Gan Tian Loo: An Important Measure for China to Further Implement the Opening-up Policy | Voice

By Wang Fengjuan, translated by Wei Jialin

As a fourth-generation Chinese born overseas, Datuk Wira Gan Tian Loo,  a former Malacca commerce official in charge of business cooperation with China, was invited to attend the annual session of the Chinese People’s Political Consultative Conference (CPPCC) National Committee as non-voting delegate in 2018. Although staying in Malacca these days, he keeps close eyes on China’s annual “two sessions” convened in Beijing.

The Standing Committee of the 13th National People’s Congress (NPC) reviewed The Foreign Investment Law of the People’s Republic of China (Draft) and decided to submit the draft to the second session of the 13th NPC to deliberate, paving the way for the draft’s official introduction. This bill, which involves the vital interests of foreign companies, has also attracted widespread attention from overseas Chinese.

If The Foreign Investment Law of the People’s Republic of China (Draft) is passed, it will replace China’s the three current laws governing foreign companies, namely Law of the People’s Republic of China on Chinese-Foreign Equity Joint Ventures, Law of the People’s Republic of China on Foreign-funded Enterprises and Law of the People’s Republic of China on Chinese-Foreign Contractual Joint Ventures, and will become a basic law in related field.

“The bill will be an important measure for China to further implement the opening-up policy, and I am convinced that foreign businessmen are all looking forward to it,” said Gan Tian Loo.

What impact will the bill have on the business environment? Gan Tian Loo remarked that today China has a enormous production-consumer market, and the passage of the draft bill will further create a favorable business environment and facilitate foreign companies of various countries coming to China to tap into the market. Against the backdrop of global economic recovery, this move will boost market confidence and inject new vitality into a more open market. Concurrently, he added, it will stimulate world economic growth so as to form a win-win situation between China and foreign countries featuring mutual complementarity and mutual benefit.

Copyedited by Wang Yufan