BEIJING, March 15 (Xinhua) -- China's national legislature on Friday passed the foreign investment law at the closing meeting of its annual session.

An overwhelming majority of the deputies present at the closing meeting of the second session of the 13th National People's Congress voted in favor of the law.

With unified provisions for the entry, promotion, protection and management of foreign investment, it is a new and fundamental law for China's foreign investment.

The law aims to improve the transparency of foreign investment policies and ensure domestic and foreign enterprises are subject to a unified set of rules and compete on a level playing field, according to an explanatory document.