The Chinese commerce ministry has revised its draft of the new Foreign Investment Law and submitted it to the State Council, China’s cabinet, a ministry spokesman said yesterday.
The Ministry of Commerce released the initial draft in January 15, in a bid to merge three individual laws: the Law on Foreign-Funded Enterprises, Law on Chinese-Foreign Contractual Joint Ventures and Law on Chinese-Foreign Equity Joint Ventures. The exposure draft proposed to change the approval system used for foreign investment to a negative list system and facilitate access.
The purpose of the law is to create a more stable, transparent and predictable legal environment for foreign investment by combining opinions from all sectors, said spokesman Gao Feng at a commerce ministry news conference.
The ministry will actively cooperate with the State Council in legislative deliberation, he added, and push for early issuance of the new law, which will be submitted to the National People’s Congress for final approval after being green-lit by the State Council.Keywords: Ministry of Commerce, Foreign Investment Law