Chongqing Pilot Free Trade Zone attracts both domestic and foreign investors. (Photo: VCG)
China's foreign investment law took effect at the beginning of 2020. Regulations for the law's implementation, which were published on Tuesday, highlighted the country's desire to protect and promote foreign investment. China's latest endeavor to expand its opening-up has been well received by foreign companies. Increased foreign investment in China is expected.
President Functions, Asia Pacific, President and Chairman of BASF Greater China
BASF closely follows China's changes of its legal framework for investment, and foreign investment law in particular. We welcome the new law that officially took effect on Wednesday.
As a multinational company with an extensive footprint in China, BASF welcomes the law's aim of streamlining various existing legislation and better protecting the interests of foreign investors. We recognize its attempt to address some of the biggest challenges faced by foreign businesses in China.
We hope it will bring material change in practice, and more transparency and legal certainty in both the text and the effectiveness of its enforcement.
Over the past five years, the Chinese government has been committed to enhancing efficiency and providing a level playing field for foreign-invested enterprises. BASF has benefited from simplified processes and the opening-up of the market.
China has become the largest chemical producer and market in the world, and its growth rate continues to outpace the competition.
BASF is optimistic about China's market prospects. As the world's leading chemical company and with over 134 years of experience in China, BASF definitely wants to participate in the country's growth.
Dean of the School of International Law at the China University of Political Science and Law
China has issued regulations for the implementation of its new foreign investment law, which further highlights the protection and promotion of foreign investments.
The implementation of the foreign investment law will undoubtedly improve China's overall business environment, and it is expected to attract increased foreign investment.
Since China announced the new law in 2019, the country has seen a steady growth in foreign investment. Foreign direct investment was up 6 percent year-on-year from January to November.
The implementation is expected to stimulate foreign investment growth in 2020. Faster growth will likely be seen in sectors that were previously not as open as others, such as services sectors including finance and insurance securities.
Alongside the law and its regulations, China on Wednesday also began to implement the regulation on optimizing the business environment to unleash the productive forces and promote high-quality development, which demonstrate its resolve to embrace the world and promote economic globalization.
President and CEO of L'Oréal China
L'Oréal would like to offer our congratulations on the foreign investment law officially taking effect at the start of 2020.
As one of the first French-funded enterprises to enter China, L'Oréal has witnessed the great economic achievements made by the Chinese government through its reform and opening-up, and have benefited from the shared prosperity. We very much welcome and look forward to the new round of opening-up policies being actively promoted by China.
We believe that the development and implementation of the foreign investment law is an important part of China's transition from an opening-up based on commodities and factor mobility to a rule and system-oriented opening-up. It will enact legal protections of the legitimate rights and interests of foreign businesses in China, demonstrating China's determination to embrace the world and promote economic globalization.
Of course, investors shall enjoy the same legal and policy treatment, and must also shoulder the same obligations and responsibilities by serving the public with the best-quality products and personalized quality experiences.