China passed the foreign investment law

Table of Contents

The law will become effective on Jan. 1, 2020

on

Foreign-invested enterprises will equally enjoy government policies supporting enterprise development, and be able to participate in standard-setting on an equal footing and in government procurement through fair competition, according to the law.

The law will become effective on Jan. 1, 2020.

With unified provisions for the entry, promotion, protection, and management of foreign investment, it is a new and fundamental law for foreign investment in China.

The state shall protect the intellectual property rights of foreign investors and foreign-invested enterprises, it reads.

The law sends the signal of transparency, and will boost Chinese market’s appeal to foreign capital, said Vivian Jiang, vice chair of Deloitte China.

With the new law, China will be able to better protect foreign investors’ legitimate rights and interests, and create a law-based business environment that is internationalized and enabling.

The unified law will replace the three existing laws on Chinese-foreign equity joint ventures, wholly foreign-owned enterprises and Chinese-foreign contractual joint ventures.

The law on equity joint ventures was put into effect in 1979, soon after the country started to implement the reform and opening up policy.

Over the past decades, they have provided effective legal safeguards for foreign firms, but are no longer commensurate with the needs of reform and opening up in the new era.

Foreign direct investment into China has ranked first among developing countries for 27 consecutive years, according to the United Nations Conference on Trade and Development.

The new law shows China’s will and determination to follow through with reform and opening up in a new historical context, said Wang Chen, vice chairman of the NPC Standing Committee. (ecns)

Subscribe to China Underground and get Planet China

To be updated with all the latest news, offers and special announcements.

Avatar
China-Undergroundhttp://www.china-underground.com
China-underground.com includes thousands of articles on news, Chinese history, Chinese art, Chinese literature , China pictures gallery, videos, and Chinese cinema.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Search

2,058FansLike
1,163FollowersFollow
276SubscribersSubscribe
HD-Monocular-Day&Night-Vision-Dual-Focus-Telescope-Prism-Scope_Day&Night Vision Telescope

HD Monocular Day&Night Vision Dual Focus Telescope Prism Scope

Waterproof, the mirror is full of the high-purity nitrogen, waterproof and antifogging.super clear, the fully coated optics, meanwhile, guarantee superior light transmission and...
Xiaomi Mi 9 Global Version

Xiaomi Mi 9 Global Version 6GB

Throughout the history of smartphones, Snapdragon™ has been there as an engine powering the world's devices. CHECK PRICES Now, the Snapdragon™ 855 presents another leap forward...

Latest

Jimmy Sham attacked

Jimmy Sham, convenor of Hong Kong Civil Rights Human Front, attacked...

Within 24 hours after US House passing the Hong Kong Human Rights and Democracy Act, Jimmy Sham Tsz-kit, convenor of the Civil Human Rights...