China passed a new foreign investment law aimed at ensuring a level playing field for domestic and foreign companies in the country, the Xinhua news agency reported.

The law, passed by the National People's Congress at the end of its annual session, will take effect Jan. 1, 2020, according to the Financial Times.

Under the legislation, industries that do not explicitly bar foreign investment will automatically be considered open to such investment, the FT added. Previously, foreign investors could only enter certain sectors designated as open to investment.

Meanwhile, Chinese Premier Li Keqiang told reporters after the Congress' annual session that the Chinese economy "has encountered new, downward pressure" amid slowing global growth, and the government will continue to support the economy, though it will not opt for monetary policy easing, CNBC reported.