China-Foreign Investment Law/NPC Deputies

Deputies attending NPC session speak highly of draft foreign investment law

  • English

Shotlist


Beijing, China - Recent (CCTV - No access Chinese mainland)
1. Ningxia Hui Autonomous Region delegation's plenary meeting during second session of 13th National People's Congress (NPC) in progress
2. Deputies
3. SOUNDBITE (Chinese) Yang Yujing, deputy to 13th National People's Congress (NPC), deputy secretary, CPC committee, Yinchuan City of northwest China's Ningxia Hui Autonomous Region (ending with shot 4):
"Once approved, the Foreign Investment Law will establish the basic framework of China's new legal system for foreign investment. It will also establish China's major and fundamental policies of opening up and promoting foreign investment. The Foreign Investment Law contains uniform provisions on the entry, promotion, protection and management of foreign investment. Plus the system of pre-establishment national treatment and a negative list across the board, the law will create a more legalized, internationalized and more convenient business environment."
4. Various of deputies
5. SOUNBITE (Chinese) Gu Jun, deputy to 13th NPC from Shanghai Municipality, deputy secretary, CPC committee, China National Nuclear Corporation:
"The three foreign investment laws enacted in the early days cannot cater to the need of building an open and new economic system nowadays, hence we need to formulate a unified foreign investment law: the Foreign Investment Law. This will create a more stable, transparent, predictable and fair competition environment for foreign investments, and will become a strong legal guarantee for China to achieve a higher level of opening up while actively and effectively utilizing foreign capital."
6. Various of deputies
7. SOUNDBITE (Chinese) Tang Yan, deputy to 13th NPC from Sichuan Province, vice mayor of Nanchong City, Sichuan Province (ending with shot 8):
"I suggest that we introduce relevant implementation regulations as soon as possible. The Foreign Investment Law is a basic law which sets up an institutional framework. We need to strengthen the relationship between the law and the actual work, and further refine, quantify and materialize it to make the law possible to be carried out, followed and implemented. Secondly, I suggest we study and revise the catalog of foreign investment industries in the central and western areas to introduce more foreign investment to such areas. Third, I suggest we introduce measures to promote local investment and make it more convenient as soon as possible."
8. Various of deputies
9. SOUNDBITE (Chinese) Han Jinguang, deputy to 13th NPC, president of Hainan Standard Bio-Technique Corp. Ltd:
"We must increase publicity among the tens of millions of overseas Chinese to guide them to come home and support the country's investment, reform and opening up and cooperation."
10. Various of deputies
11. SOUNDBITE (Chinese) Cui Yonghui, deputy to 13th NPC, mayor of Jingzhou City of Hubei Province (partially overlaid with shot 12):
"I believe there are two important things that local governments need to do. The first is to strictly perform official duties according to law, which is a bottom-line to create a fine local business environment. The second is to seize the law as an opportunity to formulate more preferential policies to attract foreign investors to take part in our development."
++SHOT OVERLAYING SOUNDBITE++
12. Various of deputies taking notes
++SHOT OVERLAYING SOUNDBITE++
13. Various of deputies

Storyline


Deputies attending the second session of the National People's Congress (NPC) spoke highly the draft Foreign Investment Law, which is due to be voted on Friday.

Deputies believe the law shows China's resolution to provide powerful legal guarantee for the country's high-quality development and opening up at a higher level.

Yang Yujing, deputy to NPC and deputy secretary of CPC committee of Yinchuan City of northwest China's Ningxia Hui Autonomous Region, said that such law will be a reassurance for foreign investors.

"Once approved, the Foreign Investment Law will establish the basic framework of China's new legal system for foreign investment. It will also establish China's major and fundamental policies of opening up and promoting foreign investment. The Foreign Investment Law contains uniform provisions on the entry, promotion, protection and management of foreign investment. Plus the system of pre-establishment national treatment and a negative list across the board, the law will create a more legalized, internationalized and more convenient business environment," said Yang.

A negative-list approach is a standard international practice in soliciting investment. A negative list identifies the industries, sectors, and businesses that are closed or partially closed to corporate investment and other activities. Those not covered are open to investments as long as the registration requirements prescribed by law are complied with. Market entities can do anything that is not prohibited by law.

Gu Jun, deputy to NPC from Shanghai Municipality, and deputy secretary of CPC committee at China National Nuclear Corporation, also expressed his high hopes for the new draft law.

"The three foreign investment laws enacted in the early days cannot cater to the need of building an open and new economic system nowadays, hence we need to formulate a unified foreign investment law: the Foreign Investment Law. This will create a more stable, transparent, predictable and fair competition environment for foreign investments, and will become a strong legal guarantee for China to achieve a higher level of opening up while actively and effectively utilizing foreign capital," said Gu.

The three existing laws refers to the law on Chinese-foreign equity joint ventures, the law on non-equity joint ventures (or contractual joint ventures) and the law on wholly foreign-owned enterprises. All three existing laws were were passed in the 1970s and 1980s and can hardly catch up with the changing economic situation, as China strives to build new institutions and open its economy.

Deputies also expressed their hope for the law.

Tang Yan, deputy to NPC from Sichuan Province and the vice mayor of Nanchong City, southwest China's Sichuan Province, called for more details for the new draft.

"I suggest that we introduce relevant implementation regulations as soon as possible. The Foreign Investment Law is a basic law which sets up an institutional framework. We need to strengthen the relationship between the law and the actual work, and further refine, quantify and materialize it to make the law possible to be carried out, followed and implemented. Secondly, I suggest we study and revise the catalogue of foreign investment industries in the central and western areas to introduce more foreign investment to such areas. Third, I suggest we introduce measures to promote local investment and make it more convenient as soon as possible," said Tang.

Han Jinguang, deputy to NPC and the president of Hainan Standard Bio-Technique Corp. Ltd, believed that overseas Chinese should also receive attention on this matter.

"We must increase publicity among the tens of millions of overseas Chinese to guide them to come home and support the country's investment, reform and opening up and cooperation," said Han.

Another NPC deputy named Cui Yonghui, who is also the mayor of Jingzhou City, central China's Hubei Province, suggested that there should be two more focuses for the local government when it comes to foreign investment law.

"I believe there are two important things that local governments need to do. The first is to strictly perform official duties according to law, which is a bottom-line to create a fine local business environment. The second is to seize the law as an opportunity to formulate more preferential policies to attract foreign investors to take part in our development," said Cui.

The second session of the 13th NPC, China's national legislature, opened on March 5. It is one of the commonly known annual "two political sessions" in China, which focus on major national-level political and socioeconomic development issues. The other one refers to the second session of the 13th National Committee of the Chinese People's Political Consultative Conference -- the top political advisory body, which began on March 3. The two sessions normally last about two weeks.

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  • ID : 8105642
  • Published : 2019-03-14 17:17
  • Last Modified : 2019-03-14 17:18:03
  • Location : Beijing,China
  • Category : economy, business and finance,politics
  • Duration : 2'31
  • Audio Language : Chinese/Nats
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 3

China-Foreign Investment Law/NPC Deputies

Deputies attending NPC session speak highly of draft foreign investment law

Dateline : Recent

Location : Beijing,China

Duration : 2'31

  • English


Beijing, China - Recent (CCTV - No access Chinese mainland)
1. Ningxia Hui Autonomous Region delegation's plenary meeting during second session of 13th National People's Congress (NPC) in progress
2. Deputies
3. SOUNDBITE (Chinese) Yang Yujing, deputy to 13th National People's Congress (NPC), deputy secretary, CPC committee, Yinchuan City of northwest China's Ningxia Hui Autonomous Region (ending with shot 4):
"Once approved, the Foreign Investment Law will establish the basic framework of China's new legal system for foreign investment. It will also establish China's major and fundamental policies of opening up and promoting foreign investment. The Foreign Investment Law contains uniform provisions on the entry, promotion, protection and management of foreign investment. Plus the system of pre-establishment national treatment and a negative list across the board, the law will create a more legalized, internationalized and more convenient business environment."
4. Various of deputies
5. SOUNBITE (Chinese) Gu Jun, deputy to 13th NPC from Shanghai Municipality, deputy secretary, CPC committee, China National Nuclear Corporation:
"The three foreign investment laws enacted in the early days cannot cater to the need of building an open and new economic system nowadays, hence we need to formulate a unified foreign investment law: the Foreign Investment Law. This will create a more stable, transparent, predictable and fair competition environment for foreign investments, and will become a strong legal guarantee for China to achieve a higher level of opening up while actively and effectively utilizing foreign capital."
6. Various of deputies
7. SOUNDBITE (Chinese) Tang Yan, deputy to 13th NPC from Sichuan Province, vice mayor of Nanchong City, Sichuan Province (ending with shot 8):
"I suggest that we introduce relevant implementation regulations as soon as possible. The Foreign Investment Law is a basic law which sets up an institutional framework. We need to strengthen the relationship between the law and the actual work, and further refine, quantify and materialize it to make the law possible to be carried out, followed and implemented. Secondly, I suggest we study and revise the catalog of foreign investment industries in the central and western areas to introduce more foreign investment to such areas. Third, I suggest we introduce measures to promote local investment and make it more convenient as soon as possible."
8. Various of deputies
9. SOUNDBITE (Chinese) Han Jinguang, deputy to 13th NPC, president of Hainan Standard Bio-Technique Corp. Ltd:
"We must increase publicity among the tens of millions of overseas Chinese to guide them to come home and support the country's investment, reform and opening up and cooperation."
10. Various of deputies
11. SOUNDBITE (Chinese) Cui Yonghui, deputy to 13th NPC, mayor of Jingzhou City of Hubei Province (partially overlaid with shot 12):
"I believe there are two important things that local governments need to do. The first is to strictly perform official duties according to law, which is a bottom-line to create a fine local business environment. The second is to seize the law as an opportunity to formulate more preferential policies to attract foreign investors to take part in our development."
++SHOT OVERLAYING SOUNDBITE++
12. Various of deputies taking notes
++SHOT OVERLAYING SOUNDBITE++
13. Various of deputies


Deputies attending the second session of the National People's Congress (NPC) spoke highly the draft Foreign Investment Law, which is due to be voted on Friday.

Deputies believe the law shows China's resolution to provide powerful legal guarantee for the country's high-quality development and opening up at a higher level.

Yang Yujing, deputy to NPC and deputy secretary of CPC committee of Yinchuan City of northwest China's Ningxia Hui Autonomous Region, said that such law will be a reassurance for foreign investors.

"Once approved, the Foreign Investment Law will establish the basic framework of China's new legal system for foreign investment. It will also establish China's major and fundamental policies of opening up and promoting foreign investment. The Foreign Investment Law contains uniform provisions on the entry, promotion, protection and management of foreign investment. Plus the system of pre-establishment national treatment and a negative list across the board, the law will create a more legalized, internationalized and more convenient business environment," said Yang.

A negative-list approach is a standard international practice in soliciting investment. A negative list identifies the industries, sectors, and businesses that are closed or partially closed to corporate investment and other activities. Those not covered are open to investments as long as the registration requirements prescribed by law are complied with. Market entities can do anything that is not prohibited by law.

Gu Jun, deputy to NPC from Shanghai Municipality, and deputy secretary of CPC committee at China National Nuclear Corporation, also expressed his high hopes for the new draft law.

"The three foreign investment laws enacted in the early days cannot cater to the need of building an open and new economic system nowadays, hence we need to formulate a unified foreign investment law: the Foreign Investment Law. This will create a more stable, transparent, predictable and fair competition environment for foreign investments, and will become a strong legal guarantee for China to achieve a higher level of opening up while actively and effectively utilizing foreign capital," said Gu.

The three existing laws refers to the law on Chinese-foreign equity joint ventures, the law on non-equity joint ventures (or contractual joint ventures) and the law on wholly foreign-owned enterprises. All three existing laws were were passed in the 1970s and 1980s and can hardly catch up with the changing economic situation, as China strives to build new institutions and open its economy.

Deputies also expressed their hope for the law.

Tang Yan, deputy to NPC from Sichuan Province and the vice mayor of Nanchong City, southwest China's Sichuan Province, called for more details for the new draft.

"I suggest that we introduce relevant implementation regulations as soon as possible. The Foreign Investment Law is a basic law which sets up an institutional framework. We need to strengthen the relationship between the law and the actual work, and further refine, quantify and materialize it to make the law possible to be carried out, followed and implemented. Secondly, I suggest we study and revise the catalogue of foreign investment industries in the central and western areas to introduce more foreign investment to such areas. Third, I suggest we introduce measures to promote local investment and make it more convenient as soon as possible," said Tang.

Han Jinguang, deputy to NPC and the president of Hainan Standard Bio-Technique Corp. Ltd, believed that overseas Chinese should also receive attention on this matter.

"We must increase publicity among the tens of millions of overseas Chinese to guide them to come home and support the country's investment, reform and opening up and cooperation," said Han.

Another NPC deputy named Cui Yonghui, who is also the mayor of Jingzhou City, central China's Hubei Province, suggested that there should be two more focuses for the local government when it comes to foreign investment law.

"I believe there are two important things that local governments need to do. The first is to strictly perform official duties according to law, which is a bottom-line to create a fine local business environment. The second is to seize the law as an opportunity to formulate more preferential policies to attract foreign investors to take part in our development," said Cui.

The second session of the 13th NPC, China's national legislature, opened on March 5. It is one of the commonly known annual "two political sessions" in China, which focus on major national-level political and socioeconomic development issues. The other one refers to the second session of the 13th National Committee of the Chinese People's Political Consultative Conference -- the top political advisory body, which began on March 3. The two sessions normally last about two weeks.

ID : 8105642

Published : 2019-03-14 17:17

Last Modified : 2019-03-14 17:18:03

Source : China Central Television (CCTV)

Restrictions : No access Chinese mainland

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