BEIJING, March 15 (INP): The 13th National People's Congress (NPC) at its concluding session on Friday adopted the country’s first unified foreign investment law, which is to take effect on Jan. 1, 2020.

President Xi Jinping signed a presidential decree to promulgate the law. "The newly-adopted legislation is a fundamental law in lifting China toward a new stage of high-level opening up in the new era," said top legislator Li Zhanshu.

It aimed at promoting high-quality economic development.

The legislators also passed resolutions on the reports of the national economic and social development plans as well as the central and local budgets

An overwhelming majority of the deputies voted in favor of it. With unified provisions for the entry, promotion, protection, and management of foreign investment, it is a new and fundamental law for foreign investment in China.

It also aims to improve the transparency of foreign investment policies and ensure that foreign-invested enterprises participate in market competition on an equal basis.

The state shall manage foreign investment according to the system of pre-establishment national treatment plus a negative list, the law stipulates.

Foreign-invested enterprises will equally enjoy government policies supporting enterprise development, and be able to participate in standard-setting on an equal footing and in government procurement through fair competition, according to the law.

The state shall protect the intellectual property rights of foreign investors and foreign-invested enterprises, it reads.

The law sends the signal of greater transparency, and will boost Chinese market's appeal to foreign capital, said Vivian Jiang, vice chair of Deloitte China.

With the new law, China will be able to better protect foreign investors' legitimate rights and interests, and create a law-based business environment that is internationalized and enabling.

INP/J/AK