BEIJING, Jan. 1 (Xinhua) -- The foreign investment law took effect in China starting Wednesday to better protect the interests of foreign investors in the country.

With the law, foreign-invested enterprises will be granted access to government procurement markets through fair competition. The law also bans using administrative licensing and penalties to force foreign investors and firms to transfer technology.

Foreign companies are entitled to equal participation as their domestically-invested peers in the formulation and revision of national, industrial and local standards in accordance with the law. They can make standards-related recommendations and undertake such work as setting standards.