2020年CRI China's foreign investment law to usher in new chapter of opening up: CPPCC members

 

Chinese political advisors² say the draft foreign investment law shows China's strong determination and confidence in opening wider to the outside world and promoting foreign investment.

Chinese lawmakers deliberated on the draft legislation at the parliamentary session underway in Beijing.

The draft law touches on a wide range of issues regarding foreign investment in China, including the protection of foreign investors³ and the management of foreign investment.

The draft law offers pre-establishment national treatment to foreign companies, ensuring foreign investors receive equal treatment in areas outside the negative list, which contains sensitive sectors⁴ that are off limit to foreign investors.

Political advisor¹ Zhou Hanmin suggested that the new law shows China's determination to follow through with reform and opening up in a new historical context, and links Chinese circumstances with international rules.

"The draft law reflects the basic principles of legislation on foreign investment across the world, which is completely consistent with the world's common practices. The legislation on foreign investment in any country must reflect two basic principles: promotion⁵ and protection. It is the criteria⁶ for the foreign discussion on Friday. Meanwhile, the law shows the independence, activeness and self-consciousness of China's reform and opening up."

The draft law also requires local governments to establish a mechanism⁷ to resolve complaints from foreign companies and fulfill⁸ their contractual commitments to foreign companies.

If adopted, it will replace three existing laws on foreign equity⁹ joint¹⁰ ventures, wholly foreign-owned enterprises, and cross-border contractual joint ventures.

Political advisor Yang Jinghua highlighted the need to address the issue of local protection.

"The draft law stipulates¹¹ that a complaint mechanism must be established for foreign companies, which requires local governments at all levels to fulfill their commitments in attracting foreign investment. Some new officials ignore the old accounts or refuse to fulfill their contracted legal duties. This is intolerable. This is a protection for investment activities."

Political adviser¹² Gao Yan suggested that foreign companies should be incorporated into China's credit management system.

"In terms of management, I think, the foreign companies should be incorporated into the credit management system. In other words, their business activities in China should be incorporated into the society's or market's credit management system. "

Official data showed that about 960-thousand foreign-invested enterprises had been set up in China by the end of 2018, with the accumulated foreign direct investment exceeding 2 trillion U.S. dollars.

Some global investors suggest the new law will further ease market access and promote long-term operations for foreign investors.

1 advisor   

n.顾问，指导老师，劝告者

参考例句：

• They employed me as an advisor.他们聘请我当顾问。
• The professor is engaged as a technical advisor.这位教授被聘请为技术顾问。

2 advisors   

n.顾问，劝告者( advisor的名词复数 )；（指导大学新生学科问题等的）指导教授

参考例句：

• The governors felt that they were being strung along by their advisors. 地方长官感到他们一直在受顾问们的愚弄。 来自《现代汉英综合大词典》
• We will consult together with advisors about her education. 我们将一起和专家商议她的教育事宜。 来自互联网

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

5 promotion   

n.提升，晋级；促销，宣传

参考例句：

• The teacher conferred with the principal about Dick's promotion.教师与校长商谈了迪克的升级问题。
• The clerk was given a promotion and an increase in salary.那个职员升了级，加了薪。

6 criteria   

n.标准

参考例句：

• The main criterion is value for money.主要的标准是钱要用得划算。
• There are strict criteria for inclusion in the competition.参赛的标准很严格。

7 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

8 fulfill   

vt.履行，实现，完成；满足，使满意

参考例句：

• If you make a promise you should fulfill it.如果你许诺了，你就要履行你的诺言。
• This company should be able to fulfill our requirements.这家公司应该能够满足我们的要求。

9 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

10 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

11 stipulates   

n.（尤指在协议或建议中）规定，约定，讲明（条件等）( stipulate的名词复数 )；规定，明确要求v.（尤指在协议或建议中）规定，约定，讲明（条件等）( stipulate的第三人称单数 )；规定，明确要求

参考例句：

• The trade contract stipulates for the settlement of balances in RMB. 贸易合同规定余额以人民币结算。 来自《现代汉英综合大词典》
• The contract stipulates for the use of seasoned timber. 合同上订明用干透的木料。 来自辞典例句

12 adviser   

n.劝告者，顾问

参考例句：

• They employed me as an adviser.他们聘请我当顾问。
• Our department has engaged a foreign teacher as phonetic adviser.我们系已经聘请了一位外籍老师作为语音顾问。