The Property Law of the People’s Republic of China was passed by a majority of 97% in the National People’s Congress.
What does this mean? It means the final bankruptcy of the theories and policies of the “transitional stage” of socialism proposed by Communist Party Chairman Mao Zedong in 1953. It means that after repeated twists and turns for more than half a century, China has finally come full circle. Back to where it started. The first half of this circle took the abolition of private property as its centrepoint, with the nationalization of property and of the economy. But the things which were taken from Chinese citizens had precious little to do with either the state or the people. [Full text]