(Yicai Global) July 20 -- The Mintry of Commerce has reved and submitted its draft of Foreign Investment Law to the State Council, China's cabinet, a spokesman for the mintry said today, meaning the long-awaited law expected to move ahead in the admintrative process.>
The mintry released the draft in January 2015, hoping to merge the Law on Foreign-Funded Enterpres, Law on Chinese-Foreign Contractual Joint Ventures and Law on Chinese-Foreign Equity Joint ventures into a unified law. The exposure draft proposed foreign investment change from an approval system to being managed by a 'negative lt' in a bid to broaden investment access.
The purpose of the law to create a more stable, transparent and predictable legal environment for foreign investment by combining opinions from all sectors, said spokesman Gao Feng at a regular commerce mintry news conference today.
The mintry will actively cooperate with the State Council in leglative deliberation, Gao added, and push for the early suance of the new law, which will be submitted to the National People's Congress for final approval after a decion made by the State Council.