Minxin Pei of the Carnegie Endowment “argues(link to Financial Times)”:http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1073280998000&p=1012571727088 for institutional changes to back up the recent moves[⇒ related story] to protect private property. bq. …the Chinese government needs further to liberalise the economy and make the judicial process more independent and effective. Such institutional changes are indispensable in making the provision about protection for private property meaningful because, as formulated, protection is granted only to “legal private property”. Today, government restrictions outlaw numerous legitimate economic activities. Laws governing market transactions need to be drafted or updated. The party’s control of the judiciary also casts doubt on courts’ ability to determine fairly which private property is legal and which not.
Peter Gallagher is student of piano and photography. He was formerly a senior trade official of the Australian government. For some years after leaving government, he consulted to international organizations, governments and business groups on trade and public policy.
He teaches graduate classes at the University of Adelaide on trade research methods and the role of firms in trade and growth and tweets trade (and other) stuff from @pwgallagher