BEIJING, Dec. 23 (Xinhua) -- A draft revision simplifies the procedures for investment in the mainland by Taiwan compatriots by removing the requirement of government examination, approval and filing.

The draft revision to the law on the protection of investments by compatriots from Taiwan was submitted for reading at the ongoing bimonthly session of the Standing Committee of the National People's Congress on Monday.

The legislative session runs from Dec. 23 to 28.

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 draft revision.

The draft revision aims to better encourage and promote investment from Taiwan compatriots, Commerce Minister Zhong Shan wrote in a report to the lawmakers.

"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.

The foreign investment law will take effect on Jan. 1, 2020.