The draft of the long-awaited property law will be further revised ahead of another discussion by legislators, vice-chairman of the Standing Committee of the National People's Congress (NPC) Sheng Huaren told a seminar yesterday.

The two-day seminar, which concluded yesterday, invited officials from central government departments and scholars to offer advice on the draft.

"The revised draft should attach great importance to protection of state-owned assets, prevention of asset losses and farmer rights guarantee," Sheng said.

Property law, a basic law that supports China's legal system, is of vital importance, said Sheng.

"The law concerns the basic economic system and residents' vital rights. We must draft a good version," he said.

The Standing Committee of the 10th NPC has discussed the draft three times, and it was made public in July last year to solicit public opinions.

Sheng urged the NPC Law Committee and Commission of Legislative Affairs of NPC Standing Committee to further revise the law draft ahead of submission to future Standing Committee sessions for further discussion.

Seminar participants agreed that the property law is an important law for safeguarding market economic order and the basic economic system.

"Prescriptions in the draft over China's basic economic system, prevention of loss of State assets and rural land policy accord with the Constitution," a press release said.

The draft reflects the principle of equal protection of state-owned property, collective property and individual property, sources said.

(China Daily January 18, 2006)