Rules for foreign funds in the works
Print Edition
CHINA has started to formulate matching regulations and rules to support the newly adopted foreign investment law, Premier Li Keqiang said yesterday.
Li made the remarks at the opening plenary of the Boao Forum for Asia annual conference in Boao, a coastal town in China’s southern island province of Hainan.
The supporting rules will go into effect together with the foreign investment law on January 1, he said.
Chinese officials are also sorting through related laws, regulations and normative documents, and those inconsistent with the foreign investment law must be abolished or revised, Li said.
China is opening up wider to the world under the principle of competitive neutrality, the premier noted.
“We treat domestic and foreign-funded enterprises equally and protect the rights and interests of all types of businesses with concrete measures,” he said.
“It is the consistent stance of the Chinese government to strengthen intellectual property right protection.”
Speaking of a draft amendment to the patent law that was submitted for top legislature review in December, Li said the revisions would increase the compensation for patent infringement to impose “unaffordable costs” on serious violations.
“Forced technology transfers are not allowed,” he noted.
Authorities will also improve dealing with complaints from foreign-funded enterprises and strengthen communication and coordination with foreign businesses to better protect their interests, he said.
The premier said China will further relax controls on market access and shorten the negative list for foreign investment.
By the end of June, China will revise and issue the negative list for foreign investment, the negative list for foreign investment in the free trade zones and the foreign investment guidance catalogue, Li said.
China will shorten the negative list and open up further to foreign investment in industries including value-added telecom service, medical institutions, education services, transportation, infrastructure, energy and resources, Li told the gathering yesterday.
China will also facilitate trade by lowering the cost and improving the efficiency of custom clearance, said the premier.
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