Special Administrative Measures for Foreign Investment Access (Negative List) (2019 version)



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Promulgation Date: 2019-6-30
Title: Special Administrative Measures for Foreign Investment Access (Negative List)  (2019 version)
Document Number:发改委令 商务部令第25号
Expiration date: 
Promulgating Entities:National Development and Reform Commission, Ministry of Commerce
Source of text: http://www.mofcom.gov.cn/article/b/c/201906/20190602876999.shtml


I. Special Administrative Measures for Foreign Investment Access (Negative List) (2019 version)

The "Special Administrative Measures for Foreign Investment Access (Negative List) (2019 version)" has already been adopted with the consent of the Party Central Committee and State Council and is hereby promulgated so as to take effect on July 30, 2019. The "Special Administrative Measures for Foreign Investment Access (Negative List) (2018 version)" released by the National Development and Reform Commission and Ministry of Commerce on June 28th, is simultaneously repealed.

Chairman of the National Development and Reform Commission: He Lifeng

Minister of Commerce: Zhong Shan

June 30, 2019

Special Administrative Measures for Foreign Investment Access (Negative List) (2019 version)


I. The "Special Administrative Measures for Foreign Investment Access (Negative List) (2019 version)" (Hereinafter simply "Foreign Investment Access Negative List") lays out unified special administrative measures for foreign investment access such as requirements on stock ownership and senior management. Fields not included in the "Foreign Investment Access Negative List" are to be managed according to the principle of consistency between domestic and foreign investment.

II. The "Foreign Investment Access Negative List" lists a transition period for the removal or expansion of access restrictions in some fields, after the completion of the transition period, the restrictions are to be removed or expanded.

III. Foreign investors must not engage in for profit investment activities as Individual-operated businesses, solely individual-owned enterprise investors, or members of professional farmers collectives.

IV. Foreign [non-mainland] investors must not invest in fields in which the "Foreign Investment Access Negative List" prohibits foreign investment; a foreign investment access permit must be completed for investment in fields in which the "Foreign Investment Access Negative List" does not prohibit investment; Foreign investment partnership enterprises must not be established in fields when investing in fields with stock ownership requirements.

V. Where domestic companies, enterprises, or natural persons and companies they established or control abroad merge with or acquire affiliated domestic companies, and it involves foreign investment projects and enterprise establishment or modification matters, it is to be carried out in accordance with current provisions.

VI. Administrative approvals, qualifications requirements, national security, and other relevant measures for cultural, financial, and other fields not listed in the "Foreign Investment Access Negative List", are to be enforced in accordance with current provisions.

七、《内地与香港关于建立更紧密经贸关系的安排》及其后续协议、《内地与澳门关于建立更紧密经贸关系的安排》及其后续协议、《海峡两岸经济合作框架协议》及其后续协议、我国与有关国家签订的自由贸易区协议和投资协定、我国参加的国际条约对符合条件的投资者有更优惠开放措施的,按照相关协议或协定的规定执行。 在自由贸易试验区等特殊经济区域对符合条件的投资者实施更优惠开放措施的,按照相关规定执行。


Special Administrative Measures for Foreign Investment Access (Negative List) (2019 version)

I. Agriculture, Forestry, Animal Husbandry and Fishery

1. The Chinese side must have a controlling interest in new varieties of wheat and corn, and of seed production.

2. Investment in research, breeding and cultivation of rare and unique Chinese varieties of fine-quality and valuable seed is prohibited, as well as investment in the production of data related to their breeding (including top-quality genes for farming, animal husbandry, aquaculture).

3. Investment in genetically modified crops, livestock and poultry, and aquaculture, and the production of genetically modified seeds (sprouts) is prohibited.

4. Investment is prohibited in fishing of aquatic products in China's maritime jurisdictional waters and inland waters.

II. Mining Industry

5. Investment in exploration, mining and mineral processing of rare earth and radioactive minerals.

III. Manufacturing Industry

6. The Chinese side must have a controlling interest in publishing and printing.

7. Investment is prohibited in radioactive mineral smelting, or processing and nuclear fuel production.


除专用车、新能源汽车外,汽车整车制造的中方股比不低于50%,同一家外商可在国内建立两家及两家以下生产同类整车产品的合资企业。 (2020 年取消商用车制造外资股比限制。 2022 年取消乘用车制造外资股比限制以及同一家外商可在国内建立两家及两家以下生产同类整车产品的合资企业的限制)

10. Satellite television and radio ground receiving facilities and key component production.

IV. Electricity, Heating, Gas and Water Production and Supply Industries

11. The construction and operation of nuclear power plants is to be controlled by the Chinese side.

12. The Chinese side must have a controlling interest in the construction and operation of municipal gas, heating, and sewage for cities with a population over 500,000.

V. Wholesale and Retail Industries

13. Investment in tobacco leaves, rolling tobacco, tobacco re-drying, and other wholesale or resale sales of tobacco products is prohibited.

VI.Transport, storage and postal services

14. The Chinese side must have a controlling interest in domestic water transport companies.

25. The public air transport companies must be controlled by Chinese party, the investment of a single foreign business and its affiliated enterprises' investment must not exceed 25%, and a Chinese national citizen must serve as the legally-designated representative.


17. The Chinese side must have a comparative controlling interest in the establishment and operation of civil airports.

18. Investment in air traffic control is prohibited.

19. Investment in mail companies, or domestic letter courier operations.

VII. Information transmission, software and information technology services industry



VII. Finance Industry

22证券公司的外资股比不超过51%,证券投资基金管理公司的外资股比不超过51%。 (2021 年取消外资股比限制)

23 期货公司的外资股比不超过51%。 (2021 年取消外资股比限制)

24 寿险公司的外资股比不超过51%。 (2021 年取消外资股比限制)

IX. leasing and business services

25. Investment in Chinese legal services (Except for provision of information related to the impact on Chinese legal environment) is prohibited, and one must not become a partner in a domestic law firm.

26. Market research is limited to joint ventures and cooperation, and the Chinese side must have a controlling interest in research on radio and television audiences.

27. Investment in social surveys is prohibited.

X. scientific research and technological services industries

28. It is prohibited to invest in development and application of human stem cell or genetic diagnosis and treatment technology.

29. Investment in Humanities and Social Science research institutions is prohibited.


XI. Education


32. Prohibition on investment in compulsory education establishments or religious educational institutions.

XII. Health and Social Work

33. Medical establishments are limited to joint ventures and cooperation.

XIII. Culture, Sports, and Entertainment

34. Investment in news institutions (including but not limited to news agencies) is prohibited.

35. Investment in the editing, publishing, or production of books, newspapers, periodicals, audio-visual products, and electronic publications in prohibited.


37. Investment in radio and television program production (including the introduction operations) companies.

38. Investment in film production companies, distribution companies, and cinemas, as well as film introduction businesses, is prohibited.

39. Investment in auction companies that auction cultural artifacts, cultural artifact stores, and state-owned cultural museums is prohibited.

40. Investment in cultural performance troupes is prohibited.


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