新版外商投资负面清单“出炉”

6月28日，国家发改委和商务部共同发布了《外商投资产业指导目录（2017年修订）》（下称“新版《目录》”）。本次发布的新版《目录》，是《外商投资产业指导目录》自1995年首次颁布以来的第7次修订，最近的一次修改为2015年（下称“2015版《目录》”）。

The National Development and Reform Commission and the Ministry of Commerce recently unveiled a revised version of the Catalogue for the Guidance of Foreign Investment this year. The 2017 edition of the investment guidelines is the seventh revision since the Catalogue was first published in 1995.

《目录》分为“鼓励外商投资产业目录”“限制外商投资产业目录”和“禁止外商投资产业目录”三部分。新版《目录》在结构上有所调整，将原鼓励类条目中有股比要求的，与限制类和禁止类条目进行了整合，形成了统一的外商投资准入特别管理措施（负面清单），包括“限制外商投资产业目录”（列出了股权要求、高管要求等）和“禁止外商投资产业目录”两部分。全面实施准入前国民待遇加负面清单管理后，对负面清单之外的领域（包括“鼓励外商投资产业目录”以及其他不在《目录》范围内的允许外商投资领域），对外商投资项目和企业设立实行备案管理。

In past years，the Catalogue was divided into three broad categories -- encouraged investment，limited investment and prohibited investment. The new Catalogue has undergone a structural adjustment so that the areas of restriction (such as those business sectors where there are shareholding limits or requirements of who can serve as a senior executive) and areas of absolute prohibition will be managed by means of a “negative list.” This conforms with the concept of allowing investment except in areas where curbs are specifically designated. With the full implementation of national treatment under a negative list form of management，foreign investment projects do not require specific approval in the encouraged areas. Registration with commercial authorities is solely for documentation purposes.

新版《目录》共保留了63条外资限制性措施（包括限制类35条、禁止类28条），比2015版《目录》的93条限制性措施（包括限制类38条、禁止类36条和鼓励类中有股比要求的19条）减少了30条。服务业取消了公路旅客运输、外轮理货、资信调查与评级服务、会计审计、农产品批发市场、综合水利枢纽等领域的外资准入限制；制造业取消了轨道交通运输设备、汽车电子、新能源汽车电池、摩托车、海洋工程装备、船舶柴油机、民用卫星、食用油脂、大米、面粉、原糖、玉米、燃料乙醇、生物柴油等领域的外资准入限制，并取消了同一家外商在国内建立纯电动汽车生产合资企业不得超过两家的限制；采矿业取消了非常规油气、贵金属、锂矿、部分稀有金属冶炼等领域的外资准入限制。

The new Catalogue retains a total of 63 previous areas of restrictions on foreign capital (including 35 categories where there are limitations and 28 where investment is prohibited). The new list removes 30 areas that were restricted or barred in the 2015 Catalog (including 19 areas with shareholding requirements as well as 38 restricted areas and 36 where investment is prohibited). Restrictions on investment in the service sector have been removed，specifically in road passenger transport，ocean shipping tally business，credit investigation and rating services，accounting and auditing，wholesale marketing of agricultural products and water conservancy. Restrictions have been removed in manufacturing，specifically rail transport equipment，automobile electronics，batteries for new energy vehicles，motorcycles，marine engineering equipment，marine diesel engines，civilian satellites，edible oils，rice，flour，raw sugar，corn，ethanol and the biodiesel sector. Limits on foreign manufacturers to establishing no more than two joint ventures in pure electric automobile production have been scrapped. The mining industry has also done away with restrictions on foreign investment in non-conventional oil and gas (such as shale)，precious metals，lithium and some non-ferrous metals smelting.

在禁止外商投资领域，新版《目录》新增了部分文化宣传领域，主要包括地面移动测量、出版物的编辑、广播电视视频点播、卫星电视广播地面接收设施安装、广播电视节目引进、互联网新闻信息和互联网公众发布信息服务等。

As far as the restrictions on foreign investment are concerned，the new Catalogue adds some new areas，specifically in the culture and advertising spheres，radio and television programming，satellite TV broadcasting receiving facilities and internet news and information.

与此同时，新版《目录》的鼓励类条目数量基本维持不变，与2015版《目录》相比，新增6条，删除7条。新增的鼓励类条目包括智能化紧急医学救援设备、水文监测传感器、虚拟现实（VR）、增强现实（AR）、3D打印、加氢站、城市停车设施等。

At the same time，the number of items classified as areas where investment is encouraged remains basically unchanged. Compared with the 2015 Catalogue，six items have been added and seven deleted. The added incentives include “smart” medical emergency equipment，hydrologic monitoring sensors，virtual reality (VR)，augmented reality (AR)，3D printing，hydrogen refueling stations and urban parking facilities.

本次发布的新版《目录》，基本延续了2015版《目录》的方向：鼓励外资投向先进制造、高新技术、节能环保、现代服务业等领域；同时，在一定程度上放宽了在服务业、制造业和采矿业等领域对外资的限制。这体现了在当前全球跨国投资呈现新特点的形势下，中国在积极推进“走出去”战略的同时，仍然坚持高水平的“引进来”，积极实施“引进来”和“走出去”相结合的对外开放战略。

As China actively promotes a "going out" strategy that encourages its own companies to take a more active role in the global economy，it is also adhering to its pledges to open its economy further and bring in new forms of investment.

此前，《自由贸易试验区外商投资准入特别管理措施（负面清单）（2017年版）》（下称“新版《自贸区负面清单》”）也已于近日公布。自贸区作为中国的先行先试试验区，新版《自贸区负面清单》相较《目录》而言，无疑享有更高的开放度。随着自贸区数量的不断增多，加上各自贸区发展领域各有所侧重，对于拟在中国进行投资的外国投资者来说，优先考虑自贸区有可能是更有利的选择。如近期公布的《中国（上海）自贸试验区金融服务业对外开放负面清单指引（2017年版）》，作为全国首张金融领域自贸区外商投资负面清单，其对金融机构的市场准入、金融业务的开放范围都进行了细化表述，提高了清单的操作性和公平性，便于金融机构的对华投资。

The Special Management Measures for Foreign Investment in Free Trade Areas，which also embraces a negative list concept，is already in effect. The negative list of free trade areas already offers foreign investors a relatively higher degree of openness，and with the increasing number of free trade areas around the country，each with its own development priorities，foreign investors may find that these free trade areas are an attractive location for their China investments. The recently published Negative List Catalogue for the Opening Up of the Financial Industry in China (Shanghai) Free Trade Zone (2017)，is an updated version of the country's first negative list for the financial sector.

同时，内地与香港也于近期签订了新的《〈内地与香港关于建立更紧密经贸关系的安排（CEPA）〉投资协议》。根据该协议，在对香港的投资准入方面，仅保留了26项不符措施，在船舶、飞机制造、资源能源开采、金融市场投资工具等方面均采取了更加优惠的开放措施，并明确了在投资领域继续给予香港地区最惠待遇。这使得香港继续保持了内地对外开放的最高水平。基于内地与香港、内地与澳门的CEPA，以及内地与台湾的《海峡两岸经济合作框架协议》（ECFA），香港、澳门、台湾地区投资者在某些特殊领域，较之其他投资者享有更高的开放度。不少香港银行，都在2003年内地与香港签署第一份CEPA协议以后，加快了其进入内地投资的步伐。在CEPA政策的扶持下，目前港资银行已经成为内地外资银行中最重要的部分。

Meanwhile，Beijing and Hong Kong have reached a new version of the Closer Economic Partnership Arrangement (CEPA) that promotes trade between the China mainland and the former British colony. Under the new arrangement，there are only 26 areas where Hong Kong's investment in the mainland is limited while there is more favorable treatment in shipbuilding and aircraft manufacturing，resource and energy extraction and financial market investment tools. There is also another clear statement that Hong Kong receives the most favorable treatment in regards to investment. There is also a similar accord between the mainland and Macao，as well as the Cross-Strait Economic Cooperation Framework Agreement (ECFA) reached with Taiwan，and these agreements mean that investors in Hong Kong，Macao and Taiwan enjoy even greater access to the market in mainland China. Hong Kong banks have accelerated their operations in the mainland since the signing of the first CEPA agreement in 2003. With the support of the CEPA policy，Hong Kong banks have become a key segment of the non-mainland banks operating in China.

值得注意的是，本次放宽的外资准入限制，多数仍局限于一般性服务业及制造业领域；而此前在《中共中央 国务院关于构建开放型经济新体制的若干意见》中曾提出的要推进金融、教育、文化、医疗等服务业领域的有序开放，在此次新版《目录》里尚没有更多的体现。对这些开放速度相对较慢的敏感领域，外国投资者可能还需要一段时间的耐心等待和观察。

It is noteworthy that most of the easing of foreign investment restrictions is still limited to the general service industry and the manufacturing sector. Previously，the Opinions from the Central Committee of the Communist Party of China and the State Council on the New System of Construction of an Open Economy proposed the orderly opening of the finance，education and culture segments of the economy as well as medical and other services. The new Catalogue，however，does not have much new to offer in these sensitive areas where the opening process has been slow. Foreign investors will still need to wait to see more opening efforts here.

新版《目录》新增的禁止外商投资领域条目主要集中在文化宣传方面，如出版物的编辑、广播电视视频点播和互联网新闻信息服务等。这也与2016年11月发布的《中华人民共和国网络安全法》以及配套文件之一的新版《互联网新闻信息服务管理规定》相吻合：后者规定，只有经许可的新闻单位才可从事互联网新闻信息采编发布服务，包括提供互联网新闻信息转载服务、传播平台服务，也均需申请许可或备案；同时，再次强调了不得设立中外合资、合作和外资经营的互联网新闻信息服务单位（包括采编发布、转载和传播平台服务）。

The new additions to the Catalogue，such as prohibitions on foreign investment in new media，publications，internet news，radio，television and video programs，are in accordance with the Network Security Law announced in November 2016 and one of the supporting documents of the updated version of the Internet News Information Service Management Regulations. The latter stipulates that only authorized news organizations can engage in internet news and information. The communication platform services also need to apply for permission and it once again stressed the prohibitions on the establishment of internet news and information services by subsidiaries of Sino-foreign joint ventures，Sino-foreign joint cooperation companies and foreign-invested operations.

另外值得一提的是，为应对外资限制性措施（包括限制类领域对股权、高管的要求，以及禁止类领域），在实际操作中，常常会采用“协议控制”(VIE）架构，即通过VIE协议而不是股权来控制国内牌照公司。2015年1月，商务部曾发布《中华人民共和国外国投资法（草案征求意见稿）》（下称“《草案》”）公开征求意见。该《草案》在依据注册地标准对外国投资者予以定义的同时，引入了“实际控制”的标准，即受外国投资者控制的境内企业，视同外国投资者，将协议控制明确规定为外国投资的一种形式。未来如果该《草案》正式成为法律，VIE架构将可能面临严峻的挑战。

It is also worth noting that the variable interest entity (VIE) structure is often used in response to the restrictive measures applied to foreign investment. The VIE arrangement has been used to circumvent requirements of locally licensed companies. In January 2015，the Ministry of Commerce issued its draft Foreign Investment Law，and this introduced "actual control" standards. For instance，domestic enterprises under the control of foreign investors are defined as foreign for investment regulatory purposes，and the VIE structure was considered to be a form of foreign investment. In future，VIEs shall face severe challenges if the draft becomes law.

新版《目录》生效后，全国范围内的负面清单管理将正式实施。对于外商投资，负面清单管理不仅仅着眼于允许或限制、禁止的外商在华投资的范围，其积极意义更在于将原先的逐项审批制转变为备案制管理。此举将大大提高外资准入的开放度和便利度。特别是对于鼓励类投资项目，在相关优惠政策的激励下，外商投资将会迎来更多的发展机遇。

When the new Catalogue takes effect，nationwide investment management will be conducted through the use of a negative list. The Catalog retains categories of encouraged，restricted and prohibited areas for foreign investment，but as stated earlier，through an adjusted structure. At the same time，a more convenient filing and reporting system reduces the burden on the investor. In particular，for encouraged investment projects，there will be more opportunities for foreign investors.

从新版《目录》的修订内容来看，政府会继续鼓励外商投资符合我国产业转型升级方向的领域。对于某些目前不宜全面开放的敏感领域，也尝试采用自贸区先行试水再向全国复制的渐进模式，缓慢但有序地进行开放。随着对外开放水平的不断提高，加之在全球范围内中国经济发展势头趋好，外国投资者对华投资的信心预计还将加强。

For some of the sensitive areas which are considered unsuitable for a full opening to foreign capital，China could use a progressive model of permitted investment. This would start with limited access in free trade zones and gradually become available nationwide.

然而，在投资领域扩大的同时，新版《目录》对外商的投资也提出了“结构性”升级的要求，鼓励外商将资金、核心技术和先进管理投入到与高端、智能、绿色制造业及生产性服务业相关的领域。外商在华投资从最初主要集中在劳动密集型的传统制造业领域，发展到制造业与服务业并重，再到近几年服务业比重大幅增加甚至超过制造业。而对照新版《目录》的调整条目，此次修订，主要还是体现在对智能、高端制造业方面投资的鼓励和限制的放宽，而对服务业相关领域限制的放宽尚不突出。这体现了中国目前对推动制造装备发展、提升在全球价值链地位的切实需要，与内外资统一参与到“中国制造2025”战略和创新发展驱动战略的方向也是一致的。预计在今后一段时间内，外国投资者对华投资选择时会更多地考虑此类方向的投资项目。

However，in expanding the scope of investment，the new Catalogue also places "structural upgrading" requirements on foreign investors，encouraging them to invest core technologies as well as capital in their projects and make use of advanced management techniques. The key areas are "smart" and "green" manufacturing as well as services. Since the early days of the economic opening to the outside world，foreign investment has been concentrated in labor-intensive manufacturing. But a shift to higher technology and more sophisticated services is already under way，and that is the direction of the future. In recent years，the proportion of services to total investment has increased significantly and even surpassed the manufacturing sector. The latest version of the Catalogue does not strip away much more of the restrictions on service sector investment，however. This reflects China's practical needs to promote the development of high-end manufacturing equipment and enhance the country's role in the global value chain. It is generally consistent with the aim of promoting innovation and greater participation of domestic and foreign investors in order to achieve the goals under the "Made in China 2025" program. The Catalogue is likely to create the needed environment to promote investment in these key areas in the future.

作者卢奕系毕马威中国税务服务主管合伙人，作者程娱系毕马威中国税务知识管理中心高级经理。

Lu Yi is a partner at KPMG China Tax Services Management operations

Chen Yu is senior manager at KPMG's China Tax Knowledge Management Center