It's official. China's new foreign investment law has taken effect. The second session of the 13th National People's Congress concluded its ten-day meeting on Friday morning in Beijing. CGTN's Tang Bo recaps the meeting and what's new.

After days of deliberation, around 3,000 top legislators finally voted and approved the Foreign Investment Law. It has attracted a plethora of international attention as it gives foreign investors unprecedented access to the Chinese market as the nation's journey of opening-up continues.

LI ZHANSHU, CHAIRMAN STANDING COMMITTEE OF NPC "The Foreign Investment Law examined and passed in the session is a basic law that promotes high-level opening up in the new era. We should study it thoroughly, implement it comprehensively, and push forward high quality economic development through high-level opening up."

However, difficulties remain. China's economic growth last year came in at 6.6 percent, the slowest pace since 1990. To manage the slowdown, the government work report, approved at the closing meeting, lowered the growth target between 6 percent and 6.5.

NING JIZHE, COMMISSIONER NATIONAL BUREAU OF STATISTICS "The lowered growth target is still high among major world economies, and it's suitable for China as well. It will help boost higher-quality development and increase Chinese people's income."

Another key measure in the government work report is tax cuts worth 2 trillion yuan, about 290 billion US-dollars for private enterprises. This aims to help sustain their growth.

WANG JUN, COMMISSIONER STATE TAXATION ADMINISTRATION "The tax cuts target manufacturers, small and micro-sized enterprises, and working class. Such amount of tax cut is unprecedented in past few decades."

The pursuit of higher-quality development is also what the government work report calls for in handling China's slowing economy and uncertainties over the world's. Many NPC deputies believe innovation is the key.

DONG MINGZHU, CHAIRPERSON GREE GROUP OF ZHUHAI "Gree Group still had 33 percent of growth rate last year when China's economic growth was slowing down. The key for the success was that we stuck to the road of independent innovation and self-reliance."

TANG BO BEIJING "The Foreign Investment Law will help China better integrate into the world economy as it improves the nation's business environment. But what will come along is easier exposure to the uncertainties of the world's economic landscape. Therefore, higher-quality development becomes crucial. But what really stands out is the innovation capability that will determine how far China can really proceed. Tang Bo, CGTN, Beijing."