Chinese Parliament approves foreign investment law to ease global concerns

Chinese Parliament approves foreign investment law to ease global 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.

Related News:

  • Christchurch survivor recalls how he grabbed gunman's rifle forcing him to flee

    Christchurch survivor recalls how he grabbed gunman's rifle forcing him to flee

    The Christchurch resident said he chased the attacker down the street to a red light before he made a U-turn and drove away. He saw a man wearing black military-style gear and a helmet holding a large gun, and assumed it was a police officer.
    Volkswagen CEO apologizes for phrase similar to Nazi slogan

    Volkswagen CEO apologizes for phrase similar to Nazi slogan

    Volkswagen was founded in 1937 by the German government with a mandate to mass-produce affordable vehicles. VW said the SEC complaint is "legally and factually flawed" and the company will "contest it vigorously".
    At least 24 dead as Cyclone Idai hits eastern Zimbabwe

    At least 24 dead as Cyclone Idai hits eastern Zimbabwe

    As many as 100 people are reportedly missing in Zimbabwe following a cyclone that has killed at least 24 people. Current weather conditions are making it hard for the Zimbabwe National Army to rescue people in Chimanimani .
  • China makes conciliatory gesture to U.S.  amid trade war

    China makes conciliatory gesture to U.S. amid trade war

    He made the remarks at a press conference in Beijing after the conclusion of the annual national legislative session. China's normally steady unemployment rate rose to 5.3 percent in February, from 4.9 percent in December.
    Alleged mosque shooter was armed to kill even more people

    Alleged mosque shooter was armed to kill even more people

    The attack on the Al Noor and Linwood mosques has prompted an outpouring of grief and deep shock in this usually peaceful coun. Hagen Hopkins via Getty ImagesPrime Minister Jacinda Ardern speaks to media during a press conference at Parliament on Friday.
    Franky Cali killing brings back fears of mob violence in NY

    Franky Cali killing brings back fears of mob violence in NY

    New Jersey 101.5 did not know Saturday whether Commello had an attorney who could speak on his behalf. Shea said Comello was arrested in New Jersey and will be charged with murder in Cali's death.
  • Apple infringed three Qualcomm patents, jury finds

    Apple infringed three Qualcomm patents, jury finds

    This legal victory for Qualcomm is just the warmup from another showdown that will take place in the US next month (April 15). We are gratified that courts all over the world are rejecting Apple's strategy of refusing to pay for the use of our IP.
    Australian PM slams disgusting remarks by Senator

    Australian PM slams disgusting remarks by Senator

    Other men, apparently the senator's supporters or bodyguards, grappled the youth to the ground and held him in a headlock. An online petition calling for Senator Anning to be removed from Parliament had garnered more than 850,000 signatures.
    Johnny Manziel signs contract with AAF

    Johnny Manziel signs contract with AAF

    According to a release from the CFL, Manziel "contravened the agreement which made him eligible to play in the league". Manziel was a first-round draft pick by Cleveland, but quickly fizzled out there.
  • Ford unleashes Grabber Lime for new Shelby ahead of St. Patrick's Day

    Ford unleashes Grabber Lime for new Shelby ahead of St. Patrick's Day

    If you count yourself among this group, then get ready because Ford's 2020 Mustang is expected to go on sale this fall. Specifically, it's the vintage Mustangs of the 1970s which inspired this new Grabber Lime finish.
    US  launch Basketball World Cup defence against Czechs

    US launch Basketball World Cup defence against Czechs

    If Canada finishes first or second among teams in the Americas zone, they will qualify directly for 2020's Tokyo Olympic Games. The Canadians will be joined by Australia, Lithuania and Senegal in Group H making it one of the toughest groups on paper.
    Missouri bill would require AR-15 ownership

    Missouri bill would require AR-15 ownership

    Citizens are given one year to obtain an AR-15 under the bill, and they are only allowed to sell an AR-15 if they own another one. As it's now written, McDaniel's AR-15 bill would also grant Missourians with individual tax credits to purchase their firearms.


Most liked

NVIDIA GTX 1660 brings Turing to Battle Royale fans on a budget
It also comes with a host of Nvidia features, including adaptive shading technology and support for G-SYNC monitors. Ever since virtual reality (VR) came back to into focus of consumers there's always been the issue of price.

Oil Markets In Limbo Ahead Of OPEC Meeting
We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game. Energy Information Administration (EIA) said U.S. commercial crude oil inventories fell last week as refineries hiked output.

Social media platforms removing NZ shooting content
New Zealand police have also asked social media users to stop sharing footage of the incident. That year, a video of a man shooting and killing another in Cleveland also shocked viewers.

Number of Nigerians living with HIV/AIDS drops to 1.9m
Modern anti-retroviral therapy has made it possible for HIV positive persons to live as long as their HIV negative counterparts. "From the 1.9 million Nigerians, over 1 million are now on the live saving treatment", he said.

Kidney Health Is for You Too
But, it is important to try and locate the cause of the malfunction so it can be treated or reversed as best as possible. Genetic factors, family history, etc. certainly have a dominant role to play in some forms of kidney disease .

Sergio Aguero's rescue act keeps Pep Guardiola's dream alive
Guardiola continued: "The most incredible thing after what we achieved last season is in this stage we are fighting for everything.

Thibaut Courtois Dropped By Zinedine Zidane On His Return To Real Madrid
Zidane lost faith in Bale last season, with the pair's relationship growing increasingly strained before Zidane announced his departure.

Fresh clashes as France's yellow vests seek new momentum
Paris police say more than 100 people have been arrested amid rioting in the French capital by yellow vest protesters. A separate, peaceful march against climate change through central Paris drew as many 36,000 people, police estimated.

As New Zealand shooter appears in court, world rallies behind Muslim communities
Tarrant, charged with one count of murder, will remain in custody until his next court appearance on April 5. New Zealand has previously tried to change its gun laws, with the most recent attempt coming two years ago.

New Zealand Attacker Purchased All Firearms Legally
Armed police were deployed at several locations in all cities, unusual in a country that has had low levels of gun violence. The minimum legal age to own a gun in New Zealand is 16, or 18 for military-style semi-automatic weapons.

China Jan-Feb steel output rises from December on strong margins
Private sector fixed-asset investment also lost a step, rising 7.5 percent versus an increase of 8.7 percent in 2018. In the January to February period, exports stood at 2.4 trillion yuan, while imports were 2.1 trillion yuan.

49 killed at mosques in 'one of New Zealand's darkest days'
Home to almost 400,000 people, Christchurch is the largest city on New Zealand's South Island. The government of New Zealand is treating the incident as a terrorist attack.

Controversial Australian senator egged after New Zealand shootings statement
He also posted a statement on Twitter in which he tried to draw a link between Muslim immigration and violence. The 17-year-old was later released pending further investigation, according to the network.

Palestinians Call Off Protests Along Gaza Border After Israeli Raid - Organisers
The military said several rockets were intercepted by its air defence systems, and there were no reports of injuries. Netanyahu called an emergency meeting with top security officials, after which Israel mounted its response.

Possible flood warning issued for Saturday
Also Friday afternoon, officials asked residents of Valley, home to almost 1,900 people just west of Omaha, to evacuate. Ice Fishing has now been closed at all GRCA conservation areas.