By Xiao Wu, iChongqing News

Chongqing - In March, the Chinese government is holding its important annual two meetings: the Chinese People’s Political Consultative Congress (CPPCC) and the National People’s Congress (NPC), abbreviated as Two Sessions. The Two Sessions has attracted worldwide attention to see how these political gatherings work and what their decisions mean for China and the world.

As China sets its GDP growth target for this year at between 6 percent and 6.5 percent and meanwhile proposed a new law on foreign investment which would replace three existing ones, iChongqing try to reach some foreign businessmen in Chongqing, to get their views. luckily, we got the Vice Chairman of the SW China Chapter of the European Union Chamber of Commerce in China (EUCCC) - Mr. Dominik Widmer, the Legal Advisor of D’Andrea Partner Consulting Co., Ltd Chongqing Branch – Mr. Shane Farrelly, the Director of Strategy and Business Development of Stone Tan Finance - Mr. James Wemyss, to hear about their concerns on China’s GDP growth and the Foreign Investment Draft.

“The shift from high-speed to moderate growth of GDP has been described by Chinese President Xi Jinping as the ‘new normal’. This term refers to China’s need to shift its focus from input and investment towards the development of high-tech industries and innovation.” Said Mr. Dominik, the Vice Chairman of the SW China Chapter of EUCCC to iChongqing.

The Vice Chairman of the SW China Chapter of European Union Chamber of Commerce in China (EUCCC) - Mr. Dominik Widmer

He continued to explain, “China’s need to transition its economy to be more innovative and more competitive in high-tech industries presents considerable opportunities for western businesses with advanced technologies. The country’s economic slowdown creates increased demand for foreign investment, new industrial international conglomerates and joint ventures specifically in areas where China is not yet able to produce critical components and specific high-tech products itself. ”

“The Chinese Government’s aim of streamlining existing legislation by unifying the three current legal foundations that govern foreign investment into a single law is an important step towards attracting future foreign investment. By addressing some of the biggest challenges faced by foreign businesses, such as unfair technology transfers, intellectual property rights (IPR) protection and equal opportunities in public procurement, the new foreign investment law is definitely heading in the right direction.”Commented Mr. Dominik.

The Legal Advisor of D’Andrea Partner Consulting Co., Ltd Chongqing Branch – Mr. Shane Farrelly

Mr. Shane, the Legal Advisor of D’Andrea Partner Consulting Co., Ltd Chongqing Branch, holds confidence in China’s economic development. He told iChongqing ,“It seems as though as the challenges have mounted around the Chinese economy, China seems to still reach it's lofty economic targets, perhaps 2019 will bring about the beginning of a more stable and healthy form of economic development for the country.”

He suggested, “Attracting foreign investment can be an effective way of shouldering some of the burdens of the economic slowdown and also assist in bringing more international talent to Chinese shores enabling China to become a world leader in some of the new & emerging industries.”

“In the Latest Draft of the Foreign Investment Law, the long-awaited removal of forced technology transfers is of course welcome.” Commented Shane.

“Belt & Road Forum will, of course, be a great opportunity to showcase China as a location for foreign investment and Chongqing should strive to take center stage as it's fundamental role in the One Belt One Road Initiative, the China-Europe (Yuxinou) Railway is a marvel of modern international commerce and should be known throughout the world,” he mentioned excitingly.

The Director of Strategy and Business Development of Stone Tan Finance - Mr. James Wemyss

Mr. James, the director of Stone Tan sees that China’s new Foreign Investment Law will add momentum to Chongqing’s international events. He said, “As a result, this year’s international expos in May and Smart China Expo in August should be much bigger and interesting for foreign investors. I saw that the government is holding the Belt and Road International Skills Competition in May to highlight talents in different industries. China-Singapore( Chongqing) Demonstration Initiative on Strategic Connectivity and New International Land-Sea Trade Corridor is also an interesting initiative. If the Singapore-Chongqing logistics hub takes off, this will require more international expertise and attract foreign investment to the city. ”