Foreign Investment Law to take effect

The Foreign Investment Law, which was passed by the second session of the 13th National People's Congress on March 15, will come into force on Jan 1.

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.

Meanwhile, China has approved a draft implementation regulation of the Foreign Investment Law in a bid to foster a more inviting environment for foreign investors and better address their concerns through the building of a sound legal framework.

The draft is aimed at facilitating the implementation of the Foreign Investment Law, which was passed in March, and is scheduled to take effect on Jan 1.