China’s Tryst With Right To Property
China is on the verge of guaranteeing its teeming population the right to property. This development has been described as China’s ‘next revolution’.
Beijing’s Great Hall of the People, where nearly 3,000 delegates to China’s parliament – the National People’s Congress (NPC) – had assembled this week, was a witness to this historic decision. The Chinese Communist Party decided to give individuals the same legal protection for their property as the state. The law is due to receive the NPC’s rubber stamp this month, says The Economist..
“It was to be passed a year ago, but was delayed after howls of protest from leftists, who see it as among the final of many sell-outs of the ideas of Marx, Lenin and Mao Zedong, to which the party pretends fealty.
“The party’s decision to enact the law in spite of that resistance is a great symbolic victory for economic reform and the rule of law.
“Clearer, enforceable property rights are essential if China’s fantastic 30-year boom is to continue and if the tensions it has generated are to be managed without widespread violence. Every month sees thousands of protests across China by poor farmers outraged at the expropriation of their land for piffling or no compensation.”
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2 Responses to “China’s Tryst With Right To Property”
I think this is really a sign of the end of Communist China. Not today or tomorrow, but in the presence of private property much of the pretense of national unity goes out the window. The corruption rampant in the local governments becomes perceived as not a unavoidable price of national unity, but blatant self enrichment. It will be interesting to see how gracefully China handles the issues this new right will bring up.
Now if they would only recognize the rights of foreign companies doing business in China to keep their IP, handle their own decisions on who to partner with and learn to honor contract law…