China’s top legislature is speeding up efforts to push through a foreign investment law that the US has fervently lobbied for over the past several years, as the trade war truce deadline adds pressure for Chinese officials to make concessions.
The national legislature’s executive committee will present the draft law at a previously unscheduled sitting on Jan. 29 to 30, less than a month after the bills first examination.
The law would further even the playing field between foreign and Chinese companies in various industries and has been a key target for US businesses and government officials. China has proposed drafts in previous years but has never pushed one through to conclusion.
Foreign businesses are concerned, however, that any new law would likely fail to reduce Beijing’s support for the country’s enormous state sector, according to the Wall Street Journal. They are also skeptical about ambiguous phrasing with respect to intellectual property and technology transfers that could limit foreign firms’ activity in China.