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Enhanced ownership legal protection expected to benefit economic growth: scholars

Xinhua, September 2, 2016 Adjust font size:

The Chinese government's decision to enhance legal protection of public and private ownerships will benefit economic growth, scholars pointed out.

China will improve legal protection for all ownerships to shore up social confidence and stability, according to an official statement released Thursday.

The government will offer comprehensive and equal protection for public and private owners of property, equities, obligatory rights, intellectual property rights (IPR) and other intangible property rights, according to the guidelines passed by the central leading group for comprehensively deepening reform, which outlined ten detailed measures.

The majority of the Chinese economy is owned by the state, while part is owned by private individuals. Some companies are run with mixed ownership. However, legal protection for different ownerships of various property rights such as IPR still faces many challenges.

"Legal protection of ownership is critical to public confidence and social stability," said Chang Xiuze, a professor with the think tank of National Development and Reform Commission, the country's top economic planner.

China will further define the relations between the owners and managers of state-owned enterprises and remove unreasonable regulations and other barriers against non-public enterprises, according to the guidelines.

Enhanced legal protection for all owners will help stabilize market expectations, encourage innovation and entrepreneurship and lead to a stronger middle class , according to Chi Fulin, director of China Institute for Reform and Development.

The government also decided to improve the legal system for equal property rights protection, properly handle unsettled disputes and take a prudential manner in differentiating property-related disputes and crimes in line with the law.

In cases of the removing market access barriers for non-public players and protection of businessmen's IPR, the government should promote institutional reforms, Chi pointed out.

"It's crucial for governments to live up to their commitments and work strictly in line with the laws to ensure legal protection of all ownerships," Chi added. Endit