Draft foreign investment law reviewed
Print Edition
THE Standing Committee of the National People’s Congress yesterday started reviewing a new draft of the foreign investment law, the latest move to promote the country’s opening-up initiative.
During the two-day session, members of the top legislature are scheduled to deliberate a new version of the draft law, which has been updated from the first draft submitted to the previous session last month.
Once adopted, the unified law will replace three existing laws on Chinese-foreign equity joint ventures, non-equity joint ventures (or contractual joint ventures) and wholly foreign-owned enterprises.
The new draft further expanded the article on the system of pre-establishment national treatment plus a negative list, said Li Fei, chairman of the NPC Constitution and Law Committee.
Definitions of the terms were included in the article, in addition to a clause requiring the state to give national treatment to foreign investments outside the negative list. It also stipulated that foreign invested enterprises have equal access to favorable policies for enterprises.
The new draft proposes that the state shall not expropriate or requisition foreign investment, except under particular circumstances and in the public interest.
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