Property regulations and income tax were top of the agenda on Thursday at the National People's Congress (NPC) annual meeting.

Deputies from the NPC and members of the Chinese People's Political Consultative Conference (CPPCC) spent the morning hearing explanations of proposed rule changes. The proposed property law calls for greater protection of private property. The draft taxation law under discussion proposes a normalization of tax rates for domestic enterprises and foreign-funded companies operating in China.

Commenting on the draft law, Zhai Taifeng, a member of CPPCC Standing Committee and former Vice Director of the Publicity Department of the CPC Central Committee, said, "As China's first law on property rights, this law will solve plenty of existing debates on property rights and eliminate worries."

Hao Jikuan, NPC deputy and Chairman of Hong Kong-based Viction Group, described the proposed property law as a "milestone" of progress.

Xu Qixiong, a member of the CPPCC and a well-known artist, said changes in China's economic circumstances meant it was time for a change.

"In the past, China implemented different taxation rates for domestic enterprises and foreign companies, which I think suited national conditions," he said. "Yet with economic development and a balancing of the economic situation at home and abroad, I think it is time to readjust the taxation rate for foreign companies. I think such a change would be understood and wouldn't exert noticeable negative impacts on economic growth."