NPC deputies from Zhejiang province have a panel discussion on the draft foreign investment law in Beijing on March 10. [Photo/IC]

The draft foreign investment law, which is expected to make major changes to the operating environment for foreign companies and further open up China's economy, was lauded by the Zhejiang delegation to the 13th National People's Congress (NPC) at a panel meeting in Beijing on March 10.

The draft foreign investment law was presented to China's top legislature on March 8 and has become a hot topic at the two sessions. At a panel discussion, Zhejiang NPC deputies deliberated on the draft law and voiced their views on it. They are already convinced that the new law will improve the country's foreign investment management system and provide more effective legal protection for a comprehensive opening-up policy.

Yu Hongyi said the law would be a guarantee for the stable and rapid development of foreign investment in China.

Hu Shaoxian is the chief partner of Pan-China Certified Public Accountants. He said the new law reflects the country's pursuit of further opening-up and also demonstrates to the world that China is sticking to an open strategy which will lead to mutual benefits.

"After the law is launched, I think China will be as attractive as developed countries to foreign investors," said Chen Zongnian, chairman of Hikvision and an NPC deputy, adding that there will be a new upsurge in China's foreign investment.

Che Jun, Party secretary of Zhejiang, said that as a pioneer in China's reform and opening-up, the province should seize the new opportunities brought by the foreign investment law to create a favorable and friendly environment for foreign businesses.

Some deputies also extended their hope that once the law is approved, more detailed regulations could be released as soon as possible to facilitate the implementation.

On March 15, the last day of the national two sessions, the NPC deputies will vote on the adoption of the draft foreign investment law.