Economy
13:34, 15-Mar-2019
Premier Li: China to open up more areas to foreign investors
Updated
14:56, 15-Mar-2019
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Chinese Premier Li Keqiang said China will certainly deliver the promise on opening up, which is a fundamental state policy that has benefited the Chinese people and the world.
China lifted foreign ownership restrictions on some sectors last year and was the largest recipient of foreign direct investment among all developing countries.
China's Foreign Investment Law (FIL) was passed by the 13th National People's Congress on Friday. The FIL is designed to use legal means to protect the rights and interests of foreign investors.
Premier Li said China will introduce a series of matching legislations and documents ensuring the FIL is fully operable.
The FIL improved the relevant provisions of the pre-entry national treatment and negative list management system.
Premier Li said China will soon release a newly revised shorter negative list, and will continue to further shorten the negative list, and open up more sectors to foreign investment.
The negative list refers to special management measures for foreign investment entering into the country's specific areas. China gives national treatment to foreign investment outside the negative list.
Premier Li said China will strengthen the protection of intellectual property rights (IPR). The country will amend the Intellectual Property Law and introduce a mechanism of punitive compensation for infringements of IPR. Premier Li also added that China hopes foreign governments will treat the voluntary cooperation between Chinese companies and foreign companies fairly.