THE IDEOLOGY OF THE INVESTMENT LAW REFORM IN CHINA

Abstract

The paper considers the reform of the Chinese legislation regulating foreign investments carried out in 2019. The author aims to identify the principles on which the reform was based, which took the form of the law on foreign investment. The methods of comparative analysis of accepted norms and those norms that have been audited were used. The revealed principles were analyzed from the point of view of their system. As a result of the analysis, the author comes to the conclusion about the fundamental principle underlying the reform — the principle of openness. However, the specification of this principle is possible through the formation of legal mechanisms that ensure its implementation. Thus, the Chinese legislator establishes equality of the Chinese and foreign investors, uses the receptions of legal writing worked out in the previous period, forms the system for ensuring administrative-legal and judicial protection of the rights of foreign investors. At the same time, the emerging regulation is largely focused on those standards of investment regulation that have developed in international practice. This suggests that the Chinese authorities are "denationalizing" investment regimes. In general, the paper concludes that, despite the progressive nature of the adopted Law, it is largely based on the legal and technical methods developed in the previous period. In addition, a significant part of the norms is declarative and requires the adoption of additional regulations establishing the mechanism of implementation of the Law. At the same time, the paper predicts the problems that will manifest themselves in the process of applying the Law and which, most likely, will be overcome by judicial practice.