China foreign investment law: Bill aims to ease global concerns

China foreign investment law: Bill aims to ease global concerns

China foreign investment law: Bill aims to ease global concerns

The new law clearly bodes well for foreign investors, especially in terms of market access and equal treatment, said Mario Ohoven, president of the German Association for Small and Medium-sized Businesses.

They endorsed a foreign investment law in the Chinese parliament aimed at appeasing the concerns of trading partners in Washington and elsewhere.

The passing of the new foreign investment law came after Trump's administration tried to cool down the talk about the imminent trade deal.

"The new law promises more security for foreign companies investing in China", Ohoven said, while urging German companies to take advantage of the new opportunities for cooperating with Chinese partners.

Washington and Beijing have been locked in a tit-for-tat tariff battle as U.S. presses China for an end to practices and policies it argues have given Chinese firms unfair advantages, including subsidising of industry, limits on access for foreign companies and alleged theft of intellectual property.

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The law bans government officials from forcing foreign firms to hand over technology to Chinese companies.

China's rubber-stamp parliament approved a foreign investment law on 15 March that may serve as an olive branch in trade talks with the United States, but it received a lukewarm welcome from business groups.

Recently, some ruling party officials, scholars and journalists in Beijing have started to rap Xi's China-centered policies for complicating relations with the US administration of President Donald Trump and jeopardizing solid economic expansion.

China's economic slowdown and the ongoing trade war with the United States topped the agenda of Chinese legislators who gathered in Beijing.

China would soon announce shorter negative lists and continue to trim them in future, "increasing the scope of what is not prohibited", Li said. Foreign investors and companies may establish and voluntarily join chambers of commerce and trade associations in accordance with the law in order to safeguard their legitimate rights and interests.

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In January-February, China produced some 73.89 million mt of coke, up 7.6% from the same periodlast year. China's fixed asset investment (or FAI) rose by 6.1%, which was in line with economists' expectations.

"Not allowing the economy to slip out of a reasonable range, that is to say we will not allow waves of layoffs", said Li, adding the government will provide support to firms creating the most jobs.

"[The changes] do not address a number of the persistent concerns of foreign companies or foreign-invested enterprises in China", it said in its statement. Before the new law, the negative list had not been implemented uniformly across the country.

"While not all of our concerns were addressed in this law, it is time to move forward", he added.

China claims it's about to create a level playing field for global companies, but many of them are still wary of expanding their presence in the world's second largest economy.

In a bid to prevent its citizens from seeing and obtaining information that would disadvantage the nation's ruling Communist Party and government, China has blocked access to many overseas websites like Google search, YouTube and Facebook.

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"I think we can safely assume that this language is a result of the trade negotiations as it was slipped in at the last minute", Parker said.

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