Foreign investment law to further boost opening-up
By Zhong Sheng
China’s national legislature passed the foreign
investment law at the closing meeting of its annual session on March 15.
Foreign media described the approval as “extremely
important” and the “largest highlight of the annual session of the national
legislature”, believing that the decision has showcased China’s confidence to
open its arms wider to the world, and its sincere hope for openness, mutual
benefit and win-win results.
The approval is a display of China’s strong
determination to further expand opening up. As it is said by a senior manager
of a multinational corporation who took part in the discussion of the draft law and
the solicitation of opinions, the unified foreign investment law represents a
major step of China toward a deeper level of institutional opening-up.
A Financial Times report also pointed out that the law
will soothe foreign businesses’ concerns, protect their legitimate rights in
China and keep investment flowing into the country.
Some foreign scholars said that the Chinese market
is getting more mature and interacting with the world better, saying that the
Chinese economy is becoming more and more confident.
China has taken a slew of measures to facilitate opening
up, such as jointly building the Belt and Road, establishing the pilot free
trade zones (FTZs), promoting the establishment of a free trade port with
Chinese characteristics, and holding the first China International Import Expo
and preparing for the second one.
These efforts mark that China has embarked on a
historic journey of opening-up, and is furthering reform and opening up in a
comprehensive way. The new measures once again indicate that China will open
wider to the world.
The approval the foreign investment law reflects
China’s quickened steps toward pursuing high-quality development through
reform. The law signifies a fundamental change in China’s management of foreign
investment, said the Associated Press.
Chinese economy has transitioned from a phase of
rapid growth to a stage of high-quality development. Promoting and protecting
foreign investment by enacting a national law is a natural step toward
upgrading opening-up, and promoting high-quality economic development.
China witnessed expanding foreign investment since
the reform and opening up, and remains the second largest destination of
foreign capital in-flows.
The foreign investment law is a summary of China’s
experiences in exploring a legal system for foreign investment over the past
four decades and adapts to the demand for development in the new era.
Keeping pace with China’s opening steps, it is
also a proactive move to grasp and follow the law of the development of history
and time.
The approval provides the world with historic
opportunities to board China’s express train of development.
Investment environment is like the air, and only clean air can attract more
investment.
According to the Doing Business 2019 report
released by the World Bank, China moved up 32 spots to the 46th place in the
Doing Business Rankings in 2018 compared with the last year.
With greater sincerity, China has attracted a batch of foreign enterprises, including Germany’s chemical producer BASF Group, British Telecom, Exxon Mobil Corporation, BMW, Tesla and Airbus.
It was voted again as the most promising place for
business development by Japanese multinational manufacturers in a report by the
Japan Bank for International Cooperation.
In January and February this year, 147.11 billion
yuan of foreign investment was used by China, growing 5.5 percent. The
performance was achieved following the hard-won 3-percent growth of
foreign direct investment last year. The above figures indicate that
China is still a hotbed for global investment and opportunities.
China, by developing on a high-quality basis and
cooperating with the world for win-win results, is attracting worldwide
attention, and the newly approved foreign investment law will only expand the
focus.
For foreign companies, an open China is the
largest attraction, said a manager of a multinational corporation.
The continuous introduction of new opening up
measures is the reason for the confidence in China of the international
community, and also the charm of the Chinese economy.
(Zhong Sheng, a homonym in Chinese for "voice
of China", is a pen name often used by People's Daily to express its views
on foreign policy.)
Source: People’s Daily
Foreign investment law to further boost opening-up
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