From Modern Property Rights Theory to ModernProperty Rights System

In 1930s, modern property rights theory was gradually established by such theorists as American economist Ronald H. Coase. The Property Rights School analyses the three main types of property rights in this world: common property rights, state-owned property rights, and private property rights, the division of which is based on the capitalist private ownership, aiming to purify such ownership. However, that property rights economists stress the particular importance of institutional factors to economic activities is no doubt very instructive to us. To establish its modern property rights system, China must begin from the following four aspects: 1~(st), to speed up the process of property rights definition and leave no doubt as to the ownership; 2~(nd), to insist on the separation of the rights to own and to run and clear definition of rights and duties; 3~(rd), to resort to law and other means to protect various property rights; 4~(th), to speed up the construction of property rights market so that they can flow smoothly.