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The third meeting of the Standing Committee of the Provincial People"s Congress reviewed the draft regulations concerning the encouragement of foreign investment and exploring the legislative improvement and institutional construction of family farms.

Jiangsu is a major province for foreign direct investment with its actual scale of foreign investment remaining the first in the country for consecutive years.

The Standing Committee of the Provincial People"s Congress proposed the first reading of the draft of the Jiangsu Province Foreign Investment Regulation in a bid to better create a market-oriented, legalized, and internationalized first-class business environment.

The Regulation makes targeted institutional designs in improving investment promotion mechanisms, strengthening the protection of foreign investment rights and interests, standardizing foreign investment management, and optimizing public services by focusing on encouraging foreign investment, establishing and improving mechanisms for promoting and protecting foreign investment as the basic principle.

The Regulation plans to encourage foreign investors to participate in the construction of the province"s manufacturing clusters and advantageous industrial chains from a legal perspective by establishing regional headquarters and functional institutions in Jiangsu and actively participating in global industrial division and adjustment. At the same time, the province will clarify and standardize the key concerns of foreign investors such as intellectual property rights, and effectively safeguard the legitimate rights and interests of foreign investment.

As a new type of agricultural management entity, family farms have developed rapidly in Jiangsu in recent years. The province has 168000 family farms with an operating area of nearly 22 million mu. The draft of the Regulation on Promoting Family Farms in Jiangsu Province requires local people"s governments at or above the county level to provide overall support and arrangement for the facilities used by family farms and the land for the integrated development of primary, secondary, and tertiary industries.

The regulation also emphasizes key support for family farms in food production by requiring relevant departments to formulate policy measures and encourage and support family farms to grow grain and oil crops so as to serve the overall food security situation.

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