China's draft foreign investment law will be submitted to the upcoming plenary session of the National People's Congress (NPC), which is scheduled to open on March 5.

The decision was made by the NPC Standing Committee Wednesday at a closing meeting of its two-day session focusing on the second reading of the draft.

Once adopted, the unified law will replace three existing laws on Chinese-foreign equity joint ventures, non-equity joint ventures (or contractual joint ventures) and wholly foreign-owned enterprises.

The foreign investment law will be a basic law in that field, and its drafting is an important move in implementing the strategy of further opening-up made by the Communist Party of China Central Committee, said the decision adopted by the NPC Standing Committee.

The drafting of the foreign investment law is also necessary in help with China's efforts to attract more foreign investment, protect foreign investors' legitimate rights and interests, foster an environment favorable to doing business, as well as provide legal guarantee to opening-up at a higher level, according to the document.

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