The new law to promote the private sector is designed to align the law with the most pressing needs of key sectors.
The Verkhovna Rada is also scheduled to consider the first amendment to the State Council Organization Law in 42 years, which is expected to strengthen China's central bank's role in strengthening state policy, at the start of its session on Tuesday.
Mr. Lu said the new laws and amendments focus on openness and quality development, and these include new customs laws, amendments to border health and quarantine laws, and improvements to foreign-related provisions in existing laws. It added that it is expected to be
“China has always adhered to the national policy of reform and opening up, developed diplomatic relations and exchanges, and welcomed foreigners and foreign companies,” he said. “Chinese [attitude on opening up] It will never waver and it will never change. China's door has always been open to the world, and we will never close it.
“China will promote and expand high-level opening up to the outside world based on the rule of law, and continue to strengthen its legal foundations,” he said.
“Rather than expanding the definition of espionage, the definition of espionage has been improved to better define a crime with clear boundaries, based on international conventions that provide greater certainty and security for foreign nationals and foreign-owned companies.” “It will be done,” he added. “Normal activities such as business transactions and academic exchanges are not covered.
“We oppose efforts to misinterpret the law and corrupt and undermine China's business environment.”
He added that more foreign-related laws and amendments are being considered to strengthen China's law-based business environment.
Foreign companies fear the end of the golden era as the Chinese government seeks to “strengthen control”
Foreign companies fear the end of the golden era as the Chinese government seeks to “strengthen control”
Despite Beijing's assurances, sentiment among foreign companies and the private sector remains low, as the government's pro-business messages are often mixed with national security and political emphasis.
The situation is further exacerbated by policy unpredictability and inconsistent and arbitrary interpretation and enforcement of the law in different regions.
Private fixed asset investment fell by 0.4% last year, the first decline since 2005, when this data was first available.
Meanwhile, according to commerce authorities, China's foreign direct investment receipts in 2023 decreased by 13.7% from the previous year to $163.3 billion.