China's National People's Congress (NPC), concluded its annual
session on Friday morning with the adoption of a landmark property
law and a corporate income tax law.
The two laws, granting equal protection to public and private
properties and unifying corporate income tax rates for domestic and
foreign companies, were adopted by an overwhelming majority
The NPC adopted the corporate income tax law with 2,826 votes
for and 37 against, and 22 abstentions, and the landmark property
law with 2,799 votes for and 52 against, and 37 abstentions.
NPC Standing Committee Chairman Wu Bangguo hailed the session as "a great
success" at the closing meeting.
Observers said the laws are the fruit of China's reform and
opening up and will in turn help drive the reform and opening-up of
The property law showed the spirit of reform and opening up of
China, since it protects the order of the socialist market economy
and grants equal protection to public and private property, said
Wang Shengming, vice head of the Commission of Legislative Affairs
of the NPC Standing Committee.
Liu Hezhang, a member of the NPC Standing Committee, said the
property law is a signal of further reform and opening up as its
passage suggests China will not start a new round of "capitalism or
Meanwhile, Lu Jianzhong, NPC deputy and chairman of Shaanxi
Jiaxin Group, said the corporate income tax law, which puts
domestic and foreign-funded enterprises on an equal footing for
income taxes for the first time since China's opening up began in
1978, brings China's economy more in line with international
The NPC deputies on Friday also approved reports on the
government work, economic and social development, the central and
local budgets, the work of the NPC Standing Committee, and the work
of the Supreme People's Court and the Supreme People's
They adopted a resolution on the election of deputies to the
11th NPC and the measures for electing NPC deputies from China's
Hong Kong and Macao special administrative regions.
The NPC annual session has received a total of 796 motions, said
Sheng Huaren, vice chairman of the NPC Standing Committee.
The NPC is the highest institution through which the Chinese
people exercise their state power. All administrative, judicial,
procuratorial and military organs and other state-level
institutions are responsible to the NPC and supervised by it.
In 1953, China held people's congresses at different levels. In
1954, the First National People's Congress (NPC) was convened,
marking the establishment of the people's congress system, which is
the fundamental political system in China.
The National Committee of the Chinese People's Political
Consultative Conference (CPPCC), China's top advisory body, adopted
a political resolution on Thursday at the closing meeting of its
annual session to give full support to the government work report
by Premier Wen Jiabao, reports on the work of the Supreme
People's Court and the Supreme People's Procuratorate, and the
draft property right law and the draft enterprise income tax
(Xinhua News Agency March 16, 2007)