BEIJING, Aug. 29 (Xinhua) - Following succesful trials in several free trade zones, China' s top legislature on Monday began its first reading of a draft amendment to four laws regarding foreign and Taiwan investment.
The bill was put before the National People' s Congress (NPC) Standing Committee during the bimonthly session that runs from Monday to Saturday.
The bill, which effectively constitutes an easing of investment rules, suggests adding provisions to four laws: the Law on Foreign-Capital Enterprises, the Law on Chinese-Foreign Equity Joint Ventures, the Law on Chinese-Foreign Contractual Joint Ventures, and the Law on the Protection of Investment of Taiwan Compatriots.
The amendment means that administrative approvals for foreign and Taiwanese investors setting up ventures regulated by the four laws will be suspended, according to the draft revisions.
Instead, they will only need to report business plans to the authorities, the draft said.
In two resolutions adopted in August 2013 and December 2014 respectively, the NPC Standing Committee already authorized the suspension of administrative approvals in free trade zones in Shanghai, Guangdong, Tianjin and Fujian.
According to the legislature' s decision, if the trial of the amendment, which is scheduled to last three years, proves effective, the laws will be amended and improved.
The first temporary adjustment is scheduled to expire on September 30.