The NPC Standing Committee also published the draft online to seek public comments until Feb. 24. Suggestions from nearly 500 users have been received so far.

Multiple commissions of the NPC also discussed with central government agencies, experts, foreign business chambers and foreign companies to hear their opinions.

All parties agreed to the enactment of the law, saying it is an important step to improve the legal system concerning foreign affairs and will help China attract more foreign investment, open wider to the world and enhance its ease of doing business, according to Li Fei.

Ma Zheng, vice president of the China subsidiary of major agricultural commodities trader Cargill, believes the replacement of the three existing laws governing foreign investment with the unified one is of much significance.

Ma said the new law would provide foreign investors and companies, including Cargill, with a more solid guarantee of protecting their legitimate rights and interests, adding that the new law would make the country's foreign investment environment more open, fairer and more transparent.

One provision in the draft proposes to use the same contents prescribed in the Company Law and the Partnership Enterprise Law to regulate foreign investment enterprises' organizational form and structure.

With its provisions on better protecting foreign investment, the new law will encourage Cargill to invest more in China, Ma said.

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