BEIJING -- A draft of China's foreign investment law will be submitted to the upcoming plenary session of the National People's Congress (NPC), which is scheduled to open on March 5.

The decision was made by the NPC Standing Committee Wednesday at a closing meeting of its two-day session focusing on the second reading of the draft.

Once adopted, the unified law will replace three existing laws on Chinese-foreign equity joint ventures, non-equity joint ventures (or contractual joint ventures) and wholly foreign-owned enterprises.

The foreign investment law will be a basic law in that field, and its drafting is an important move in implementing the strategy of further opening-up made by the Communist Party of China Central Committee, said the decision adopted by the NPC Standing Committee.

The drafting of the foreign investment law is also necessary in help with China's efforts to attract more foreign investment, protect foreign investors' legitimate rights and interests, foster an environment favorable to doing business, as well as provide legal guarantee to opening-up at a higher level, according to the document.

Presiding over the closing meeting, Li Zhanshu, chairman of the NPC Standing Committee, said there was a consensus among the standing committee members on the significance and urgency of drafting the foreign investment law.

Standing Committee members agreed that the content of the draft was basically mature and the draft demonstrated China's resolute determination to open wider to the world, Li said.

"China will not close its door to the world; but will only become more and more open," said Li, adding that the committee members believed the law's formulation and implementation would further boost the confidence of foreign businesses to invest in China.

Noting worldwide attention on the law, Li stressed that the NPC Standing Committee upheld transparency in legislation, actively responded to social concerns and built consensus.

Li called for more modifications to the draft based on opinions and suggestions collected from various fields.

To prepare for its review at the upcoming NPC session, the draft should be distributed to NPC deputies in advance as required by law, and the deputies should be organized to study and discuss it, Li said.

Before the closing meeting, Li also presided over two chairpersons' meetings on relevant reports on the draft law.