China's enactment of the foreign investment law is expected to further facilitate high-quality investment while protecting the legitimate rights and interests of foreign investors, Wang Chen, vice-chairman of the Standing Committee of the National People's Congress, said on Friday.

Formulation of the foreign investment law is an important measure for implementing the central government's policies and plans on expanding opening-up and boosting foreign investment, Wang said while explaining to deputies the draft law at the second session of the 13th NPC.

The move is a "full testament" to China's determination and confidence in opening wider to the outside world and promoting foreign investment in the new era, according to an explanatory document on the draft available to the press Friday afternoon.

China's top legislature is scheduled to vote on the draft law on March 15. The draft law, if approved, is to replace the country's three current statutes concerning wholly foreign-owned entities, with the move seen as one further promoting the rights of foreign investors.