China approved its new foreign investment law on Friday, sending the message that Beijing wants to level the playing field for overseas investors and reassure the global community it remains an attractive investment destination.
The final draft of foreign investment law was approved by 2929 National People’s Congress lawmakers in the Great Hall of the People, with eight opposing the measures and eight abstaining.
The new law will come into effect on January 1, 2020.
Beijing rushed the legislation through the country’s largely ceremonial legislature in an effort to fend off complaints from the United States and Europe about unfair trade practices. The new law was first introduced as a draft in 2015, but its progress picked up markedly from the middle of last year to address issues identified by Washington as part of the US-China trade war.