This could open the floodgates for some serious wealth creation in the far east.
Only bureaucratic red tape could trip things up.
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China set for property shake-up
There is a huge wealth gap between city and rural populations
Chinese Prime Minister Wen Jiabao has opened the annual 10-day session of the National People's Congress.
High on the agenda are constitutional amendments allowing private property ownership for the first time since the Communist Revolution in 1949.
Leaders of the ruling party have already endorsed this as essential for China's continued economic development.
Mr Wen began his speech by restating Chinese opposition to independence for Taiwan, as it prepares for elections.
He said China would never allow the island to break away from the mainland.
Addressing the eocnomy, he said his government aimed to achieve 7% economic growth in 2004.
He said "the conditions for its attainment, including supply and demand in energy, the important raw and processed materials and transport capacity" had all been considered.
New direction
The BBC's Beijing correspondent Louisa Lim says that the expected changes to property laws will mean that the Chinese Communist Party is, it seems, Communist in name alone.
Owning property in China was once enough to get landlords labelled as evil, our correspondent says. But now the Chinese constitution is to be changed to give more protection to private property and not only that but those once condemned as "capitalist running dogs" are being welcomed into the party.
Mr Wen is also expected to announce measures to close the huge wealth gap between China's city and rural populations, now one of the largest in the world.
"We should further expand grass-roots democracy, perfect villagers' self-governance and city residents' self-governance, and respect the democratic rights of the grass-roots and the masses," Mr Wen is expected to say during his address.
The congress will be the first such meeting since China's new leadership, under President Hu Jintao, came to power.
Experts say that the rare push for reform that Mr Wen is undertaking signals a leadership which is willing to take steps to rein in the powers of the Communist Party.
http://news.bbc.co.uk/1/hi/world/asia-pacific/3534833.stm
Only bureaucratic red tape could trip things up.
------------------------------------
China set for property shake-up
There is a huge wealth gap between city and rural populations
Chinese Prime Minister Wen Jiabao has opened the annual 10-day session of the National People's Congress.
High on the agenda are constitutional amendments allowing private property ownership for the first time since the Communist Revolution in 1949.
Leaders of the ruling party have already endorsed this as essential for China's continued economic development.
Mr Wen began his speech by restating Chinese opposition to independence for Taiwan, as it prepares for elections.
He said China would never allow the island to break away from the mainland.
Addressing the eocnomy, he said his government aimed to achieve 7% economic growth in 2004.
He said "the conditions for its attainment, including supply and demand in energy, the important raw and processed materials and transport capacity" had all been considered.
New direction
The BBC's Beijing correspondent Louisa Lim says that the expected changes to property laws will mean that the Chinese Communist Party is, it seems, Communist in name alone.
Owning property in China was once enough to get landlords labelled as evil, our correspondent says. But now the Chinese constitution is to be changed to give more protection to private property and not only that but those once condemned as "capitalist running dogs" are being welcomed into the party.
Mr Wen is also expected to announce measures to close the huge wealth gap between China's city and rural populations, now one of the largest in the world.
"We should further expand grass-roots democracy, perfect villagers' self-governance and city residents' self-governance, and respect the democratic rights of the grass-roots and the masses," Mr Wen is expected to say during his address.
The congress will be the first such meeting since China's new leadership, under President Hu Jintao, came to power.
Experts say that the rare push for reform that Mr Wen is undertaking signals a leadership which is willing to take steps to rein in the powers of the Communist Party.
http://news.bbc.co.uk/1/hi/world/asia-pacific/3534833.stm
