Govt to reform foreign investment laws

China is going to combine three previous foreign investment laws and work on a new basic law on promoting and protecting foreign investments, said Zhang Yesui, spokesman for the first session of China's 13th National People's Congress, on Sunday.

"We will build new institutions to support an open economy, pursue mutually beneficial strategies, and facilitate trade," Zhang said.

Also, China will pay equal attention to both outbound and inbound investments, as well as substantially ease market access and build a transparent environment to encourage overseas firms to invest in the country, he added.

"More efforts will also be made to build a level playing field," Zhang said.