The protection of property rights is a matter of overall strategic significance, Premier Li Keqiang said at the State Council executive meeting on Nov 22.
The meeting presided over by Premier Li, heard a report on progress of property right protection, and determined to do more to improve the property protection system with comprehensive legal guarantee, a key part to build a socialist market economy.
“We shall send out a clear signal: The government will build a strong confidence among all market players with a more effective property protection system,” the Premier said.
At the meeting, Premier Li urged to focus on rectifying wrongly ruled cases involving property rights and offer more legal aid to the victims.
“At present, although private investment has stopped declining, its growth still lags behind that of the total investment in fixed assets. To promote private investment, it’s vital to strengthen protection of property rights,” the Premier stressed.
He also pointed out that this move is not only beneficial to boost innovation and investment willingness, but also to create new growth drivers and expand opening-up.
Meanwhile, property rights of public ownership and non-public ownership must be treated equally, and companies’ autonomy in management and legal property must get more protection, Premier Li added.
The Premier demanded revision or abolishing rules that go against property right protection and contradict higher-level laws.
“Development opportunities never wait! We must seize them,” he added.
According to the Premier, the transformation and upgrade of the Chinese economy should rely on innovation which requires enhanced intellectual property protection (IPR).
He emphasized China should address the low cost of IPR infringement and high cost in defending them. Internet Plus should be applied to realize real-time monitoring and online IPR identification with faster pace to set up a punitive compensation system.
Premier Li also demanded efforts to promote honest administration, break regional protection, and improve the safeguards against malpractice.
The government should enhance the confidence of market players in investment and entrepreneurship with effective property right protection, to raise the sense of gains of the general public and entrepreneurs, the Premier said.