investment law: The new draft law was deliberated during a two-day session by a meeting of members of the National People's Congress NPC Standing Committee that started on Tuesday, according to Global Times China. There is an urgent need for such a unified law to provide stronger legal protection for further opening-up and better using foreign investment, Justice Minister Fu Zhenghua said at the session. Photo Xinhua An updated draft foreign investment law highlighting pre-establishment national treatment and intellectual property rights IPR protection for foreign firms will be submitted for formal approval on March 5, the latest move to showcase China's resolution for further opening-up. Fu noted that the laws could hardly keep pace with the changing requirements of building a new system for an open economy. The first draft of the law was submitted December 23, with the draft made available for public comment until February 24. Once adopted, the unified law will replace three existing laws on Chinese-foreign equity joint ventures, non-equity joint ventures and wholly foreign-owned enterprises, according to a report by the Xinhua News Agency on Wednesday.
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