The law was adopted on March 16, the final day of the two-week session of parliament, with the backing of 96.9% of the 2,889 legislators attending, with 2799 for, 53 against, and 37 abstentions. With his final address to the 2007 Session, NPC Chairman Wu Bangguo declared "the Private Property Law and the Corporate Taxation Law are two of the most important laws in the new economic system of Socialism with Chinese characteristics; we must attempt to learn these laws fully through various methods."