Chinese lawmakers are planning to combine the country's three foreign investment laws and work on a new basic law to promote and protect foreign investment, a spokesperson for the annual session of China's top legislature said.

Zhang Yesui, spokesman for the first session of the 13th National People's Congress (NPC), revealed the move at a press conference prior to the yearly meeting.
The new legislation will stick to policies of high-standard liberalization and facilitation of trade and investment, and significantly ease market access for foreign companies, Zhang said.

It will create a transparent, stable and predictable business environment for foreign investors and protect their rights and interests, ensuring that they enjoy national treatment and a fair market, he said.

Chinese leadership has pledged at the 19th National Congress of the Communist Party of China last October that "China will not close its door to the world, and it will only become more and more open."

The lawmakers are planning to introduce or modify more than 20 laws this year, including compiling the individual books of a civil code and formulating laws on specific taxes, according to Zhang.

A five-year legislative plan for the 13th NPC Standing Committee is also underway, which will be formulated on the basis of extensive consultation and thorough study, he said.