BEIJING, March 1 (Xinhua) -- The implementation of China's foreign-investment law has optimized the business environment and effectively guaranteed the country's utilization of foreign capital amid the COVID-19 headwinds, a spokesperson has said.
Since the law came into effect on Jan. 1, 2020, foreign investment to China has risen 4.5 percent year on year in U.S. dollar terms, hitting a record high, said Zang Tiewei, a spokesperson for the Legislative Affairs Commission of the National People's Congress Standing Committee.
The country has become the largest foreign-capital recipient in the world, and 51,000 new foreign-funded firms were established in 2020, Zang said.
The law provides foreign capital with easier market access and reduces the restrictions on investors. Last year, nearly 9,000 new joint ventures were set up between foreign investors and Chinese natural persons.
It also guarantees equal treatment of foreign firms in government procurement activities and standard-setting, with about 100 foreign-funded firms participating in the formulation and revision of national standards last year.
Procedures related to the establishment and alteration of foreign-funded firms are simplified and the rights and interests of foreign investors are better protected with complaint mechanisms optimized, said Zang. Enditem
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