On the last day of June in 2019, the National Development and Reform Commission and the Ministry of Commerce jointly promulgated the Special Administrative Measures (Negative List) for Foreign Investment Access (Edition 2019) (“National List”) and the Special Administrative Measures (Negative List) for Foreign Investment Access in Pilot Free Trade Zones (2019 Version) (“FTZ List”) simultaneously, both of which will be implemented starting from July 30, 2019. It is worth mentioning that the length of both lists has been further cut down based on their 2018 editions, with the items under the National List being reduced from 48 to 40 and the items under the FTZ List being reduced from 45 to 37. In addition, the encouraged industry list under the Catalogue of Industries for Guiding Foreign Investment (Revision 2017) and the Catalogue of Priority Industries for Foreign Investment in Central and Western China (Revision 2017) have been replaced by the Catalogue of Encouraged Industries for Foreign Investment (Edition 2019). Compared with the two simplified negative lists, the encouraged industry catalogue of 2019 has increased items to encourage foreign investment in almost all industries.In order to assist foreign investors and those who are interested in cross border investment to get a clearer picture of the differences between Edition 2019 of the two lists and their Edition 2018, we have made two longitudinal comparisons. Meanwhile, to further assist foreign investors to understand the differences between foreign investment access in and out of the free trade zones, we have also made a comparison between the National List and the FTZ List which aims to enable producers or traders to choose suitable registration places depending on their business needs.
1. Longitudinal Comparison of the National Lists
Compared with the National List Edition 2018, the Edition 2019 has repealed all foreign investment access restrictions in seven sub-sectors of five industries, including mining, manufacturing, transportation, warehousing and postal services, water, environment and public facilities management, culture, sports and entertainment with details set forth below:
Industry | 2018 | 2019 |
Mining | The | Repealed |
It | Repealed | |
Manufacturing | It | Repealed |
Transportation, | Domestic | Repealed |
Water, | It | Repealed |
Culture, | The | Repealed |
Performance | Repealed |
2. Longitudinal Comparison of the FTZ Lists
Compared with FTZ List Edition 2018, the Edition 2019 has repealed any and all foreign investment access restrictions in 7 sub-sectors of six industries including agriculture, forestry, husbandry and fishery, mining, manufacturing, transportation, warehousing and postal services, water, environment and public facilities management, culture, sports and entertainment with details set forth below:
Industry | 2018 | 2019 |
Agriculture, | Investment | Repealed |
Mining | Investment | Repealed |
Manufacturing | The | Repealed |
Investment | Repealed | |
Transportation, | The | Repealed |
Water, | Investment | Repealed |
Culture, | The | Repealed |
3. Parallel Comparison of the National List and the FTZ
List
As mentioned above, compared with Edition 2018, both the National List and the FTZ List have been “simplified greatly”. However, except for those two sub-sectors of the agriculture, forestry, husbandry and fishery, and manufacturing industries for which the foreign investment access restrictions (on development of State-protected wild animal and plant resources originated in China and printing of publications) have been repealed under the two Edition 2019 lists, the differences between the two Edition 2019 lists are almost the same as those between the two Edition 2018 lists.
Industry | National | FTZ | New |
I. Agriculture, | The | Chinese | No |
It | Repealed | Yes | |
II. Mining | It | It | No |
III. Manufacturing | The | Repealed | Yes |
It | No restriction | No | |
VI. Transportation,
| Domestic | Domestic | No |
The | The | No | |
It | Investment | No | |
VII. | Telecommunications | Telecommunications | No |
XI. Education
| Preschool, | Pre-school, | No |
XIII. Culture, sports and entertainment
| Investment | Investment | No |
It | Investment | No | |
It | Investment | No | |
It | Investment | No | |
It | Investment | No | |
It | Investment | No | |
It | The | No |
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杨春宝一级律师简介
杨春宝一级律师,大成上海高级合伙人、资本市场部主任、国资基金研究中心主任,大成中国区私募基金专业带头人、科技与文化法律研究中心联合牵头人。执业30余年,长期从事私募基金、投融资、并购重组法律服务,尤其对对赌研究颇深且具有非常丰富的实战经验,并专注于金融机构股权投资业务。2004年起多次入选The Legal 500"私募基金"和"公司与商业"等境内外各类律师榜单,代理的中国法院首例适用外国法律审理外国公司的董事损害小股东权益纠纷案入选上海高院发布的《上海法院域外法查明典型案例》和威科先行"要案头条"。入选上海涉外法律人才库、上海市司法局鼎新法治人才库、上海国有企业改制法律顾问团,具有上市公司独立董事任职资格,系多家知名高校的兼职教授或兼职研究生导师及上海市商务委跨国经营人才培训班讲师。出版《私募股权投资基金风险防控操作实务》等16本投融资法律专著。了解更多常见法律问题
2019年版全国版负面清单较2018年版有哪些变化?
①外商投资准入负面清单是东道国以特别管理措施方式列明外资禁止或限制进入领域的制度工具,清单之外原则上实行内外资一致管理。负面清单越长,外资受限范围越大;缩减清单意味着扩大开放。2019年版全国版清单延续这一规则,在2018年版基础上进一步取消若干领域的外资准入限制,并通过鼓励外商投资产业目录扩大鼓励范围,形成限制与鼓励并行的管理框架。②文章指出,2019年6月30日国家发展改革委和商务部联合发布全国版与自贸区版清单,均自2019年7月30日起实施;全国版条目由48项减至40项。被取消的限制包括:油气勘探开发限合资合作、钼锡锑萤石勘探开采禁止、宣纸和墨锭生产禁止、国内船舶代理须中方控股、中国原产国家保护野生动植物资源开发禁止、影院建设经营须中方控股、演出经纪机构须中方控股等七个子行业。这些变化集中在采矿、制造、交通运输仓储邮政、水利环境和公共设施管理、文化体育娱乐五个行业。③实务中,投资者应先核对目标业务是否落入2019年版全国版清单的限制或禁止项,若已取消,则按内外资一致规则准备设立与运营;若仍属限制项,则需满足中方控股、合资合作等条件。同时应关注鼓励目录中的优惠待遇,判断能否享受相应政策。对于清单取消但行业监管仍存准入许可的领域,仍需取得行业许可,不能仅以负面清单取消作为可无条件进入的依据。风险在于地方执行口径、备案与行业许可衔接可能不同,应提前与主管部门沟通并作合规留痕。
自贸区版负面清单与全国版有哪些主要差异?
①自贸试验区负面清单是在特定区域内适用的外商投资准入特别管理措施,通常比全国版更短、开放度更高,体现先行先试。其法律效果是:在自贸试验区内注册并实际经营的企业,可就负面清单未列明领域享受更宽准入;但若企业实际经营地点或业务超出自贸试验区范围,则可能回归全国版清单管理。全国版则适用于全国其他区域,是外资准入的底线规则。②文章横向比较显示,两版清单在多数行业差异与2018年版相近,但在部分领域存在新差异。例如农业领域,全国版禁止投资中国管辖海域及内陆水域的水产品捕捞,自贸区版已取消该禁止;制造领域,全国版要求出版物印刷须中方控股,自贸区版已取消;而小麦玉米新品种选育和种子生产,全国版要求中方控股,自贸区版要求中方持股不低于34%,两者限制程度不同。采矿领域两版均禁止稀土、放射性矿产、钨的勘探开采和选矿,但自贸区版附加了未经许可不得进入稀土矿山或获取地质资料、矿石样品和生产技术等要求。③投资者若希望利用自贸区更高开放度,应确认拟注册地、实际经营地与业务范围均在自贸试验区之内,并遵守自贸区版清单及区域监管要求。对于全国版禁止而自贸区版取消的捕捞、出版物印刷等领域,还需取得渔业、出版等行业许可并符合国家安全、环保、文化等监管要求。若在自贸区内注册但业务实际覆盖区外,可能被要求按全国版清单调整股权或业务。建议在选址前对两版清单逐项比对,评估股权架构、实际控制地与业务流向,避免仅因注册在自贸区而误判可准入范围。
外商如何利用两份清单选择投资区域和行业?
①负面清单管理遵循法无禁止即可为的理念,清单之外的领域原则上不再单独针对外资设置准入限制;清单之内的领域则按禁止、限制和中方控股等特别管理措施执行。全国版与自贸区版并行,意味着同一行业在区内外可能适用不同准入条件。投资者应把负面清单与鼓励外商投资产业目录、行业许可、国家安全审查等规则结合使用,不能孤立看待清单条目。②文章说明,2019年版全国版清单减至40项,自贸区版减至37项,鼓励产业目录则增加条目以鼓励外资进入更多行业。纵向看,全国版取消了油气、钼锡锑萤石、宣纸墨锭、国内船舶代理、国家保护野生动植物资源开发、影院、演出经纪等限制;自贸区版还取消了水产品捕捞、出版物印刷等限制。横向看,农业、制造、交通等领域区内外仍有差异,例如水产品捕捞、出版物印刷在自贸区版已取消,而稀土、放射性矿产、钨等在两版中均受禁止,自贸区版还附加信息与准入条件。③实务上,若业务属于全国版禁止但自贸区版取消的领域,可优先考虑在自贸试验区设立企业,但须确保实际经营和业务合同履行地在区内,并办理相应行业许可。若业务涉及两版均禁止的稀土、放射性矿产、钨等,则无论区内外均不可投资,除非法律政策另有调整。若业务属限制类,应围绕中方控股比例、法定代表人国籍、合资合作要求设计股权和治理结构。风险在于区内外规则转换、行业许可与外资备案衔接、地方执行差异,以及通过协议控制等方式规避负面清单可能被认定违规。投资者宜在投资前制作清单比对表,明确适用区域、股权上限、许可路径和退出安排。
以上内容仅供参考,不构成法律意见。如需专业法律服务,请联系杨春宝一级律师:chambers.yang@dentons.cn




