles.
Analysts say the new property law is an important step away from Chinese egalitarianism and towards a market economy.
It will also reportedly boost protection against land seizures, which have become a major source of unrest among farmers in rural areas.
Long road to property billLong road to property bill
China's leaders have been struggling for decades to enact a law to cover private assets. In fact, according to Daniel Griffiths, BBC correspondent in Beijing, this has been one of the most contentious pieces of legislation introduced in China in recent times.
A similar bill was taken off parliament's agenda last year, after critics warned that it would worsen social inequalities and promote the sell-off of state assets by unscrupulous officials. But despite the concerns, when it came to putting the bill to the vote, 99.1% of the 2,889 legislators attending the NPC backed the property law.
Others feared it would erode China's socialist principles. The tax legislation - designed to wean China off an export-driven economy dominated by the manufacture of cheap goods - was passed with only slightly less support.
The latest text of the bills states that: "The property of the state, the collective, the individual and other obligees is protected by law, and no units or individuals may infringe upon it." These high percentages are not unusual. The parliament - the National People's Congress (NPC) - meets just once a year and is largely a rubber stamp to endorse the policies of the ruling Communist Party.
But it adds that: "The nation is in the first stage of socialism and should stick to the basic economic system in which public ownership predominates, co-existing with other kinds of ownership." Corruption crackdown
The bills also seeks to address the, often illegal, land seizures that are taking place, and the government transfer of farmland to developers, frequently without farmers being given adequate compensation. Legislators also discussed a wide variety of other issues during the two-week NPC meeting - with one key theme being Mr Wen's promise to focus more on sustainable development than rapid economic growth.
The problem is a common cause of unrest in the countryside. As he closed the session, Mr Wen fleshed out this theme, saying: "The priorities now are promoting equality in education opportunities, adopting progressive employment policies, narrowing income gaps and building social security networks."
Increasing equality is of vital concern to the Communist Party. Correspondents say that protests over the growing income differentials, exacerbated by rising corruption, are threatening its control over the rural hinterland.
Mr Wen promised more reforms to crack down on corruption, especially that involving high-ranking officials.
He blamed the increase in graft on an "over-concentration of power without effective and proper restraint and oversight", and promised to address the issue as a priority.
In terms of foreign affairs, Mr Wen said he hoped his visit to Japan in April would be an "ice-thawing" trip, following a period of tensions between the two nations over their wartime past.
He also said that China's military expansion posed no threat to other countries - despite international concern over its military growth.
"The limited armed forces China has are completely for the purpose of safeguarding the country's security, independence and sovereignty," Mr Wen said.
He added that China was still opposed to the militarization of space, despite its recent test of an anti-satellite weapon.