China to introduce supporting regulations for foreign investment law: Premier Li

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 (BFA) annual conference in Boao, a coastal town in China's southern island province of Hainan.

Chinese Premier Li Keqiang is making the speech at the opening plenary of the Boao Forum for Asia annual conference in Boao, south China's Hainan Province, March 28, 2019. [Photo: gov.cn]

The supporting rules will go into effect together with the foreign investment law on Jan. 1, 2020, he said.

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."

Photo taken on Sept. 27, 2018 shows staff members working at Airbus' Tianjin final assembly line for the A320-family of jets in north China's Tianjin. [Photo: Xinhua/Li Ran]

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.