China considers unified foreign investment law

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.

Reuters