New law will lift opening-up to a new level

The new Foreign Investment Law, which will go into effect on Jan 1, 2020, has drawn international attention, as it will have a big impact on the Chinese economy and therefore the global economy. The law shows China's resolution to accord higher priority and greater protection to foreign investment, in order to create a better investment environment for both foreign and domestic enterprises.

In this year's Government Work Report, Premier Li Keqiang has proposed to strengthen supervision, and create a law-based, convenient business environment for foreign investors and enterprises. So China is expected to strengthen the protection of foreign businesses' legal rights, expedite efforts to comply with international trade rules, make its policies more consistent and transparent, and create a fair market environment where domestic and foreign enterprises can compete fairly.

The draft foreign investment law was submitted to the second session of the 13th National People's Congress for review before being passed on March 15. And the new law demonstrates that China is committed to taking opening-up to a new level. It also shows new ideas, approaches and actions will play important roles in deepening reform and opening-up in the new era.