BEIJING, Nov. 22 -- China will step up protection of property rights to provide sustained impetus for economic development, according to a statement following a State Council executive meeting chaired by Premier Li Keqiang on Wednesday.
Businesses will enjoy better protection of their operational and property rights, and private businesses will enjoy equal protection for their property rights as companies in the public sector.
Cases of economic crimes will be handled in compliance with relevant procedures. The protection for residents' property rights will also be enhanced, the statement said.
A key report delivered to the 19th National Congress of the Communist Party of China (CPC) said that economic reforms must focus on improving the property rights system and ensuring the market-oriented allocation of factors of production.
This year's government work report said that protecting property rights meant protecting labor, invention and innovation, and protecting and developing productive forces.
China's Property Rights Law was promulgated in 2007, widely seen as a landmark for better protection of property rights in the country. The CPC Central Committee and the State Council issued a guideline on improving property rights protection in November 2016, which is an overall plan for the development of the property rights protection system in China.
Regulations and documents that are contradictory to the law and go against the protection of property rights protection will be cleared, revised or abolished to ensure that private businesses will enjoy equal protection as their counterparts in the public sector, the statement said.
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