China considers unified foreign investment law - Xinhua

China considers unified foreign investment law - Xinhua
A Chinese official adjusts a Chinese flag before the start of a meeting between Foreign Minister Wang Yi and Indian Foreign Minister Sushma Swaraj in New Delhi, India, December 21, 2018. REUTERS/Adnan Abidi -
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BEIJING (Reuters) – China is considering introducing a new law on foreign investment to replace three existing laws on joint ventures and wholly owned foreign firms, state news agency Xinhua reported on Sunday.

A draft law on foreign investment has been submitted to the National People’s Congress (NPC) Standing Committee, according to Xinhua.

The draft, which could take more than a year to be signed into law, includes policies on promoting and managing foreign investment.

If adopted, the unified law will replace the laws on Chinese-foreign equity joint ventures, non-equity joint ventures (or contractual joint ventures) and wholly foreign-owned enterprises, Xinhua reported.

(Reporting by Norihiko Shirouzu and Yilei Sun; Editing by Kirsten Donovan)

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