Private property rights finally codified

The National People's Conference (NPC) enacted its first law specifically protecting private property rights on the final day of its annual two-week session in February 2007.

The law, which passed China's legislature by a 2,799-to-52 vote, offers the same protections for public and private property, stating that the “lawful property of an individual person shall be protected by law, and illegally taking possession, looting and destruction of such property by any unit or individual is prohibited”. In addition to defining public and private property, the law also gives definitions to aspects of personal wealth, including income, houses and investments.