East China City Protects Ownership of Private Enterprises by Law

HANGZHOU, July 26 (Xinhua) -- The city of Ningbo in east China' s Zhejiang Province has begun carrying out regulations for the protection of the property ownership of private enterprises.

According to the regulations, adopted by the Standing Committee of the Provincial People's Congress, no organizations or individuals are allowed to infringe on the legal property of private enterprises.

The regulations also insist on compensation and appropriate arrangements for private enterprises which must relocate because of public construction projects.

Private enterprises are encouraged to become engaged in hi-tech industries, infrastructure construction, and comprehensive agricultural development, according to the regulations.

Financial institutions also are urged to provide loans and offer services to private enterprises.

The regulations also forbid organizations from collecting extra fees and charges from private businesses, and for those that violate these regulations, disciplinary punishment and penalties will be enforced.

Statistics show that private enterprises account for more than one-third of the city's economy.

According to June statistics from the State Administration for Industry and Commerce, the total number of private enterprises in China is now some 1.23 million, with registered capital exceeding 750 billion yuan (about 90 billion U.S. dollars).