By Yuling Chen, EDITOR

At the Second Session of the 13th National People’s Congress (NPC) on March 10, the Chongqing Delegation held two meetings. On its plenary meeting and group meeting, the delegation deliberated the draft of the Foreign Investment Law of the People's Republic of China during the country's two sessions.

Guoyuan Port in Chongqing, China (Photo by Yang Xinyu)

Promote an  all-around opening-up pattern

Chen Min’er, Deputy to the NPC and Secretary of CPC Chongqing Municipal Committee said that the enactment and introduction of the Foreign Investment Law of the P.R.C. was a major action. The action will promote the formation of an all-round opening-up new pattern and the construction of an open new economic system.

It demonstrates to the world China’s determination and confidence in further opening up to the outside world. It also reassures foreign investors and foreign-invested enterprises through law. He also said that we should further implement the Party Central Committee’s major deployments for promoting a new round of opening-up.

We should actively integrate into the construction of “Belt and Road Initiative” and the development of the Yangtze River Economic Belt. We need to conscientiously study, publicize, and implement the Foreign Investment Law of the P.R.C. We should also create a sound business environment to utilize foreign capital actively and effectively. Strengthening the protection of the legal rights and interests of foreign investment is also necessary. In addition, we should make efforts in China’s western interior to lead and drive the opening-up.

Promote high-quality economic development

Tang Liangzhi, Deputy to the NPC, Deputy Secretary of CPC Chongqing Municipal Committee, and Mayor of Chongqing that Chongqing will deeply implement the Foreign Investment Law. It will improve the business environment with legalization, internationalization, and facilitation to better attract, protect, and manage foreign investment. Moreover, it will also promote high-quality economic development through high-level opening-up.

Establish a fair and stable foreign investment system

Zhang Xuan, Deputy to the NPC and Director of the Standing Committee of Chongqing Municipal People’s Congress suggested that local people’s congresses and standing committees with legislative power should enact local regulations in accordance with this law.

They should introduce the procedures for the complaint mechanism of foreign-invested enterprises. They need also promptly sort out the laws, regulations, and policy documents concerning foreign investment.

Additionally, they have to well connect the higher-level laws, local regulations, and related policies. They should also establish a fair and stable foreign investment system which is consistent between the central and local governments. After the adoption of the draft, relevant administrative departments should actively guide various market entities, especially foreign investors. In this way, they can understand the principles, systems, and norms of foreign investment regulation in China. Ultimately, relevant departments can better maintain the market economic order and give full play to foreign investment’s positive role.

Source: CQCB

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