Deputies to the National People's Congress walk to the Great Hall of the People in Beijinig for the closing ceremony of their annual session March 16, 2007. The lawmakers adopted two landmark laws -- the property rights law and the corporate income tax law. [Xinhua]

China's parliament, the National People's Congress, adopted two landmark laws -- the property law and the enterprise income tax law -- Friday morning at the closing ceremony of its annual session in the Great Hall of the People in Beijing.

The corporate income tax law was adopted with 2,826 votes for and 37 against, and 22 abstentions, a key signal of a phase-in end of superior treatments to foreign investors for two decades.

It only took less than a minute for the nearly 3,000 NPC lawmakers to pass the much-revised bill, which had gone through a lengthy legislation process of more than 13 years and a record seven readings, by an overwhelming majority as the NPC concluded its annual full session in the Great Hall of the People in downtown Beijing.

The lawmakers applauded warmly after NPC Standing Committee Chairman Wu Bangguo announced the voting results. A total of 2,799 lawmakers voted for the law and 52 against. Thirty-seven abstained and one didn't cast vote.

The 247-article law, which is due to come into effect as of October 1, 2007, stipulates 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".

This is the first time that equal protection to state and private properties has been enshrined in a Chinese law, which analysts say marks a significant step in the country's efforts to further economic reforms and boost social harmony.

Observers said the laws are the fruit of China's reform and opening up and will in turn stimulate the reform and opening-up of the country.

Wang Shengming, vice-director of the Commission of Legislative Affairs of the NPC Standing Committee, said the property law showed the spirit of reform and opening up of China, since it protects the order of the socialist market economy and grants equal protection to public and private property.

Liu Hezhang, a member of the NPC Standing Committee, said the property law is a signal of further reform and opening up as its adoption suggests China will not start a new round of "capitalism or socialism" dispute.

Meanwhile, Lu Jianzhong, NPC deputy and chairman of Shaanxi Jiaxin Group, said the corporate income tax law, which puts domestic and foreign-funded enterprises on an equal footing for income taxes for the first time since China's opening up began in 1978, brings China's economy more in line with international practice.

（Xinhua） 

Vocabulary:    

the property law：物权法

the enterprise income tax law: 企业所得税法

abstention：弃权票

come into effect : 生效

（英语点津陈蓓编辑）