Beijing: China is all set to pass a new foreign investment law to provide a level playing field to global investors with legal safeguards on IPR and technology transfer, some of the main demands of US President Donald Trump to end the trade war between the world’s two largest economies.
The US and China are locked in a trade war since Trump imposed heavy tariffs on imported steel and aluminium items from China in March last year, a move that sparked fears of a global trade war.
In response, China imposed tit-for-tat tariffs on billions of dollar worth of American imports. China is the world’s second largest economy after the US. The draft foreign investment law will be submitted to the top legislature, the National People’s Congress (NPC), for review on March 8 and put for vote on March 15, Zhang Yesui, spokesman of the NPC said on Monday.