Chinese legislators to rewrite law on foreign investment

The Chinese legislature intends to combine the three laws governing foreign investors in China with a view to promoting and protecting foreign investment in the country, Xinhua reports.

The Chinese state-run news agency quotes National People’s Congress Spokesman Zhang Yesui as telling a press conference that the new legislation will follow policies of liberalisation and facilitation of trade and investment, so easing access to Chinese markets for foreign companies.

Mr Zhang said the legislation would create a transparent, stable and predictable business environment for foreign investors, protect their rights and interests, and guarantee them a fair market and uniform treatment wherever in China they do business.

Premier Li Keqiang has announced that the government will allow foreign investment in the markets for telecommunications, healthcare, education and green motor vehicles, and remove caps on foreign stakes in banks, in securities brokers and in fund managers, Xinhua says.