The Land Law establishes the rights of the government and of land users, stipulates the requirements of land use planning, and the mechanisms for land allocation, renting and withdrawal. It also regulates land use right registration, and land financing and pricing. The 2003 Land Law further opened the land market, and guaranteed and concretised land rights through the system of building ownership and land use certificates (BOLUCs) and land use rights certifications (LURCs), which constitute a form of “title”, on the basis of which the market exchange developed.