China announces new property law

China is going to pass a law to protect private property rights. Analysts say it is a important leap towards Market Economy. The primary reason why National People’s Congress doing this is to ease the farmers unrest.

I guess they read Hernando de Soto‘s “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else“, in which the economist argues that lack of private property rights protection makes capitalism fails in Third World and the former Communist countries.

source: BBC original article

Posted on March 8, 2007 in Misc, News

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