Private Property for China

Right now China is basically a non-market for intellectual property – this could help it become a market:

China is changing its constitution to protect private property rights for the first time since the 1949 communist revolution — a key step in making capitalism its economy’s driving force.

A constitutional amendment endorsed by the Communist Party went before legislators on Monday and their approval seemed certain.

Party leaders who control the legislature already say private property is essential to advancing economic reforms that have let millions of Chinese lift themselves out of poverty.

Party leaders also sent the National People’s Congress a proposed amendment to enshrine in the constitution the theories of former leader Jiang Zemin, who invited capitalists to join the party, the official Xinhua News Agency said.

Such changes would bring China’s legal framework in line with its market-oriented reality. Entrepreneurs who play a critical role in creating jobs and wealth have been lobbying for the constitutional protection.

….The proposed amendment on property says “private property obtained legally shall not be violated,” according to Xinhua. It said that would put private property “on an equal footing with public property.” [AP]

I would say Hong Kong is having as much an impact on China as China is having on Hong Kong.