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Real Rights to Natural Resources: Policy Inclination and Regulatory Methods

YU Wenxuan(School of Civil,Commercial and Economic Laws,China University of Political Science and Law,Beijing 100088,China)  
In the framework of traditional real rights,some categories of natural resources can not be effectively regulated with their values inadequately reflected,which requires theoretical meditation and institutional innovation.The real rights to natural resources exhibit a series of rights aiming for sustainable usage of natural resources with limited contents and relative exclusiveness.Despite the fact that free market mechanism plays a basic role in resource allocation,the "invisible hand" is sometimes out of order as hypotheses like rational man,pure competition and price flexibility are not self proven.Administrative regulation plays a limited role in improving efficiency and equity and in ensuring stable economic growth.In the system of real rights to natural resources,public law should focus on the initial configuration of resources,while the market should be under the integrated mechanisms of both public and private laws.
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