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Law of the people's Republic of China on foreign investment

Time: 09:46, May 28, 2019 Font display: large in Small Reading: one second

general provisions

Chapter II investment promotion

Chapter III Investment Protection

Chapter IV Investment Management

Chapter V Legal Liability

Chapter VI supplementary provisions

general provisions  

Article 1 this law is formulated in accordance with the Constitution in order to further expand the opening up to the outside world, actively promote foreign investment, protect the legitimate rights and interests of foreign investment, standardize the management of foreign investment, promote the formation of a new pattern of comprehensive opening up, and promote the healthy development of the socialist market economy.

Article 2 this law is applicable to foreign investment within the territory of the people's Republic of China (hereinafter referred to as "within China").

Foreign investment as mentioned in this Law refers to the investment activities directly or indirectly carried out in China by foreign natural persons, enterprises or other organizations (hereinafter referred to as foreign investors), including the following situations:

(1) Foreign investors establish foreign-invested enterprises in China alone or jointly with other investors;

(2) Foreign investors acquire shares, equity, property shares or other similar rights and interests of enterprises within China;

(3) Foreign investors, individually or jointly with other investors, invest in new projects in China;

(4) Investment in other ways prescribed by laws, administrative regulations or the State Council.

The term "enterprise with foreign investment" as mentioned in this Law refers to an enterprise wholly or partly invested by a foreign investor and registered and established within the territory of China in accordance with Chinese laws.

Article 3 the state adheres to the basic state policy of opening to the outside world and encourages foreign investors to invest in China according to law.

The State implements high-level investment liberalization and facilitation policies, establishes and improves the foreign investment promotion mechanism, and creates a stable, transparent, predictable and fair market environment.

Article 4 the State implements the management system of national treatment plus negative list before admission for foreign investment.

The term "pre access national treatment" mentioned in the preceding paragraph refers to the treatment given to foreign investors and their investments no less than that of domestic investors and their investments during the investment access stage; the term "negative list" refers to the special administrative measures adopted by the state for foreign investment in specific fields. The State shall give national treatment to foreign investment beyond the negative list.

The negative list shall be issued or approved by the State Council.

If the international treaties and agreements concluded or acceded to by the people's Republic of China have more preferential provisions on the access treatment of foreign investors, they may be implemented in accordance with the relevant provisions.

Article 5 the state protects the investment, income and other legitimate rights and interests of foreign investors in China according to law.

Article 6 foreign investors and enterprises with foreign investment in China shall abide by Chinese laws and regulations and shall not endanger China's national security or social public interests.

Article 7 The competent commercial and investment departments of the State Council shall, in accordance with the division of responsibilities, carry out the promotion, protection and management of foreign investment; other relevant departments under the State Council shall be responsible for the promotion, protection and management of foreign investment within the scope of their respective responsibilities.

The relevant departments of the local people's governments at or above the county level shall, in accordance with the laws and regulations and the division of responsibilities determined by the people's government at the corresponding level, carry out the promotion, protection and management of foreign investment.

Article 8 the staff and workers of enterprises with foreign investment shall establish trade union organizations according to law, carry out trade union activities and safeguard the legitimate rights and interests of employees. An enterprise with foreign investment shall provide necessary conditions for its trade union to carry out activities.

Chapter II investment promotion  

Article 9 enterprises with foreign investment shall, in accordance with the law, equally apply various policies of the state supporting the development of enterprises.

Article 10 in formulating laws, regulations and rules related to foreign investment, opinions and suggestions of enterprises with foreign investment shall be solicited by appropriate means.

Normative documents and judicial documents related to foreign investment shall be published in time according to law.

Article 11 The State shall establish and improve the service system for foreign investment to provide foreign investors and foreign-invested enterprises with consultation and services in terms of laws, regulations, policies and measures, information on investment projects, etc.

Article 12 the State shall establish multilateral and bilateral investment promotion and cooperation mechanisms with other countries, regions and international organizations to strengthen international exchanges and cooperation in the field of investment.

Article 13 The State establishes special economic regions according to needs, or implements pilot policies and measures for foreign investment in some areas to promote foreign investment and expand opening up.

Article 14 The State encourages and guides foreign investors to invest in specific industries, fields and regions according to the needs of national economic and social development. Foreign investors and enterprises with foreign investment may enjoy preferential treatment in accordance with laws, administrative regulations or the provisions of the State Council.

Article 15 the state guarantees the equal participation of enterprises with foreign investment in the formulation of standards in accordance with the law, and strengthens the information disclosure and social supervision in the formulation of standards.

Compulsory standards formulated by the state are equally applicable to foreign-invested enterprises.

Article 16 the state guarantees that enterprises with foreign investment participate in government procurement activities through fair competition according to law. In government procurement, equal treatment shall be given to the products and services provided by foreign-invested enterprises in China in accordance with the law.

Article 17 enterprises with foreign investment may, in accordance with law, raise funds through public issuance of stocks, corporate bonds and other securities and other means.

Article 18 the local people's governments at or above the county level may, in accordance with the provisions of laws, administrative regulations and local regulations, formulate policies and measures for the promotion and facilitation of foreign investment within its statutory authority.

Article 19 people's governments at all levels and their relevant departments shall, in accordance with the principles of convenience, efficiency and transparency, simplify their procedures, improve their efficiency, optimize their administrative services and further improve the service level of foreign investment.

The relevant competent authorities shall formulate and publish guidelines for foreign investment to provide services and convenience to foreign investors and foreign-invested enterprises.

Chapter III Investment Protection  

Article 20 the State shall not levy investment from foreign investors.

Under special circumstances, the state may, for the sake of public interests, expropriate or expropriate the investment of foreign investors in accordance with the law. Expropriation and requisition shall be carried out in accordance with legal procedures, and fair and reasonable compensation shall be given in a timely manner.

Article 21 foreign investors may freely remit in or out of China their capital contributions, profits, capital gains, assets disposal income, intellectual property license fees, compensation or compensation obtained according to law, and liquidation income in RMB or foreign exchange.

Article 22 The State shall protect the intellectual property rights of foreign investors and enterprises with foreign investment, and protect the legitimate rights and interests of the intellectual property right holders and relevant right holders; and shall strictly investigate the legal responsibility for the infringement of intellectual property rights in accordance with the law.

It is based on the principle of the state's voluntary investment in technology. The conditions for technical cooperation shall be determined by the investors in accordance with the principle of fairness through equal consultation. Administrative organs and their staff members shall not use administrative means to force the transfer of technology.

Article 23 administrative organs and their staff members shall keep confidential the business secrets of foreign investors and enterprises with foreign investment that they know in the course of performing their duties, and shall not disclose or illegally provide them to others.

Article 24 the people's governments at all levels and their relevant departments shall formulate normative documents involving foreign investment in accordance with the provisions of laws and regulations; if there is no basis for laws and administrative regulations, it shall not impair the legitimate rights and interests of foreign-invested enterprises or increase their obligations, set up market access and exit conditions, and shall not interfere with the normal production and operation activities of foreign-invested enterprises.

Article 25 local people's governments at all levels and their relevant departments shall fulfill the policy commitments made to foreign investors and enterprises with foreign investment and various contracts concluded according to law.

If it is necessary to change the policy commitment or contract agreement due to the national interests and social and public interests, it shall be carried out in accordance with the legal authority and procedures, and the foreign investors and foreign-invested enterprises shall be compensated according to law.

Article 26 The State shall establish a complaint working mechanism for foreign-invested enterprises, timely handle the problems reflected by foreign-invested enterprises or their investors, and coordinate and improve relevant policies and measures.

If an enterprise with foreign investment or its investors think that the administrative act of the administrative organ or its staff infringes upon its legitimate rights and interests, it may apply for coordination and settlement through the complaint working mechanism of the foreign-invested enterprise.

If an enterprise with foreign investment or its investors considers that the administrative acts of the administrative organs and their staff members infringe upon their legitimate rights and interests, they may, in addition to applying for coordination and settlement through the complaint working mechanism of foreign-invested enterprises in accordance with the provisions of the preceding paragraph, they may also apply for administrative reconsideration and file administrative litigation according to law.

Article 27 enterprises with foreign investment may establish and voluntarily participate in chambers of Commerce and associations according to law. The chamber of Commerce and the association shall carry out relevant activities in accordance with laws, regulations and articles of association to safeguard the legitimate rights and interests of its members.

Chapter IV Investment Management  

Article 28 foreign investors shall not invest in the areas prohibited by the negative list of foreign investment.

Foreign investors shall meet the conditions specified in the negative list for foreign investment to enter into the areas restricted by the negative list.

Foreign investment in areas beyond the negative list shall be managed in accordance with the principle of consistency between domestic and foreign investment.

Article 29 Where foreign investment needs to go through the approval and filing of investment projects, the relevant provisions of the State shall be followed.

Article 30 If a foreign investor invests in an industry or field that requires a license according to law, it shall go through the relevant licensing procedures according to law.

The competent authorities concerned shall, in accordance with the conditions and procedures consistent with those for domestic capital, examine and verify the application for permission of foreign investors, unless otherwise provided for by laws and administrative regulations.

Article 31 the organizational form, organizational structure and activity criteria of enterprises with foreign investment shall be governed by the company law of the people's Republic of China, the partnership enterprise law of the people's Republic of China and other laws.

Article 32 in carrying out production and business activities, enterprises with foreign investment shall abide by the provisions of laws and administrative regulations on labor protection and social insurance, handle tax, accounting, foreign exchange and other matters in accordance with laws, administrative regulations and relevant provisions of the state, and accept the supervision and inspection carried out by relevant competent departments according to law.

Article 33 If a foreign investor merges an enterprise within the territory of China or participates in concentration in any other way, it shall be subject to the examination of concentration in accordance with the provisions of the anti monopoly law of the people's Republic of China.

Article 34 The State shall establish a foreign investment information reporting system. Foreign investors or enterprises with foreign investment shall submit investment information to the competent department of commerce through the enterprise registration system and enterprise credit information publicity system.

The content and scope of the foreign investment information report shall be determined in accordance with the necessary principles; the investment information that can be obtained through department information sharing shall not be required to be submitted again.

Article 35 The State shall establish a safety review system for foreign investment to conduct safety review on foreign investment that affects or may affect national security.

The safety review decision made according to law is final.

Chapter V Legal Liability  

Article 36 If a foreign investor invests in the fields prohibited by the negative list of foreign investment admittance, the relevant competent department shall order it to stop its investment activities, dispose of its shares and assets within a time limit or take other necessary measures to restore it to the state before the investment was carried out; if there are any illegal gains, the illegal gains shall be confiscated.

If a foreign investor's investment activities violate the restrictive access special administrative measures stipulated in the negative list of foreign investment access, the relevant competent department shall order it to make corrections within a time limit and take necessary measures to meet the requirements of the Special Administrative Measures for access; if it fails to make corrections within the time limit, it shall be dealt with in accordance with the provisions of the preceding paragraph.

If the investment activities of foreign investors violate the provisions of the negative list of foreign investment access, in addition to the provisions of the preceding two paragraphs, they shall also bear corresponding legal liabilities according to law.

Article 37 Any foreign investor or enterprise with foreign investment who, in violation of the provisions of this law, fails to submit investment information in accordance with the requirements of the foreign investment information reporting system shall be ordered by the competent department of Commerce to make corrections within a time limit; if it fails to make corrections within the time limit, it shall be fined not less than 100000 yuan but not more than 500000 yuan.

Article 38 the violation of laws and regulations by foreign investors and enterprises with foreign investment shall be investigated and dealt with by relevant departments according to law, and incorporated into the credit information system in accordance with the relevant provisions of the state.

Article 39 Any functionary of an administrative organ who abuses his power, neglects his duty, engages in malpractices for personal gain in the promotion, protection and management of foreign investment, or divulges or illegally provides to others business secrets known in the course of performing his duties, he shall be punished according to law; if a crime is constituted, he shall be investigated for criminal responsibility according to law.

Chapter VI supplementary provisions  

Article 40 If any country or region adopts discriminatory prohibitions, restrictions or other similar measures against the people's Republic of China in respect of investment, the people's Republic of China may take corresponding measures against the country or region according to the actual situation.

Article 41 If there are other provisions of the state on the administration of foreign investors' investment in banking, securities, insurance and other financial industries within the territory of China, or in the securities market, foreign exchange market and other financial markets, such provisions shall prevail.

Article 42 this Law shall come into force as of January 1, 2020. The law of the people's Republic of China on Chinese foreign equity joint ventures, the law of the people's Republic of China on foreign funded enterprises and the law of the people's Republic of China on Chinese foreign contractual joint ventures shall be abrogated at the same time.

Enterprises with foreign investment established in accordance with the law of the people's Republic of China on Chinese foreign equity joint ventures, law of the people's Republic of China on foreign funded enterprises and law of the people's Republic of China on Chinese foreign cooperative enterprises before the implementation of this law may continue to retain the original organizational form of enterprises within five years after the implementation of this law. The specific implementation measures shall be formulated by the State Council.

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