In what can only be described as great news, China is set to restore the private property rights that were abolished in 1949 under Mao, when the Communists took over and nationalized the country's assets.

The liberalization of the Chinese economy since the 70s has unleashed the biggest economic boom in history -- to the point where 65% of the country's GDP now comes from the private sector.

Restoring private property rights is a huge new step in a great direction for China.

The Guardian's Jonathan Watts reports:

China is set to take another giant stride away from Maoism this week with the passage of a controversial bill to protect private property. The proposed law - the first of its type since the Communists seized power and nationalised assets in 1949 - will be submitted to the National People's Congress, which opens today, despite fierce resistance from leftwing politicians and academics.

Old-style Marxists oppose the property rights bill, which they warned would worsen inequalities in society and legitimise the theft of state assets by corrupt officials.

But in a sign of the growing influence of the private sector and the middle class, the government has decided to press for the enactment of what officials describe as a basic law for the market economy. The law is almost certain to be passed. The parliament, which meets for only a few days each year, has never rejected a Communist party-backed bill or budget in more than 50 years.

This really is great news...