Chinese Premier Li Keqiang delivers a speech during the opening of the Boao Forum for Asia (BFA) Annual Conference 2019 in Boao, south China's Hainan province on March 28, 2019. (STR / AFP)
BOAO, Hainan - China has started to formulate matching regulations and rules to support the implementation of the newly-adopted foreign investment law, Premier Li Keqiang said Thursday.
By the end of June, China will make another revision on the negative list for foreign investment and issue the updated list, Li said
Li made the remarks at the opening plenary of the Boao Forum for Asia (BFA) annual conference in Boao, a coastal town in southern island province of Hainan.
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The supporting rules will go into effect together with the foreign investment law on Jan 1, 2020, he said.
Authorities are also sorting through related laws, regulations and normative documents, and those inconsistent with the foreign investment law must be abolished or revised, Li said.
China is opening up wider to the world under the principle of competitive neutrality, the premier noted.
"We treat domestic and foreign-funded enterprises equally and protect the rights and interests of all types of businesses with concrete measures," he said. "It is the consistent stance of the Chinese government to strengthen intellectual property right protection."
Speaking of a draft amendment to the patent law that was submitted for top legislature review in December, Li said the revisions would increase the compensation for patent infringement to impose "unaffordable costs" on serious violations.
"Forced technology transfers are not allowed," the premier noted.
Authorities will also improve dealing with complaints from foreign-funded enterprises and strengthen communication and coordination with foreign businesses to better protect their interests, he said.
Li also said China will further relax controls on market access and shorten the negative list for foreign investment.
By the end of June, China will make another revision on the negative list for foreign investment and issue the updated list, Li said.
POSITIVE CHANGES TO ECONOMY
On the country's economy, Li said China's economy has been operating steadily since the beginning of the year, with positive changes emerging and market expectations being improved.
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China will not resort to massive economic stimulus to boost growth, but will continue to open up and innovate to energize market players and strengthen endogenous impetus for economic development, Li said.
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