The foreign investment law, once adopted, will become a new and fundamental law for China's foreign investment, according to an explanatory document on the draft available to the press Friday.

With unified provisions for the entry, promotion, protection, and management of foreign investment, it is an innovative improvement of China's foreign investment legal system, says the explanation that will be delivered by Wang Chen, vice chairman of the National People's Congress (NPC) Standing Committee, to deputies attending an NPC plenary session.

"The foreign investment law is a comprehensive and fundamental set of legal standards for foreign investment activities in China under new circumstances, and shall play a leading role as an overarching law in this field," the explanation says.

The draft law has gone through two readings by the NPC Standing Committee.