Legislative Commission: The rule of law guarantees sound commercial enterprise surroundings
“Corresponding laws and rules could be drafted after the Foreign Investment Law (FIL), for you to establish an open, transparent and predictable enterprise surroundings below the guideline of regulation,” Liu Junchen, VP of Legislative Affairs Commission of the National People’s Congress (NPC), says at a press conference Saturday.
“The rule of law ensures the fine commercial enterprise environment,” Liu says.
The new FIL will play a principal function as an overarching regulation within the subject of overseas investment, Wang Chen, VP of the NPC Standing Committee stated Friday.
Liu says the brand new regulation will establish a basic institutional framework and essential guidelines in the field, placing up pillars that will support China’s foreign funding felony device inside the new generation. He provides that when the regulation is handed, corresponding rules can be drafted so that it will establish an open, transparent and predictable commercial enterprise surroundings under the guideline of law.
Liu says the spotlight of FIL is on the issue of countrywide treatment. Countrywide treatment is usually carried out after admission. The cutting-edge draft FIL proposes a pre-entry countrywide procedure to foreign investment outside the negative list, which means that the remedy of overseas traders and their funding will be no much less than domestic investors.
“This is to transport up the implementation of countrywide treatment from the post-admission to the admission degree, which facilitates high-well-known investment liberalization,” Liu says.
Liu says that the new FIL answers to contemporary problems because it adds unique phrases along with stressing on open and transparent foreign investment policy; preserving a truthful aggressive marketplace; and neighborhood governments enjoyable their coverage promises with overseas-funded corporations.
Legislative Affairs Commission of the NPC Standing Committee held the press convention for the duration of the Second Session of the thirteenth NPC.