|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.
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
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
the property law：物权法（英语点津陈蓓编辑）
the enterprise income
come into effect