A couple of weeks ago my wife and I were out buying dinner.  We got in line right behind an older Chinese man, Mr. Wang, to get some steamed dumplings.  A conversation ensued.  I asked what he felt the biggest change in the last 20 years was.  He said privatized home ownership.  I would have thought he'd mention the new technologies, the sudden presence of traffic jams, or something of the sort.  But his response was the ability to own his own home.

The successor to “the most important change in twenty years” is facing difficulties, though.  A new bill meant to further encourage and protect private property rights has been delayed because some feel that China's rampant capitalism, is, well, rampant.  China, for those that have forgotten, is in theory a socialist state.  I'm no political scientist, but I understand that means that a lot of things are under the governance of the state.  But for the last decade or so, things in China have chugged away from the socialism towards capitalism at a steady pace.  Though China has ridden on the back of capitalism to miraculous economic progress, problems have arisen.  For example, people are taking advantage of government contacts to get rights to state land and make massive profits in developing the land—land that was once “the people's” is being used by profiteers for purely personal profit.

So much for socialism in practice, right?  But many are calling the holdup on the new private property bill a shake-up for Capitalism.  This because leftist thinkers have taken up the private property issue as a flagship in their fight against what they feel is a reckless acceptance of capitalism in China.  Said socialists are saying that capitalism has led to corruption and an unacceptable income gap between the urban and the rural.

Now, it's my impression that corruption existed before capitalism and it is my personal opinion that a free press would be the best way to combat corruption.  But it's the easy thing to do when you are a socialist: blame your countries' woes on capitalism.  But I'm not socialist.  Still, I do think that China should step back and take a look at things.  Is China really socialist anymore?  Should they hold on to socialist ideals?  If so, a socialist ideology and a capitalist reality really is a conundrum for China—and it has been since reforms began 25 years ago. I personally think that unless the government holds onto some control, China will fall apart at the seams.  The growing income gap between the rich and poor is real and the unrest in the countryside is real.  Something needs to be done.  Whether or not is accepting or rejecting private property laws is not my area of expertise.  China has a socialist heart and a capitalist mind—how and if the two systems will finally find equilibrium in China is anyone's guess.

Edit: The revision of the property laws has been set aside for the year.  It will be reviewed again next year.  I think it can be assumed that revisions will be made to it.  But it is assumed that the revised edition will pass next year.