March 15, 2019, the Foreign Investment Law of the People’s Republic of China was adopted at the second session of the 13th National People's Congress of the People's Republic of China, effective from January 1, 2020. The newly promulgated Foreign Investment Law embodies the Chinese government's commitment to actively promoting foreign investment and adhering to the opening-up policy. This law stipulates that China shall manage foreign investment according to the system of pre-establishment national treatment plus a negative list. The state implements a high-level policy of investment liberalization and facilitation, establishes and improves the mechanism for promoting foreign investment, and creates a stable, transparent, predictable and fair market environment for competition. It should be noted that the Law of the People's Republic of China on Chinese-Foreign Equity Joint Ventures, the Law of the People's Republic of China on Foreign-Capital Enterprises, and the Law of the People's Republic of China on Chinese-Foreign Contractual Joint Ventures shall be repealed simultaneously after the Foreign Investment Law comes into force on January 1, 2020. The organizational form, corporate structure and activity criteria of foreign-invested enterprises shall be governed by the Company Law of the People's Republic of China and the Law of the People's Republic of China on Partnership Enterprise.