Foreign investment draft levels the field

A proposed new law on foreign investment would replace three existing ones and serve as the basic law for the field as the country continues to open up in the new era, an official of China's top legislature said.

Zhang Yesui, spokesman for the annual session of the 13th National People's Congress, made the remark on Monday during a news conference.

The draft clearly stipulates that foreign investors seeking to create a business in China will be treated the same as domestic investors, subject only to a negative list prohibiting investment in certain sectors. There will be uniform standards, and the case-by-case approval model will be abolished, Zhang said.