BEIJING -- An amendment to the law on the protection of investments by compatriots from Taiwan was adopted in Beijing on Saturday to welcome more investment from Taiwan.

The amendment simplifies the procedures for investment in the mainland by Taiwan compatriots by removing the requirement of government examination, approval and filing.

The amendment was approved at end of a six-day bimonthly session of the National People's Congress Standing Committee.

Taiwan compatriots may set up enterprises that are wholly or partly invested by Taiwan investors, or adopt other forms of investment stipulated by laws, administrative regulations or the State Council, reads the amendment.

The amendment will take effect on Jan. 1, 2020.

The amendment aims to better encourage and promote investment from Taiwan compatriots, said Commerce Minister Zhong Shan while briefing the lawmakers about the amendment Monday.

"The foreign investment law which was passed in March has simplified the management procedures for foreign investors, and we want our Taiwan compatriots to share the benefit of this great change," said Zhong.