The standing committee of China’s National People's Congress (NPC) recently decided that a draft of the country’s foreign investment law will be submitted at its plenary session beginning on March 5. The law will replace three existing laws on Chinese foreign equity joint ventures (JVs), non-equity JVs, or contractual JVs, and wholly foreign-owned enterprises.
The decision was made at the committee’s two-day session to discuss the draft for the second time, according to a news agency report.The standing committee of China's National People's Congress recently decided that a draft of the country's foreign investment law will be submitted at its plenary session beginning on March 5. The law will replace three existing laws on Chinese foreign equity joint ventures (JVs), non-equity JVs, or contractual JVs, and wholly foreign-owned enterprises.#
The law is part of the Communist Party of China Central Committee’s strategy of further opening up the economy.
It will help attract more foreign investment, protect foreign investors' legitimate rights and interests, foster an environment favourable for conducting business, and provide legal guarantee to opening up at a higher level, according to the committee document. (DS)
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