The Foreign Investment Law of the People’s Republic of China has attracted great attention worldwide since its adoption on March 15, 2019, and will come into force on January 1, 2020. This law can be regarded as the most important law of China in the field of foreign investment since China’s accession to the World Trade Organization. The legislation process of the foreign investment law of the People’s Republic of China has expressed the strong will of the Chinese legislature in amending and perfecting the legal system. The implementation of this law will positively impact the future investment environment of China. This article analyses the background and evolution of the legislation procedure, the highlights and features of the law compared with earlier related laws in the field of foreign investment of China, and the impact and insufficiency of the law, together with the issues following the implementation of the law.

I. Introduction
II. Promulgation and Evolution of the Forei gnInvestment Law
    A. Promulgation of the Foreign Investment Law
    B. Evolution Procedure for the Foreign Investment Law
III. Highlights of the Forei gn Investment Law
    A. Clarifying the Basic Position of the Law
    B. Redefining the Concept of Foreign Investment
    C. Fully Adopting the System of Pre-Entry National Treatment Plus Negative List
    D. Promotion of Foreign Investment
    E. Protection of Foreign Investment
    F. The Administration of Foreign Investment
    G. Other Concerns/Concerned Questions
IV. Contrasts betwee n the Forei gn InvestmentLaw and Three Laws on Forei gn-investedEnterprises
    A. Emphasising Equal Treatment between Domestic andForeign-invested Enterprises
    B. More Protection for Intellectual Property Rights and More Emphasison Mutual Benefit and Reciprocity
    C. Attaching Great Importance to the Promotion of Foreign Investment
V. The Impact of the Forei gn Investment Lawon Forei gn-invested Enterprises
    A. Application of Laws
    B. Adjustment of Corporate Governance Structure
    C. Recovering Investment in Advance and Distribution of Residual Property
    D. Total Investment and Foreign Debt Line
VI. Linking with Current Laws and Systemsand Follow-up Implementation
    A. Linking with the Current Laws and Systems
    B. Key Issues in the Follow-up Implementation of the Foreign Investment Law
VII. Conclusion
References

• Min Zhao(Lecturer of Shanghai University of Finance and Economics; Visiting Scholar of CCLS Queen Mary University of London.)