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China´s parliament ends annual session, adopts landmark property, corporate income tax laws


Source: | 03-16-2007 16:35

China's tenth NPC has concluded its final session. The country's legislators approved the work performance of the government, the Supreme People's Court and the Supreme People's Procuratorate over the past year.

And after years of intense discussions and amendments, the drafts of a landmark law on property rights and a corporate income tax law have been passed by the top legislature.

Although controversial, the draft law on property rights has been finally approved by China's lawmakers. The landmark law affirms the protection of private property in China.

Wu Bangguo, chairman NPC Standing Committee, said, "The law on Property Rights is a basic law for standardizing property relationships, and plays a supporting role in the socialist legal system with Chinese characteristics."

The lawmakers also approved the draft of a corporate income tax law, which puts domestic and foreign-funded enterprises on an equal footing for income taxes. Along with the law on property rights, these laws will make a far-reaching impact on China's future.

Ren Yuqi, NPC deputy, said, "The law on property rights has been reviewed for two decades. The passage of the law will make a clear definition of property, providing legal support for protecting both state and private properties."

Li Zhongjin, NPC deputy, said, "The corporate income tax law ensures fairness. It is important for establishing the socialist market economy and a harmonious society."

This is the final session of a five-year term for these lawmakers. They have dealt with many sensitive and crucial laws over the period, including the anti-secession law two years ago. The lawmakers say their five years of work have demonstrated the country's determination to achieve rule by law.

Duan Liqing, NPC deputy, said, "The legislative work of the NPC over this term has been based on harmony, democracy and putting people first."

Ren Yuqi, NPC deputy, said, "The tenth NPC has exercised prudence in legislation, which requires comprehensive study and deliberation. Now the legislation has been raised to a new high in the country."

Ou Zhiming, NPC deputy, said, "To rule a big country like China, legislation is very important. The NPC has done a lot of legislative work during these years to complete the establishment of a socialist legal system in 2010."

The legislative achievements of the NPC in the last four years have been impressive. And as law makers reach the end of their term, they're calling on their successors to carry on their good work, and more importantly, to strengthen supervision to ensure laws are implemented, so that China can reach its goal of a country ruled by law.


Editor:Du Xiaodan