SINGAPORE - China has started formulating supporting regulations for its new foreign investment law, and these will be implemented simultaneously with the new law in January next year, said Minister-Counsellor Zhong Manying of the Chinese Embassy in Singapore.
This means foreign investors are to enjoy the same privileges as Chinese companies in most sectors, except areas placed on a"negative list" covering those off-limits to non-state businesses or which require them to undergo an application and approval process. At the event in the Singapore Business Federation Centre, Ms Zhong said the new law emphasises following the rules, aims to create a fair business environment, strengthens foreign investment protection and largely stands in line with international rules.
In a speech, Ms Zhong also highlighted the important contributions of foreign investment to China's economic development in its 40 years of reform and opening up, adding that China will still need to learn the technology, management and advanced experience of foreign-invested enterprises in order to achieve"high-quality development" in the future.
With Singapore's close cooperation with the Chinese government, including its ongoing involvement in the Chongqing Connectivity Initiative, he added that trade relations between both parties stand on a"strong foundation". "China's reform and opening up has unleashed the enormous potential in its economy... It has enabled countries and enterprises around the world, including Singapore, to capitalise on China's growth.
“Traffic along a ring road in Beijing's 🇨🇳 central business district, on March 21, 2019. PHOTO: AFP”