国内英语资讯:China eyes further opening-up in updated draft foreign investment law_时事

国内英语资讯:China eyes further opening-up in updated draft foreign investment law

Definitions of the terms are included in the article, in addition to a clause requiring the state to give national treatment to foreign investments outside the negative list.

It also stipulates that foreign-invested enterprises have equal access to favorable policies for enterprises.

In line with provisions in the Constitution, the new draft proposes that the state shall not expropriate or requisition foreign investment, except under particular circumstances and in the public interest.

If the state expropriates or requisitions foreign investment, "due legal procedures must be followed while prompt, fair and reasonable compensation should be made," it notes.

The new draft also includes regulations regarding antitrust examination on mergers and acquisitions by foreign businesses and penalties on failure to report their investment information to related authorities.

ACCELERATED LEGISLATION FOR OPENING-UP

In late December, the original draft was submitted to the NPC Standing Committee for its first reading.

When introducing the draft to lawmakers, Justice Minister Fu Zhenghua said the current laws could hardly catch up with the changing requirements in building a new system of open economy.

"There is an urgent need for such a unified law to provide stronger legal protection for further expanding opening up and better using foreign investment," Fu said.

After the first reading, the draft was distributed to agencies at the central and local governments, a number of institutions of higher learning and research organizations to solicit opinions.