The law promises among other things equal treatment and intellectual property protection for foreign invested entities.
"While not all our concerns were addressed in this law, it is time to move forward".
The passing of the new foreign investment law came after Trump's administration tried to cool down the talk about the imminent trade deal.
For example, the new law stipulates that foreign-invested enterprises shall participate in government procurement activities on a level playing field, and government procurement shall treat the products of foreign-invested enterprises produced in China equally. It says the law, which was passed Friday, includes better safeguards for intellectual property and an end to the practice of forcing global firms to hand over critical technology to their Chinese partners.More news: Ryan Fitzpatrick agrees to two-year contract with Dolphins
In a press conference Friday, Li said the National People's Congress (NPC) - China's top legislation body - has passed the Foreign Investment Law during the second session of the 13th NPC. Moreover, Donald Trump has said that he's in "no rush" to do a trade deal but that "it's got to be a good deal for us and if it's not, we're not going to make that deal".
"It's a very important piece of legislation that people have been waiting for for a long time because it will change the working environment for foreign investors in China - and it will most likely have an impact on the way in which Chinese investors can work overseas", Hendrischke said.
The law is shorter than the version that was proposed four years ago and lacks some of the details it contained, said Parker, whose organization represents about 200 American businesses in China. It expressed concern about the broad scope of "national security reviews" allowed by the law and the impact of regulations on individual industries. He added that the Beijing government acted very responsibly and reasonably.
The law is "still quite general" and fails to address problems including the potential for unequal treatment of companies, the American Chamber of Commerce in China said in a statement Wednesday.More news: Jose Mourinho says Real Madrid made ideal decision to appoint Zidane
Businesses are still concerned that industry-specific laws and local administrative approvals may impede full market access despite provisions in the negative list.
The speed at which this process was concluded is clearly a response to Beijing's ongoing trade dispute with Washington, Katja Drinhausen, a researcher at the Berlin-based Mercator Institute for China Studies, told DW. The law sends the signal of greater transparency, and will boost Chinese market's appeal to foreign capital, said Vivian Jiang, vice chair of Deloitte China.
Both the European Union and American trade chambers had urged China to consider having a single Company Law to govern both foreign and domestic enterprises, as is common in many countries.
"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. As a reaction to the political and economic power of China had to strive for the EU Commission on Tuesday held a ten-point plan submitted, so that European interests are safeguarded.More news: Ireland Defy Wales With Roof Request Ahead Of Epic Six Nations Clash
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