Xi'an is speeding up introduction of a foreign investment security review system to ensure national security.
“The draft Foreign Investment Rule corresponds with our national conditions, which conforms to the international prevailing rules. It will respond to the concerns of society and meets the development requirements of the new era. The Foreign Investment Rule is expected to provide an important legal basis for dealing with foreign investment jobs in the new era,” said Li Mingyuan, deputy to the National People's Congress and mayor of Xi'an, on March 10.
“The draft law demonstrates the determination of our Party Central Committee to carry out the reform and opening-up policy. It highlights the principle of fairness, and is expected to provide more powerful legal guarantees for the effective utilization of foreign capital, which will put new impetus into high-quality development,” said Li.
Li said that the complaint mechanism for foreign-invested enterprises by the state is not quite clear in the 25th Article of the draft law. Li suggested that it should be clarified. He also suggested speeding up the introduction of a foreign investment security review system. A new system would play an important role in safeguarding legal rights and interests of foreign investment and ensure national interests and security.
“Once approved, the draft for foreign investment law will be implemented firmly, and make its "Xi'an contribution" to creating a more open, fair, transparent and convenient environment for foreign investment,” said Li.