Chinese Parliament approves foreign investment law to ease global concerns

China-US trade war: New Chinese law seeks to address concerns

It is also reflected a change of method in China's effort to attract foreign investment from offering fiscal incentives to creating a fair competition environment under the rule of law. This is not how China behaves.

China is still negotiating with the United States to resolve their trade frictions, Li said, adding both sides have far more shared interests than conflicts, and it would be "unrealistic" to decouple the world's two largest economies.

Huawei, the biggest global maker of network gear for phone and internet companies, has denied accusations it facilitates Chinese spying.

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

The European Union Chamber of Commerce in China said it is concerned that Article 40 was kept in the final draft, as this clause "allows for political issues to influence investor-state relations, and gives China power to take unilateral action against trading and investment partners based on a principle of perceived negative reciprocity".

China's National People's Congress (NPC) on Friday rubber stamped a new foreign investment law in a bid to address long-standing problems faced by foreign firms and investors operating in China - such as unequal market access, forced technology transfers and unfair treatment when it comes to public procurement.

Jacob Parker, Beijing-based vice president at the US-China Business Council, welcomed the "positive language" in the bill but said "real investment on the ground will depend on how narrowly tailored those negative lists are going forward". "We have to prepare more and we have reserved policy room (to address uncertainties)", Li told reporters at a news conference on Friday at the conclusion of the annual parliament meeting.

The National People's Congress voted 2,929 in favour of the law -with eight against and eight abstentions - barely three months after a first draft was debated, an unusually quick turnaround for the legislature, which meets once a year.

"I believe that the last major blocking was in autumn 2017", an engineer of Express VPN, one of the most popular VPN providers, told Kyodo News.

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.

The law, to replace existing regulations for joint ventures and wholly foreign-owned enterprises, is created to ease concerns among foreign companies about the difficulties they face operating in the world's second-largest economy.

More than opening up the market to foreign players, he added that the Chinese government is committed to protect the growing interest of foreign companies in investing in China.

China will work to ensure the employment of college graduates, whose number will reach a new high of 8.34 million this year.

China can use reserve requirements and interest rates to support economic growth, Premier Li Keqiang said, promising broad policy steps to prevent a sharper deceleration as the world's second-biggest economy expands at the slowest pace in almost three decades.

"In actual practice, our goal is to generate the same amount of job opportunities as we did a year ago, which is over 13 million", Premier Li Keqiang told a press conference after the conclusion of the annual session of China's national legislature Friday.

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