Private property ownership changes sought

PUBLISHED : Wednesday, 04 March, 1998, 12:00am
UPDATED : Wednesday, 04 March, 1998, 12:00am

The Government may change its constitution in favour of the business community.

In a move intended to boost private ownership, this year's session of the Chinese People's Political Consultative Conference will consider a motion to give equal legal treatment to private and public property.

The China Business Times reported that the chairman of the All China Federation of Industry and Commerce, Jin Shuping, would propose 'perfecting the Legal Assets Law' to end the discrimination of non-state-owned assets.

Article 12 of the mainland's constitution says socialist public-owned assets are sacred and public ownership cannot be diluted.

Although the CPPCC does not have the power to amend the constitution, analysts believe the motion by the senior party member could be proposed to the NPC and considered at next year's congress.

An amendment would probably give equal legal protection to the property of any legal body whether private, state or foreign-owned.

The China Business Times, which is published by the All China Federation of Industry and Commerce, said Mr Jin intended to make a key speech on promoting the non-public economy to encourage it to develop agriculture, help reform state-owned enterprises and absorb laid-off workers.

He is expected to suggest that, under the right circumstances, private enterprises should be encouraged to list on the mainland stock exchanges.