Making Mencius' saying a reality

"People can have a long-term life plan only if they know their private property is secure." This saying of 4th century BC philosopher Mencius gained strength in March last year when the 10th National People's Congress (NPC) approved the Property Law after a 14-year legislative marathon.

The law is considered as important as the adoption of the statement, "A citizen's lawful private property is inviolable", in the constitutional provision in 2004, and marks the beginning of a new era in China with equal private and public property rights.

Explaining the law to legislators, NPC Standing Committee Vice-Chairman Wang Zhaoguo said that under socialist market economy, everyone should enjoy equal status and equal rights, follow the same rules and shoulder the same responsibilities.