China to revise laws, regulations related to foreign investment law

BEIJING - The State Council, China's cabinet, said Wednesday it was necessary to amend laws and supporting regulations and policies to ensure the implementation of the foreign investment law.

Draft amendments for administrative licensing law, trademark law, construction law and electronic signature law were passed Wednesday at a State Council executive meeting presided over by Premier Li Keqiang.

It was also decided at the meeting to submit the draft amendments to the Standing Committee of the National People's Congress, China's top legislature, for deliberation, according to a statement after the meeting.

Suggestions for revisions include adding the principle of "non-discrimination" in administrative licensing, substantially raising the amount of compensation for infringing exclusive rights to use trademarks, and cutting approval time for applications for qualified construction permits.

Last month, the National People's Congress passed the foreign investment law, a landmark legislation that will provide stronger protection and a better business environment for overseas investors. The law will become effective on Jan 1, 2020.