[Photo/VCG]

The draft foreign investment law, which was presented on March 8 to the National People's Congress, China's top legislature, is set for a vote on March 15.

More focused on the promotion and protection of foreign investment, the draft law is expected to provide confidence to foreign investors.

The Tianjin delegation to the second session of the 13th National People's Congress (NPC) held a plenary meeting in Beijing on March 10, reviewing the revised draft of a new foreign investment law and the work reports of the Supreme People's Court of China and the Supreme People's Procuratorate of China.

Tianjin deputies attending the meeting [Photo/tianjinwe.com]

Li Jing, deputy to the National People's Congress, president of the Municipal High People's Court, said as a step to further open up legislation terms, the draft foreign investment law provides the comprehensive procedures that drew from the four decades of experience on promoting, guiding and serving foreign-invested enterprises. The law serves as a strong back-up for promoting legal rights of foreign business enterprise, especially property rights and intellectual property rights.

The implementation of the foreign investment law will be great news for Binhai New Area, which will help create an international and convenient business environment. Binhai's foreign enterprises hit record number of 4757 with total investment of up to $209 billion in 2018. The new management rules will push the foreign companies' record higher without doubt, said Yang Maorong, deputy of the National People's Congress and head of Binhai New Area.

The package of policies and measures rolled out by Tianjin in perfecting the business environment and supporting private companies has started working. Hedong district will fully implement the foreign investment law to accelerate its paces in opening-up, streamlining administration, and improving services, said Li Jiancheng, deputy to the National People's Congress and member of the Hedong district Party committee.  

Li Gang, deputy of the National People's Congress and a member of Tianjin Pipe Group Co., Ltd stated that the implementation of foreign investment law will vigorously promote the transformation and upgrading of economy. Both foreign and domestic investors treated in exactly the same manner means more challenges for domestic companies. Domestic enterprises should take initiatives in advancing management and technologies to provide better products and service under increasingly competitive environment.

The law is expected to promote a new round of high-level opening after the forty years' experience of investing and being invested internationally. We actively take steps to develop through win-win cooperation globally, said Qiu Licheng, deputy to the National People's Congress and president of Tianjin University of Commerce.