Dynamite News China adopts new foreign investment law to ensure transparency
China's national legislature on Friday passed a new foreign investment law that aims to improve transparency and ensure a level playing field for domestic and foreign businesses.
Beijing: China's national legislature on Friday passed a new foreign investment law that aims to improve transparency and ensure a level playing field for domestic and foreign businesses.
Also Read: WPI inflation rises to 2.93 pc in Feb
An overwhelming majority of deputies present at the closing meeting of second session of 13th National People's Congress voted in favour of the law.
With unified provisions for the entry, promotion, protection and management of foreign investment, it is a new and fundamental law for China's foreign investment, said state news agency Xinhua.
Also Read |
US, China to hold 12th round of trade talks in Shanghai
"The law aims to improve the transparency of foreign investment policies, and ensure domestic and foreign enterprises are subject to a unified set of rules and compete on a level playing field," it said quoting to an explanatory document.
Also Read: Sensex jumps over 150 pts; Nifty nears 11,400
The new norms will come into effect from January 1, 2020.
Also Read |
Alibaba's Jack Ma resurfaces after months out of public view
The new foreign investment law will replace three existing laws on foreign investment: laws on Chinese Foreign Equity Joint Ventures, Chinese Foreign Contractual Joint Ventures and Wholly Foreign-Owned Enterprises.
Also Read: Rahul Bajaj to step down as Chairman, Non-Executive Director of Bajaj Finserv
Foreign investments into China have risen substantially over recent years. Many experts believe the existing laws are no longer able to meet the needs of the new era.
(ANI)