A senior Chinese lawmaker said Tuesday in Beijing that China's property law should reflect China's basic economic system and also the principle of equal protection of state, collective and private property.

Hu Kangsheng, vice-chairman of the Law Committee of the National People's Congress (NPC), made the remarks at an ongoing session of the NPC Standing Committee where the draft property law is being given a fifth reading.

"The Law Committee holds that considering China's national conditions and reality, the primary concern in making a property law is to comprehensively and accurately reflect China's basic economic system in which public ownership plays a dominant role and diverse forms of ownership develop side by side," said Hu.

The Law Committee recognizes, said Hu, that China has a socialist market economic system. Its nature is determined by the basic economic system of the state, in which the public sector of the economy takes the pre-eminent position.

Meanwhile, giving equal protection to various types of property is another basic principle to allow competition on an equal footing in a market economy.

Therefore, adhering to China's basic economic system while also giving equal protection to state, collective and private property form an organic whole. Absence of the former would alter the nature of socialism, while absence of the latter would violate market economy principles and also do harm to the basic economic system.

Source: Xinhua