China has passed a new foreign investment law designed to smooth the way to a new trade deal with the United States.
The Foreign Investment Law passed the National People’s Congress on Friday with 2,929 votes for, eight against and eight abstentions.
Beijing hopes the law will soothe foreign businesses’ concerns and keep investment dollars flowing in, as its economy slows. It grants foreign companies equal standing with China’s state-owned firms and establishes a “negative list”, meaning that any sectors that aren’t declared closed are automatically open.
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