City Interprets China's Newly Passed Foreign Investment Law

Authors: Go Chengdu


The Chinese National People’s Congress (NPC), China's national legislature, passed on March 15 the new China Foreign Investment Law at the Second Session of the Thirteenth NPC. The new law, a version of which was first released for public comment in 2015, will come into force on January 1, 2020.
The Chengdu Municipal Investment Promotion Commission (CMIPC) co-hosted with Jinjiang District Government April 3 a dialogue on investment for foreign-funded companies here in the city, interpreting the new Foreign Investment Law. Nearly 200 guests, including officials from the consulates general of the US, France, New Zealand, Australia and Switzerland in Chengdu, as well as representatives from foreign companies and foreign chambers of commerce in the city, attended the event.
A representative from the CMIPC gave detailed interpretations on the law from three aspects: the flows of foreign capital, measures that China has taken to utilize foreign capital actively and efficiently, as well as legislation on foreign investment.
According to the representative, the law shows the Chinese government's confidence and determination to unswervingly expand the opening-up. It aims to improve the transparency of foreign investment policies and ensure domestic and foreign companies are subject to a unified set of rules and compete on a level playing field.
The CMIPC will give more such interpretations on the law in various ways and forms, and further improve its services for foreign investors.
Up to now, Chengdu has been home to more than 8,000 foreign invested companies, with a gross foreign investment in actual use and a foreign direct investment (FDI) reaching nearly RMB90 billion and RMB33.3 billion respectively.

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