China's Legislature Passes Landmark Foreign Investment Law

China agrees to foreign investment law pledges cooperation with US European firms

The new law was attempting to help level the rulebook between domestic firms and foreign investors in the country.

Li also sought to soothe concerns that the tax cuts soon rolled out by the government will weigh on local finances, promising the central government will offer support to provinces in central and western China via payment transfers. This is not how China behaves.

US President Donald Trump is demanding China to reduce the Dollars 375 billion trade deficit, provide legal protection for intellectual property rights (IPR), technology transfer and more access to American goods to Chinese markets.

Huawei, the biggest global maker of network gear for phone and internet companies, has denied accusations it facilitates Chinese spying. Although the foreign investment management mechanism has evolved rapidly in recent years, there are still many changes to go both in legislation and in practice.' The research was produced in connection with an upcoming Linklaters report that highlights several key trends that should be viewed as guidelines for success by worldwide companies, investors and brokers seeking to complete Chinese inbound M&A deals.

"The last-minute efforts are appreciated, but the changes shouldn't have been controversial in the first place and only address a small slice of the overall set of concerns our members have about the uneven playing field foreign companies encounter in China", Tim Stratford, chairman of the American Chamber of Commerce in China, said, per Los Angeles Times.

China's parliament voted on Friday to approve a new foreign investment law.

With the new law, China will be able to better protect foreign investors' legitimate rights and interests, and create a law-based business environment that is internationalized and enabling.

China's economic slowdown and the ongoing trade war with the United States topped the agenda of Chinese legislators who gathered in Beijing.

China is making changes to strengthen foreign investment regulations, said Hans Hendrischke, a professor of Chinese business and management at the University of Sydney Business School.

Virtual private networks enable internet users in China, especially foreigners, to visit such websites in circumvention of the so-called Great Firewall, which blocks flows of information inconvenient for the country's authorities.

The law, created to ease concerns among foreign companies about the difficulties they face in China, will ban forced technology transfer and illegal government "interference" in foreign business practices.

Recently, some ruling party officials, scholars and journalists in Beijing have started to rap Xi's China-centered policies for complicating relations with the USA administration of President Donald Trump and jeopardizing solid economic expansion.

"There is none of that now, and there never will be (any of it) in the future", Li told journalists at a press briefing marking the end of China's yearly parliamentary meeting. The legislation also renders the accusation of "forced technology transfer" groundless. Despite substantial improvements, the Chinese leadership can be hard, but also foreign companies access to the market. Passed in 1978, it was one of the three pieces of legislation that formed the legal basis of foreign investment in China. Besides the NPC, the Chinese People's Political Consultative (CPPCC), a national advisory body, also concluded its session.

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