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China’s new draft Foreign Investment Law has recently been issued and available for public inspection and comments.
In essence, the new draft indicates the government’s willingness to further open up its markets to foreign businesses and address dilemmas that have been prevalent among foreign investors.
The new draft for Foreign Investment Law include:
Government officials are prohibited from using administrative means to force foreign businesses to transfer their technology;
Foreign investors enjoy equal treatment and market access with domestic counterparts in China, except in excluded sectors specified in the government’s negative list; and
China reserves the right to retaliate against countries that discriminate against Chinese investment with “corresponding measures”.
The new draft Foreign Investment Law is not the only concession China is making to ease foreign investment restrictions. It has recently relaxed regulations in its bonded zones and will permit domestic sales from such zones into the local market.
China has also cut tariffs for a large number of products, effective from the beginning of this year. Additionally, the new 2019 Negative List, which despite its name actually clarifies industrial sectors of China open to foreign investors, has also been released and has further expanded areas open to foreign investment.
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