Sunday, July 15, 2007

Property rights in China | China's next revolution


A new property law is a breakthrough, even though it raises hopes that one-party rule may dash

Some 2,500 years ago, one of Confucius's big ideas was the “rectification of names”. If only, he argued, sons would behave filially, fathers paternally, kings royally and subjects loyally, all would be well with the world. A faint echo of this thesis has been resounding this week in the cavernous auditorium of Beijing's Great Hall of the People, where nearly 3,000 delegates to China's parliament, the National People's Congress (NPC), have been enjoying their annual fortnight of wining, dining, snoozing and pressing the “yes” button. Living up to one's name poses something of a problem for the Chinese Communist Party, which dictates the laws the NPC will pass, and whose name in Chinese literally means “the public-property party”.

To such a party it must be an ideological embarrassment that China has such a large and flourishing private sector, accounting for some two-thirds of GDP. So one law due to receive the NPC's rubber stamp this month, giving individuals the same legal protection for their property as the state, has proved unusually contentious.

See full Article.