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)