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The law of Jus Rerem of China enacted on March 16, 2007 will take effect on and after October, 2007. China has enacted the law of Jus Rerem. This means that all three nations of Northeast Asia have formally and substantially similar legal terms and conceptions. Therefore, they will be reciprocally influenced on the legal matters related Jus Rerem. In the year 1949 when China,
as a communist country, was originally established without the private ownership system, the law of Jus Rerem was not introduced. Since the reform and the open-economy policy in the year 1978 came into force, it has become important that newly acknowledged private property has been stipulated by the law of Jus Rerem. The right to use a house or land is valid for 70 years. The term of validity for the right to use either or both can be automatically extended. Thus, a house or land or both can be owned permanently. Farming land can be bought or sold so that anyone may manage the business of agriculture and forestry through buying or selling farming land and grassland or forest land.
The bank can hold raw materials and products or equipment as security for a loan for the company. The company seems to have fund-raised easily. China has enacted the law of Jus Rerem, "conformed with the 21st century", by solving a lot of issues in dispute.
A socialistic idea, a traditional Chinese idea and realistic conditions of the market economy were integrated into the law of Jus Rerem. It would have a very good effect on the growth and prosperity of China.