Beijing ? Chinese lawmakers are expected to pass and enact in March a property rights law that clearly protects privately owned land, according to Chinese Communist Party sources.

If the National People’s Congress passes the bill into law, economic activity by private companies and foreign investors will be freed up. Until now, China has maintained the principle of state property since its establishment as a communist state and continues to grant considerable power to public authorities.

According to the sources, the most important point of the new law is that it will establish the inviolability of private property.

Under the constitution, state-owned property is seen as both sacred and inviolable, but the protection of private property is limited to that deemed “legal.”

The wording of the law would state that private property will have the same legal status as that held by the state or the public.