Property registration goes beyond fighting corruption

The State Council on Monday promulgated China's Provisional Regulations on Real Estate Registration, which will take effect on March 1 next year. This is a milestone in the process of constructing China's economic order and rules.

The published act involves the registration of land, real estate, forestry and waters.

Some believe that the significance of the registration rules lies in the protection of property rights as well as business transaction security, while some hold that the act paves the way for urbanization and reform of the household registration system.

There are also expectations that real estate registration will put pressure on those officials who own an excessive number of houses, and will increase the chances of corrupt officials being investigated.

However, many experts interviewed by the Global Times emphasized that real estate registration is not designed solely for the anti-corruption campaign. It's a basic information-sharing platform which will provide an all-round service for national economic and social development. Supporting the anti-graft drive is only one of its functions.

Articles 27 and 28 explicitly stipulate that only the owners, interested parties and relevant authorities can inquire into property registration information in accordance with the law and they shall not divulge any information they gain.

The public has focused its attention on how real estate registration laws are related to the crackdown on corruption and whether it will lead to the plummeting of real estate prices. This is understandable. It also indicates the significance of fighting against corruption and curbing house prices in China.

Real estate registration is not the same as a property declaration system, but it will help make the real estate information more accurate and transparent, which will put the squeeze on corrupt officials.

Some query why it has taken such a long time to launch this real estate registration and why it's impossible to easily access the information that applicants register. China, to improve its governance system, has to deal with such misperceptions.

The rule of law cannot be achieved overnight. Real estate registration is a fundamental step in comprehensively advancing the rule of law and it will surely go down in history.