China's new Foreign Investment Law takes effect on January 1, 2020. This comes after lawmakers passed the law last Friday. CGTN reporter Wei Lynn Tang spoke to two foreign companies on the new law.

These are nets and meshes made of high-tensile steel wire. They are used to mitigate geological hazards.

Geobrugg Chengdu has been manufacturing these and installing them in Chinese hydro-power stations, highways and railways since 1995.

And now, the wholly-owned subsidiary of the Swiss group Geobrugg says China's new foreign investment law is a big step forward for its operations in the country.

YUAN ZHENHUA GENERAL MANAGER, GEOBRUGG CHENGDU CO. "We're most concerned about the cultivation of a fair competition environment. With the new law, we will now have a broader financing channel, which is critical for foreign investment. As a foreign company, we can now also turn to domestic capital to raise funds, via public issuance of stocks and corporate bonds."

Yuan cites the intense competition and price war in China as one of its biggest challenges. He recalls a time, some 20 years ago, when Geobrugg Chengdu garnered nearly all of the nation's market's share. Now, its share accounts for just about 5 percent. Not because of a lack of revenue; it's still steadily growing, but because the market is developing very fast. And while some critics feel the new foreign investment law provides few specifics, Yuan chooses to look at the tone of the messaging, which he deems positive.

YUAN ZHENHUA GENERAL MANAGER, GEOBRUGG CHENGDU CO. "The new law serves as a guiding opinion for central and local governments. Such that when they cooperate with foreign investors in the future, I think officials will be more open-minded. What they could, but did not dare do previously, they now can. As for us, we will increase our investments, technology and imports into China."

WEI LYNN TANG CHENGDU "Now besides Geobrugg, CapitaLand, one of Asia's largest real estate companies, also welcomes China's new foreign investment law – citing a higher level of transparency and legal protection, which could lead to lower operating costs and an all-round more conducive environment."

The Singapore Group, which has been in China since 1994, says the new law further enhances its belief in the country, and that China will remain as its core market going forward.

At the end of 2018, China constituted 48 percent of the group's real estate assets under management of 74 billion US dollars.

CapitaLand has over 190 properties comprised of integrated developments, shopping malls, and serviced residences in China.

In a phone interview, CapitaLand said it is optimistic about the future of the real estate market in China.

LUCAS LOH, PRESIDENT CHINA & INVESTMENT MANAGEMENT, CAPITALAND GROUP "With a more level playing field between foreign investors and local players, I think that certainly will enhance our competitiveness in the market. I think that added more confidence and added more optimism from our POV to deploy more investment into China."

As industry players await details as to how the new law will be executed, Singapore's CapitaLand and Switzerland's Geobrugg remain bullish in China's quest to open up further, and said they look forward to competing on a more level playing field.

WLT, CGTN, Chengdu.