Lawmakers in Beijing have fast-tracked the approval of a proposed law to reform foreign investment rules, but vague language and a failure to address major contentions have left overseas businesses frustrated, the Wall Street Journal reports.
The standing committee of the State Council reviewed the bill this week and said it will be voted on by the full congress in March, according to state media.
While the quick turnaround time for the legislation, which purportedly levels the playing field for foreign investors in China, might normally be welcomed by businesses who have spent years lobbying for changes, the shorter window offers less time to offer feedback and make amendments.
The latest draft promises greater protections for foreign firms’ intellectual-property rights and bans forced technology transfers, but fails to lay out clear policies on government expropriation and the scope of national security reviews.
There is also no mention of cutting subsidies to China’s state sector, which many businesses, and the White House, have long contested.