The US-China Business Council (USCBC) represents more than 210 U.S. companies with significant operations in China and has a strong interest in the continued advancement of China’s economic reform initiative to allow the market to play a decisive role in the economy. We submit these comments on behalf of our membership, as well as the membership of the Coalition of Services Industries (CSI), the American Council of Life Insurers (ACLI), and Insurance Ireland, which along with ACLI, belongs to the Global Federation of Insurance Associations.
We are pleased that the National People’s Congress is taking significant steps to reform China’s foreign investment regime. These reforms are essential for China’s future economic development, and can play an important role in spurring more foreign investment. We are pleased to have the opportunity to offer comments on the draft Foreign Investment Law (draft law), which replaces three current foreign investment laws: the Wholly Foreign-Owned Enterprise Law (“WFOE Law”), the Sino-Foreign Equity Joint Venture Enterprise Law (“EJV Law”), and the Sino-Foreign Contractual Joint Venture Enterprise Law (“CJV Law”).