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China to Expedite Drafting of Foreign Investment Law

The Ministry of Commerce will speed up the drafting of a unified foreign investment law to strengthen the foreign investment regulatory regime in China (by replacing the three existing foreign investment laws, namely Sino-Foreign Equity Joint Venture Law, Sino Foreign Cooperative Joint Venture Law and Wholly Foreign-Owned Enterprises Law), according to Ministry of Commerce spokesman Shen Danyang.

Shen said that China would further lower entry barriers for foreign investors, actively guide and encourage foreign investment in high-tech industries, green industries and modern services industries in a bid to fill in some areas in China without effective supply in products and services.

Further, China will continue to improve the investment environment to further enhance the confidence of foreign investors in China. The combination of foreign capital utilisation, change in economic growth model, industrial restructuring and regional adjustments is expected to create synergies in attracting investment, talent and technology.

According to Ministry of Commerce data, the scale of foreign investment in China has showed a steady upward trend for a long time. In 2015, China's actual utilisation of foreign investment stood at Rmb781.35 billion, an increase of 6.4% year on year (excluding banking, securities and insurance sectors data). The absorption of foreign capital during the 12th Five-Year Plan period (2011-2015) expanded by 30% compared with that of the 11th Five-Year Plan period.

According to a United Nations Conference on Trade and Development survey, China continues to be listed as the top destination for foreign direct investment in 2016 and 2017. Surveys conducted by the American Chamber of Commerce in China, EU Chamber of Commerce in China and Japan-China Investment Promotion Organisation (JCIPO) also show that most respondents remain optimistic about the China market.

Content provided by Picture: HKTDC Research
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