BEIJING – China will work on a new law to promote and protect foreign investment in the country with the aim of opening up the economy, Zhang Yesui, a spokesperson for China’s National People’s Congress, said on Sunday.
Zhang said that three existing foreign investment laws would be combined and a new law created to fulfill four objectives.
In the first place, the new law will seek to “to pursue development, mutual benefits, strategy and high standard trade and investment liberalization and facilitation,” Zhang said.
The law will also give the same attention to China’s investment overseas as well foreign investment in the country and will “ease market access.”
The third objective of the law will be to “create a transparent, stable and predictable environment for foreign investment and protect their legitimate rights and interests,” Zhang said.
Lastly, China will offer fair treatment to international companies on the same conditions as domestic companies.
Zhang introduced the new law at a press conference preceding the annual plenary session of the National People’s Congress – the country’s top legislature – which will begin Monday.