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Saturday, March 16, 2019, 09:24
Premier: New Foreign Investment Law will benefit HK, Macao
By Chai Hua
Saturday, March 16, 2019, 09:24 By Chai Hua

BEIJING - Premier Li Keqiang confirmed on Friday that investment from Hong Kong and Macao will be covered under the Foreign Investment Law which was adopted earlier in the day.

The new law is designed to bolster the opening-up of the Chinese mainland economy and will come into effect on Jan 1, 2020.

The government will create more favorable conditions for business people from the two SARs to invest on the mainland, Li said

Speaking at a news conference after the annual session of the National People's Congress in Beijing, Li said previous arrangements for investment from the two special administrative regions would not be changed.

In addition, the government will create more favorable conditions for business people from the two regions to invest on the mainland.

READ MORE: Official sees 'most opportune time' for foreign investors in HK

He also vowed to further harness the advantages offered by Hong Kong and Macao as separate customs territories and free ports.

Li said the central government has attached great importance to investment from Hong Kong and Macao, which accounts for 70 percent of all overseas investment on the mainland.

Andrew Yao Cho-fai, an NPC deputy from Hong Kong and chairman of Hong Kong Shanghai Alliance Holdings, said Li’s speech would be well received by Hong Kong business leaders.

“We don’t need to worry about losing previous preferential treatment and I believe more and more Hong Kong investors will bring investment to the mainland,” he said.

ALSO READ: HK, Macao’s integration a major national strategy

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