Year-ender: Major economic events in China
chinadaily.com.cn| Updated: Dec 20, 2019
Foreign investment law
A foreigner inquires about process of conducting foreign trade in Yiwu, East China's Zhejiang province, on Dec 1, 2019. [Photo/Xinhua]
The Foreign Investment Law was passed by the second session of the 13th National People's Congress on March 15.
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.
It aims to improve the transparency of foreign investment policies and ensure that foreign-invested enterprises participate in market competition on an equal basis.
The state shall manage foreign investment according to the system of pre-establishment national treatment plus a negative list, the law stipulates.
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 state shall protect the intellectual property rights of foreign investors and foreign-invested enterprises, it reads.