On Foreign Investors' Information Publicizing System

The foreign investor information publicity system originated from the provisions of the Foreign Investment Law(Draft),which is affiliated with the foreign investment information reporting system.It is the scope of information disclosure,publicity procedures,and public laws that are formed on the basis of foreign investor information reports.The formation of the foreign investor information publicity system should be based on how to make a better use of foreign capital to develop the economy of China,to strengthen the supervision of foreign capital,to safeguard national security,to promote the formulation and improvement of foreign capital-related laws and regulations and policies,and to establish an open and new economic system.Foreign investors'information publicity shall adhere to the principles of openness as the norm,non-disclosure as the exception,the principle of completeness and accuracy of information disclosure,and the principle of timeliness and validity of information disclosure.The publicity of foreign investors' information facilitates public supervision of foreign investors and urges foreign investment authorities to review factors that harm national security and economic security.The information publicity system for foreign investors reflects China's transition of foreign investment supervision methods,which is in line with the administrative direction of China's streamlining administration and delegating power.One of the important value objectives of the law is to achieve fairness,and information disclosure can increase the efficiency of market allocation of resources and promote the realization of fair competition by market players.A unified foreign investment management system means that a unified foreign investment authority is required to manage foreign investors' information reports and information publicly.The scope of information disclosure for foreign investors includes not only the scope prescribed by the Foreign Investment Law(Draft),but also the publicity of foreign investors' false information and foreign investor integrity information.The effect of legal liability on the maintenance of foreign investment order and the improvement of the efficiency of the use of foreign investment must be guarded against the enthusiasm of foreign investors and the public's enthusiasm for the supervision of foreign investor information disclosure.Exceptions to foreign investors' information disclosure refer to the need for China' s foreign investment authorities to conduct certain selections when publicizing information reported by foreign investors,and information concerning trade secrets,personal privacy,or state secrets of foreign investors.Not publicized or shared.The review and confirmation of the "trade secret" can refer to the current judicial practice.As for"individual privacy",on one hand,it is necessary to strictly grasp the scope of "personal privacy",and on the other hand,it is necessary to prevent the infringement of the basic rights of foreign investors.The "Foreign Investment Law(Draft)" and the "Provisional Regulations on Corporate Information Disclosure" all make relevant provisions for information disclosure.In the future,the "Foreign Investment Law" should also be considered for the coordination of the two with regard to the information disclosure rules.The focal point of the coordination mechanism of the two lies in the unification of procedures,standards,legal responsibilities,and exceptions.