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Guideline issued on legal protections for economy

The Supreme People’s Court and the National Development and Reform Commission jointly issued a guideline on improving the socialist market economy in a new era on July 22, in a bid to offer stronger legal protection for sustainable development.

The guideline, with 31 articles, focuses on seven areas, including property protection, market order, fair trade and livelihood guarantee, according to He Xiaorong, a member of the judicial committee with China’s top court.

“Under the guideline, we’ll try more efforts to solve problems where properties of private enterprises are illegally seized, sealed up or frozen, as well as effectively prevent wrongful rulings involving private entrepreneurs and improve our regular system of correcting judicial misconduct,” he said.

To highlight the protection on properties, he noted some new types of properties, such as virtual properties and digital currencies, would be safeguarded.

News from: Supreme People’s Court of the People’s Republic of China.