Draft law key to drawing more investment

China's enactment of a new 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 law is a key measure in implementing central authorities' policies and plans to expand opening-up and boost investment, Wang told deputies at the second session of the 13th NPC. Wang called it a "full testament" to China's determination and confidence in opening wider and promoting foreign investment in the new era.

The top legislature is set to vote on the draft law on March 15. If approved, it would replace three statutes on wholly foreign-owned entities and joint ventures.