CHINA has started to formulate matching regulations and rules to support the newly adopted Foreign Investment Law, Premier Li Keqiang said Thursday.

Li made the remarks at the opening plenary of the Boao Forum for Asia annual conference in Boao, a coastal town in China’s southern island province of Hainan.

The supporting rules will go into effect together with the Foreign Investment Law on Jan. 1, 2020, he said.

The stipulations on investment from Hong Kong, Macao and Taiwan will be clarified in the supporting regulations so as to bring the three regions more development opportunities.

He said the country will broaden market access for investment from the three regions and open sectors such as finance, professional services and high-end manufacturing wider.

Authorities are also sorting through related laws, regulations and normative documents, and those inconsistent with the Foreign Investment Law must be abolished or revised, Li said.

China is opening up wider to the world under the principle of competitive neutrality, the premier noted.

“We treat domestic and foreign-funded enterprises equally and protect the rights and interests of all types of businesses with concrete measures,” he said. “It is the consistent stance of the Chinese Government to strengthen intellectual property right protection.”

Speaking of a draft amendment to the patent law that was submitted for top legislature review in December, Li said the revisions would increase the compensation for patent infringement to impose “unaffordable costs” on serious violations.

“Forced technology transfers are not allowed,” the premier noted.

Authorities will also improve dealing with complaints from foreign-funded enterprises and strengthen communication and coordination with foreign businesses to better protect their interests, he said.

He said China will further relax controls on market access and shorten the negative list for foreign investment.

By the end of June, China will revise and issue the negative list for foreign investment, the negative list for foreign investment in free trade zones, and the foreign investment guidance catalog, Li said.

China will shorten the negative list and further open up to foreign investment industries including value-added telecom service, medical institutions, education services, transportation, infrastructure, and energy and resources, Li said.

China will also facilitate trade by lowering the cost and improving the efficiency of customs clearance, he said.(Xinhua)

(Related story on P5)