Beijing — Foreign investors in China would be treated largely the same as local rivals under a revised draft law, state media said on Tuesday, as Beijing looks to address a key concern in its trade war with the US. Washington and other Western powers have been clamouring for better access to Chinese markets and complaining about steep government subsidies to local companies that tilt the playing field in their favour. If approved, the legislation would bar local governments from restricting market access to foreign firms, except “under particular circumstances and in the public interest”, official state news agency Xinhua reported. Some industries would be excluded under the revised draft law, Xinhua said, though it is not clear which ones. The legislation is being considered at a two-day session of China’s legislature, the standing committee of the National People’s Congress, which began on Tuesday. It would replace three existing laws on Chinese and foreign equity joint ventures, ...

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