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LEGAL: Highlights of the Revised Negative Lists for Foreign Investment Access
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Highlights of the
Revised Negative Lists for Foreign Investment Access

By Manuel Torres & Yolanda Lu, Garrigues China

BT 201908 LEGAL 02On June 30th, 2019, National Development and Reform Commission and the Ministry of Commerce of the People’s Republic of China (the “PRC”, for the purpose of this document, shall exclude Special Administrative Regions of Hong Kong, Macau and Taiwan Region) jointed issued the 2019 Edition of the “Special Administrative Measures for Foreign Investment Access (Negative List)” (hereinafter referred to as “National Negative List”) and the “Special Administrative Measures for Foreign Investment Access in Pilot Free Trade Zones (Negative List)” (hereinafter referred to as “FTZ Negative List”). Both of the above 2019 Editions of the negative lists will enter into force from July 30th, 2019.
 

经党中央、国务院同意,国家发展改革委、商务部于2019年6月30日发布第25号令和第26号令,分别发布了《外商投资准入特别管理措施(负面清单)(2019年版)》和《自由贸易试验区外商投资准入特别管理措施(负面清单)(2019年版)》,自2019年7月30日起施行。《外商投资准入特别管理措施(负面清单)(2018年版)》和《自由贸易试验区外商投资准入特别管理措施(负面清单)(2018年版)》同时废止。

BT 201908 LEGAL 08Both of these 2019 Edition of the negative lists were made shorter than its respective 2018 Edition, namely, the number of restrictions listed in the negative lists for foreign investment access has been reduced, for National Negative List, from 48 to 40, and for FTZ Negative List, the number of restrictions has been reduced from 45 to 37.
 

通过本次修订进一步精简了负面清单,全国外资准入负面清单条目由48条措施减至40条,自贸试验区外资准入负面清单条目由45条减至37条。
 

1. Revisions of the National Negative List

BT 201908 LEGAL 032. Revisions of the FTZ Negative List

BT 201908 LEGAL 053. Comparison of National Negative List & FTZ Negative List

Normally, the FTZ Negative List is shorter than the National Negative list, in other words, there are less restrictions for foreign investment access in the Pilot Free Trade Zones than in other areas of the PRC. For some fields, the PRC authorities may choose to firstly remove restriction from the FTZ Negative List, and then remove restriction from the National Negative List. This kind of arrangements can be regarded as the preference for Pilot Free Trade Zones, as well as experiments in Pilot Free Trade Zones. For instance, “performance brokers shall be controlled by the Chinese party” was removed in the 2018 Edition of the FTZ Negative List, but still retained in 2018 Edition of the National Negative List, which means performance brokers in the Pilot Free Trade Zones can be 100% controlled by foreign investors, while in other areas of the PRC performance brokers shall be controlled by the Chinese party. Furthermore, as “performance brokers shall be controlled by the Chinese party” was also deleted in the 2019 Edition of National Negative List, there will be no shareholding restriction for foreign investment in the field of performance brokers since July 30th, 2019, the date when 2019 Edition of the National Negative List will enter into force.
 

通常,自由贸易区负面清单比国家负面清单短,换句话说,自由贸易试验区的外国投资准入限制少于中国其他地区。对于某些领域,中国当局可以选择首先从FTZ否定名单中删除限制,然后从国家否定名单中删除限制。这种安排可以被视为自由贸易试验区的偏好,以及自由贸易试验区的试验。例如,“履约经纪人应由中方控制”已在2018年版的“自由贸易区”负面清单中删除,但仍保留在2018年版的国家负面清单中,这意味着自由贸易试验区的绩效经纪人可以达到100%外国投资者控制,而在中国其他地区,履约经纪人应由中方控制。此外,由于“履约经纪人应由中方控制”在2019年版的国家负面清单中也被删除,自2019年7月30日以来,对于表现经纪人领域的外国投资不存在股权限制。 2019年版的国家负面清单将生效。

BT 201908 LEGAL 04As can be clearly seen from the tables in Section I and Section II above, most of the new revisions to the FTZ Negative List are the same as the revisions to the National Negative List. For example, in the mining industry, the prohibition to the “exploration and mining of molybdenum, tin, antimony and fluorite” has been deleted; In the transportation industry, the shareholding restriction to the “domestic shipping agencies” has been deleted; In the infrastructure industry, the shareholding restriction to the “construction and operation of urban gas pipe networks and heating power pipe networks in a city with more than 500,000 residents” has been deleted; In the telecommunication industry, the shareholding restriction to the “value-added telecommunication business such as domestic multi-party communications, store-and-forward and call centre” has been deleted.
 

自由贸易区负面清单的大多数新修订与国家负面清单的修订相同。例如,在采矿业中,禁止“钼,锡,锑和萤石的勘探和开采”被删除;在运输行业,对“国内航运代理”的股权限制已被删除;在基础设施行业,“居民超过50万人口的城市燃气管网和供热管网的建设和运营”的股权限制已被删除;在电信行业,对“国内多方通信,存储转发和呼叫中心等增值电信业务”的股权限制已被删除。

BT 201908 LEGAL 06Notwithstanding the above, it is worth noting that the restrictions to the following two fields have been removed in the FTZ Negative List, but still retained in the National Negative List:
 

尽管如此,值得注意的是,以下两个字段的限制已在FTZ否定列表中删除,但仍保留在国家否定列表中:
 

(1) Investment in fishing aquatic products in sea areas and in inland waters under Chinese jurisdiction shall be prohibited;
禁止在中国管辖的海域和内陆水域投资渔业水产品;
 

(2) Printers of publications shall be controlled by the Chinese party.
出版物印刷品由中方控制。

BT 201908 LEGAL 07Thus, in accordance with the 2019 Edition of the FTZ Negative List, in the Pilot Free Trade Zones, the above two restrictions have been abolished, while in other areas of the PRC, in accordance with the 2019 Edition of the National Negative List, the above two restrictions shall still apply. Foreign investors, who are interested in investing in these two fields in the PRC, may consider to start their business in Pilot Free Trade Zones. Currently there are 12 Pilot Free Trade Zones which have been approved and established in designated areas in the PRC, located in Shanghai, Tianjin, Chongqing, Guangdong Province, Fujian Province, Liaoning Province, Zhejiang Province, Henan Province, Hubei Province, Sichuan Province, Shaanxi Province and Hainan Province.
 

因此,根据2019年版自由贸易区负面清单,在自由贸易试验区,上述两项限制已经废除,而在中国其他地区,根据2019年版的国家负面清单,以上两项限制仍然适用。有兴趣在中国投资这两个领域的外国投资者可考虑在自由贸易试验区开展业务。目前在中国指定地区有12个自由贸易试验区,分别位于上海,天津,重庆,广东省,福建省,辽宁省,浙江省,河南省,湖北省,四川省,陕西省和海南省。

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