BEIJING, May 31 (Xinhua) -- Beijing passed its first special regulation on foreign investment on Friday, representing the Chinese capital's latest effort to promote further opening up and boost its appeal to global investors.
This regulation was passed on Friday at the 10th session of the Standing Committee of the 16th Beijing Municipal People's Congress, the local legislature. It is scheduled to become effective on July 1.
The highlights of this regulation involve efforts to promote the secure and orderly cross-border flow of data. In addition, the Beijing municipality governments at all levels are bound to honor promises made in the fields of foreign investment, and the regulation outlines the repercussions for breaching such commitments.
According to Ren Peiwen, an official with Beijing's legislature, this regulation is based on China's Foreign Investment Law, which took effect in 2020, but is more targeted, service-oriented and coordinated.
The regulation includes a dedicated chapter on foreign investment services, detailing a range of measures such as the recognition of overseas vocational qualifications, independent vocational skill level assessments and regular consultations between local governments and foreign enterprises.
"This legislation can make the business environment sustainably competitive. It is expected to elevate Beijing's open economy to a higher level," said Kong Qingjiang, dean of the School of International Law, China University of Political Science and Law.
Thanks to its emerging industries and dynamic scientific innovation, Beijing has emerged as an attractive destination for foreign investment. Official data shows that the capital's actual utilized foreign direct investment had reached 79.6 billion U.S. dollars in the period from 2016 to 2020 -- accounting for over 11.8 percent of the country's total.
Notably, a total of 1,729 foreign-funded enterprises were newly established in Beijing last year, an increase of 22.8 percent compared to 2022. The number of regional headquarters of multinational corporations in the capital had reached 244 by the end of March 2024. ■
