BEIJING (PingWest) – China’s new Foreign Investment Law was passed by the National People’s Congress on Friday, with 2,929 representatives voting yes, eight voting against, and eight abstaining.
The law was drafted in December 2018 and debated three times, in late December 2018 by the Standing Committee of the National People’s Congress (NPCSC), in January by the NPCSC, and this March by the National people’s Congress.
In the law, the government says it will promote the development of foreign and domestic enterprises equally, and it offers investment protection by not expropriating the investments of foreign investors.
The new Foreign Investment Law marks a new turn in China’s further opening up and acceleration of globalization.
The new law will come into effect on January 1, 2020.