In the News: China Leads Global FDI; Law-based Governance Tasks; and More New Laws
October 16, 2018 | BY
Jacelyn JohnsonThe United Nations Conference on Trade and Development announced that China has topped the global foreign direct investment list in H1; CPC stresses on the implementation of advancing law-based governance in all areas; and NPC will revise and draft new laws in a session to be held between October 22 to 26.
China Leads Global FDI Inflow in First-half of 2018
The United Nations Conference on Trade and Development (UNCTAD) published the latest Global Investment Trends Monitor on October 15, which listed China as the largest global recipient of foreign direct investment (FDI) in the first half of 2018, attracting an estimated $70 billion in inflows, an annual increase of 6%, reported Xinhua.
According to the UNCTAD, global FDI fell by 41% during the first six months of 2018, to an estimated $470 billion, from $794 billion in the same period in 2017.
Reuters reported that this slump was mainly due to large reparations by the United States parent companies of accumulated foreign earnings from their affiliates abroad following tax reforms.
“The investment flows are more policy-driven and less economic cycle-driven,” said James Zhan, Director of the UNCTAD's Investment and Enterprise Division, who spoke at a press conference in Geneva, Switzerland referring to the U.S. tax reforms and economic liberalization in China. “Overall the picture is gloomy and the prospect is not so optimistic.”
“The big picture of global FDI flows remains gloomy which is a bit different to what we forecast earlier,” said Zhan. “However, the investment flows to China continue to increase despite mounting trade tension, and increasing cost of production.”
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|China to Focus on Law-based Governance
The Communist Party of China (CPC) Central Committee recently made a public statement stressing the implementation of tasks advancing law-based governance in all areas. A total of 98 tasks have been assigned to respective units.
Guo Shengkun, a member of the Political Bureau of the CPC, and head of the Commission for the Political and Legal Affairs of the CPC Central Committee urged efforts to uphold the centralized and unified leadership of the Party over advancing law-based governance in all areas.
The tasks include promoting legislation with a holistic approach to national security, protection of intellectual property rights and key reform areas in legislative affairs and in law enforcement, improvements are expected in key sectors including food and drug, work safety, environment protection and public security. The tasks also include reforming civil litigation systems and building a public legal service system.
The tasks have been allocated to respective units responsible for each area and they have been given specific requirements on its monthly work plan and timetable. The tasks were also assigned to the office of the commission and four coordination teams, which will be responsible for follow-up inspections and supervision of respective areas.
Guo called on officials to be more proactive in thinking and taking actions to advance law-based governance. Officials were required to suggest measures and set timelines for completing the tasks to advance law-based governance in all areas.
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|NPC to revise and draft multiple new laws including an amendment to the Criminal Procedure Law
The National People's Congress (NPC) Standing Committee will convene for its bi-monthly session from October 22 to 26 to deliberate on several important draft legislation, according to a statement issued after a chairperson's meeting on October 15, Xinhua reported.
Legislators will consider a draft amendment to the Criminal Procedure Law and draft revisions to the Organic Law of the People's Courts and the Organic Law of the People's Procuratorate.
Among other regulations, legislators will review drafts on international criminal judicial assistance, regulation on the rank of firefighters, laws on rural land contracts, basic medical care and health promotion regulations, as well as a revision to the bill on civil servant law.
Other bills that will be reviewed include those related to wildlife protection law, an amendment to corporation law, and a report on the NPC Standing Committee empowering the State Council to pilot a system on drug marketing.
The five-day session will also see legislators deliberating on a bill on legal proceedings when handling patent-related cases, which was submitted by the Supreme People's Court.
China Law and Practice will publish all available legislation with full text translations when they are published, as well as in our law digest.
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