china further relaxes restrictions on foreign direct issue ... · china further relaxes...

China Tax & Investment News 1

Issue No. CTIN2018002

China further relaxesrestrictions on foreign directinvestment－ Negative lists for foreign investment inChina and domestic Pilot Free Trade Zones arefurther shortened to attract foreign capital

10 July 2018

In order to create a moreattractive business environmentfor foreign investment, promotethe liberalization and facilitation ofinternational trade and investmentas well as advance global economiccooperation, the Chinesegovernment released shortenednegative lists for foreigninvestment in China and domesticPilot Free Trade Zones. These twonew negative lists shall take effectfrom 28 July 2018 and 30 July2018 respectively.

Background

China’s economic development shifting from high-speed growth tohigh-quality development has become the new normal. This shift isbeing followed by new challenges in attracting and utilizing foreigncapital. To address such challenges, China has been ramping upefforts to open up the market to foreign investors in recent years. Asearly as 2017 as shown in the “Report on the Work of Government,”the central government emphasized that “the door of China (would)only be opened wider and wider,” and stated that the governmentwould continue to promote the liberalization and facilitation ofinternational trade and investment. These moves were set to assurethe advancement of global economic cooperation. In order to create amore attractive business environment for investments, the StateCouncil clearly stated in a new document issued in June 2018 that itis necessary to release new negative lists (i.e., “Special AdministrativeMeasures for Admission of Foreign Investments (Negative List)”across the country and all the Pilot Free Trade Zones (PFTZs) before1 July 2018. This was recommended so as to conform theinternational trading rules and thus comprehensively improve thelevel of openness.


In response to the call, the National Development and Reform Commission (NDRC) and the Ministry ofCommerce (MOFCOM) jointly released the “Scope of Foreign Investments Subject to Special Access Control(Negative List) (2018 Version)” and the “Special Administrative Measures for Admission of Foreign Investmentsin Pilot Free Trade Zones (Negative List) (2018 Version)” (hereinafter referred to as “2018 National NegativeList” and “2018 PFTZ Negative List”) on 28 June and 30 June 2018 respectively. The new Negative Listsfurther removed or relaxed the restrictions on foreign Investment access based on the respective 2017versions1. The 2018 National Negative List shall be effective from 28 July 2018, while the 2018 PFTZ NegativeList shall be effective in all PFTZs2 from 30 July 2018.

Key Content Changes

Major opening-up measures of the “2018 National Negative List”

The central government drew on the structure and form of the negative list implemented in the PFTZs andpublished the “2018 National Negative List” independently of the “Foreign Investment Industrial GuidanceCatalogue”, and clearly listed restrictions on foreign investments in specific industry sectors in tabular formaccording to the “Classification of National Economic Industries”.

The “2018 National Negative List” comprehensively relaxes market access in primary, secondary as well astertiary industries, detailing the opening-up measures in 22 sectors3 including finance, infrastructure,transportation, trade and commerce, culture, agriculture, energy and related areas. In addition, the “2018National Negative List” also set a transition period for certain industries and clarified the correspondingtimetable.

Note:

1. The 2017 versions refer to: the “Scope of Foreign Investments Subject to Special Access Control (Negative List)” in the “Foreign Investment IndustrialGuidance Catalogue ( Revised in 2017)” released by the NDRC and the MOFCOM on 28 June 2017 and took effect on 28 July 2017; the “SpecialAdministrative Measures for Admission of Foreign Investments in PFTZs (Negative List) (2017 Version)”, which was released on 5 June 2017 and implementedon 10 July 2017.2. From September 2013 to April 2017, the State Council successively approved the establishment of the China (Shanghai) PFTZ, the China (Guangdong) PFTZ,the China (Tianjin) PFTZ, the China (Fujian) PFTZ, the China (Liaoning) PFTZ, the China (Zhejiang) PFTZ, the China (Henan) PFTZ, the China (Hubei) PFTZ, theChina (Chongqing) PFTZ, the China (Sichuan) PFTZ and the China (Shanxi) PFTZ; In April 2018, the central government announced the decision to build thewhole island of Hainan into a PFTZ (Zhongfa [2018] No. 12)3. Revision Instruction of the “Scope of Foreign Investments Subject to Special Access Control (Negative List) (2018 Version)”


Main opening-up measures are as follows:

Items Industries/Sectors Details

Considerablewidening ofservice sector

Finance

► Removed restrictions on foreign shareholding in thebanking industry

► Relax the foreign shareholding ratio in securities, fundmanagement, futures and life insurance companies up to51%

Infrastructure ► Removed restrictions on railway network and power grid

Transportation ► Removed restrictions on railway passenger transportation,international shipping and international shipping agency

Trade andCommerce

► Removed restrictions on gas station, procurement andwholesale of grain

Culture ► Removed restrictions on business premises for internetaccess services

Opening up ofmanufacturingsector on anoverall basis

Automotive ► Removed restrictions on manufacturing of special purposemotor vehicles and new-energy vehicles

Vessel ► Removed restrictions on vessel design, manufacture andrepair

Aircraft

► Removed restrictions on design, manufacture and repair ofaircrafts used for trunk lines/regional lines, general-purpose aircrafts, helicopters, unmanned aerial vehiclesand aerostat, etc.

Easing foreigninvestmentboundaries foragriculture,energy andresource sectors

Agriculture ► Removed restriction on manufacturing of crop seeds exceptfor wheat and corn

Energy ► Removed restrictions on mining of special rare coals

Resource ► Removed restrictions on graphite exploitation, rare earthsmelting separation and tungsten smelting

Arrangementsfor certainsectors intransitionperiods4

Automotive

► To remove restrictions on manufacturing of commercialvehicles by 2020

► To remove restrictions on foreign shareholding inmanufacturing of passenger vehicles and a single foreigninvestor can be allowed to set up two joint ventures ormore in China by 2022

Capital Market

► To remove restrictions on foreign shareholding ratio insecurities and fund management companies by 2021

► To remove restrictions on foreign shareholding ratio infutures companies by 2021

Insurance ► To remove restrictions on foreign shareholding ratio ininsurance companies by 2021

Note:

4. The “2018 National Negative List” clarifies the transition period of the removal or relaxation of restrictions on access in some areas; after that,restrictions will be removed or relaxed on time.


Comparison of the “2018 National Negative List” and the “2017 National Negative List”

Compared with the “Scope of Foreign Investments Subject to Special Access Control (Negative List)” in the“Industry Catalogue Guide for Foreign Investment (2017 Revision)” (hereinafter referred to as “2017 NationalNegative List”), items covered by the “2018 National Negative List” is reduced from 63 to 48, further reducingforeign investment projects applicable to administrative examination and approval.

It is worth noting that for some areas that foreign investors are more concerned about (such as financial andmanufacturing sectors), restrictions on foreign investment access are removed or further relaxed in the “2018National Negative List”:

Note:

5. Except for those listed in Catalogue of Non-Tax-Free Commodities Imported for Foreign Investment Projects or Catalogue of Non-Tax-FreeImported Key Technological Equipment and Machinery and Products

Items “2017 National Negative List” “2018 National Negative List”

Manufacturing ofwhole vehiclesand specialpurpose vehicles

► Chinese side shall own at least 50%stake; a single foreign investor maynot establish more than two jointventures engaging in themanufacturing of the same type ofwhole vehicles (passenger vehicles andcommercial vehicles).

► However, joint ventures together withChinese partners acquire otherdomestic automobile manufacturers orproduce pure electric vehicle productsare not subject to the restrictions.

► For the manufacturing of wholevehicles (except for special purposevehicles and new-energy vehicles),the Chinese side shall own at least50% stake. A single foreign investormay not establish more than two jointventures engaging in themanufacturing of the same type ofwhole vehicles.

► The foreign equity restrictions for themanufacturing of commercial vehiclesshall be removed by 2020.

► The foreign equity restrictions for themanufacturing of passenger vehiclesand limitation for establishing nomore than two joint ventures by thesame foreign investor shall beremoved by 2022.

Railwaytransportation

► For railway passenger transportcompany, a controlling 51% stake shallbe owned by the Chinese side

► Restriction removed

Shipping agency ► For shipping agency company, acontrolling 51% stake shall be ownedby the Chinese side

► Restriction removed

Gas station ► For construction and operation of gasstation, a controlling 51% stake shallbe owned by the Chinese side

► Removed the restriction thatconstruction and operation of chainedgas stations with more than 30branches and sales of different typesand brands of refined oil frommultiple suppliers by the same foreigninvestor shall be owned by theChinese side.

Banking ► A single foreign financial institutionand its controlled or jointly controlledrelated parties may not have morethan 20% shareholding in a singleChinese commercial bank as apromoter or strategic investor, andmultiple foreign financial institutionsand their controlled or jointlycontrolled related parties may nothave more than 25% shareholding intotal as promoters or strategicinvestors.

► Removed the restriction on singleforeign investor with a shareholdingof more than 20% in Chinese banksand 25% of total on multiple foreigninvestors.


Comparison among the “2018 National Negative List”, the “2018 PFTZ Negative List”, andthe “2017 PFTZ Negative List”

In the aspect of opening up, the PFTZ negative list has always played a role in pioneering and exploring a higherdegree of openness. In September 2013, the State Council of China first proposed the establishment of amanagement model of negative list in the China (Shanghai) PFTZ (Shanghai PFTZ). In these years, the scope of thePFTZ kept expanding. The PFTZ negative list has been improved and revised and has been developed into the 2017PFTZ Negative List which covers 95 special administrative measures. This time, the “2018 PFTZ Negative List”simplified the 95 measures from the 2017 version to 45 with a quite an impressive reduction. From another angle,the “2018 PFTZ Negative List” is more open than the “2018 National Negative List” as the former has cut downthree special administrative measures. In addition, for restrictions on foreign investment in certain areas, the“2018 PFTZ Negative List” shows further relaxation. Main areas involved in the relaxation or removal of foreigninvestment restrictions are as follows:

Items “2017 National Negative List” “2018 National Negative List”

Securities ► Securities companies must have atleast 51% stake held by the Chineseside and with restriction on businessscope

► Securities investment fundmanagement companies must have atleast 51% stake held by the Chineseside

► Starting from 28 July 2018, therestriction on securities companiesand securities investment fundmanagement company will bechanged to foreign shareholding of nomore than 51%.

► Such restrictions on foreignshareholding shall be removed by2021.

Futures ► Futures companies should have atleast 51% stake held by the Chineseside

► Starting from 28 July 2018, therestriction on futures companies willbe changed from Chinese holding toforeign shareholding of no more than51%.


Insurance ► For insurance companies, foreignshareholding in life insurancecompanies shall not be more than50%.

► The 50% restriction on foreignshareholding in life insurancecompanies shall be lifted to 51%


Industries“2018 National Negative

List”“2018 PFTZ Negative List” “2017 PFTZ Negative List”

Explorationand mining ofoil and naturalgas

► Exploration andmining of oil andnatural gas shall belimited to equityjoint ventures orcooperative jointventures.

► Restriction removed ► Investments in explorationand mining of oil, naturalgas and coalbed methanemust be carried out throughsigning product sharingcontracts with oil and gascompanies with foreigncooperation franchiseapproved by the Chinesegovernment.


Industries“2018 National Negative

List”“2018 PFTZ Negative List” “2017 PFTZ Negative List”

Processingof nuclearfuel andnuclearradiation

► Prohibition ofinvestment in refiningand processing ofradioactive mineralproducts, productionof nuclear fuel

► Prohibition removed ► Prohibition ofinvestment in refiningand processing ofradioactive mineralproducts

► Production, import andexport of nuclear fuel,nuclear materials,uranium products andrelated nucleartechnologies shall becarried out by qualifiedstate-ownedenterprises.

► Only state-owned orstate-controlledenterprises can engagein disposal activities ofradioactive solid waste

Culture ► For performanceagency institutions, acontrolling 51% stakeshould be owned bythe Chinese side.

► Prohibition ofinvestment in artperformance groups

► Removed restriction onforeign shareholding inperformance agencyinstitutions

► Relaxed the prohibition ofinvestment in artperformance groups tocontrolling 51% stakeshould be owned by theChinese side

► For performance agencyinstitutions, acontrolling 51% stakeshould be owned by theChinese side (except forthe provinces and citieswith PFTZ).

► Prohibition of theestablishment of artperformance groups

Agriculture ► For seed selection andproduction for newvarieties of wheat andcorn, a controlling 51%stake should be ownedby the Chinese side.

► Relaxed the foreignshareholding ratio of seedselection and productionfor new varieties of wheatand corn from no morethan 49% to no more than66%.

► For seed selection andproduction for newvarieties of crops, acontrolling 51% stakeshould be owned by theChinese side.

Telecom ► Telecommunicationcompanies within thescope of China’s WTOcommitments; forvalue-addedtelecommunicationservices except for e-commerce businesses,at least a 50% stakeshould be owned bythe Chinese side. Forbasictelecommunicationservices, a controlling51% stake should beowned by the Chineseside.

► Telecommunicationcompanies within thescope of China’s WTOcommitments; for value-added telecommunicationservices except for e-commerce businesses, atleast a 50% stake shouldbe owned by the Chineseside. For basictelecommunicationservices, a controlling51% stake should beowned by the Chinese side(the operator shall belegally establishedcompanies specializing inbasic telecommunicationservices)

► Expand pilot policies fromthe original area of theShanghai PFTZ [28.8square kilometers] to allthe free trade zones.*

► Telecommunicationcompanies within thescope of China’s WTOcommitments; for value-addedtelecommunicationservices except for e-commerce businesses,at least a 51% stakeshould be owned bystate.

► Implement the existingpolicies in the originalarea of the ShanghaiPFTZ [28.8 squarekilometers].


* The pilot polices for the original area of the Shanghai PFTZ mentioned in the above table mainly refers to the opening-up policy of value-addedtelecommunication services in the Shanghai PFTZ. Specifically, it involves policies in the following areas:

► Within the scope of China’s WTO commitments, foreign shareholding ratio of both the information services business (including applicationstores only) and store-and-forward business (foreign shareholding with no more than 50%) may exceed 50% as a pilot.

► Add four services as new pilot: call center business, domestic multi-party communication service business, Internet access servicebusiness (providing Internet access service for Internet users), and domestic virtual private network of Internet service. Among them, forcall center business, domestic multi-party communication service business, and Internet access service business (providing Internetaccess services for Internet users), foreign investment shareholding ratio may exceed 50%; the one for domestic virtual private networkmay not exceed 50%.

► Foreign shareholding ratio of online data processing and transaction processing business (operating e-commerce) can reach 100%.

The “2018 PFTZ Negative List” expands the above-mentioned value-added telecommunications opening-up policies to all PFTZs, which is nowonder good news for foreign investors with intention to invest in PFTZs.

Our observations

Just as the Chinese government has always set the tone, that is, “the door of China will not be closed, but will onlybe opened wider and wider,” the shortening of the two new negative lists of foreign investment with reduction ofrestricted areas have certainly lifted the access degree for foreign capital. As foreign capital is involved with anincreasing number of industries in China and the foreign investment restrictions have lessened, the investmentenvironments for domestic and foreign capital are now more levelled, which helps China to become the center ofglobal capitals.

China's market access negative lists

At present, China’s negative lists mainly include the negative list of market access and the negative list of foreigninvestment. The negative list of market access includes consistent administrative measures applicable to bothdomestic and foreign investors; the negative list of foreign investment includes special administrative measures forforeign investment access and thus is applicable to investments and operations of foreign investors in China.5

These two types of lists are consistent in concept but different in content. For foreign investment, the first step isto go through the negative list of foreign investment, because there are restrictions on foreign investment accessin some areas completely or conditionally. In the situation where a foreign investor has met the conditions of theforeign investment negative list, the foreign and domestic investors are subject to the same conditions of marketaccess, that is, they all need to comply with the negative list of market access6.

More specifically, there are currently several negative lists:

► The “Scope of Foreign Investments Subject to Special Access Control (Negative List) of the “ForeignInvestment Industrial Guidance Catalogue” — this new “2018 National Negative List” is the latest version,which is applicable to all foreign investments in mainland China;

► The “Negative List of Market Access” – is fully applicable to domestic and foreign investments in mainlandChina. Currently it is still a pilot draft version implemented only in Shanghai, Guangdong, Fujian and Tianjin;

► The “Special Administrative Measures for Admission of Foreign Investments in PFTZs (Negative List)” – thisnew ”2018 PFTZ Negative List” is the latest version, which is applicable to all foreign investments in PFTZs.

Moreover, for foreign investments in central and western regions, the “Catalogue of Priority Industries for ForeignInvestment in the Central and Western Regions” shall be applicable and certain companies may enjoy a preferentialCorporate Income Tax rate of 15%.

Note:

5. Guofa [2015] No. 556. http://www.scio.gov.cn/32344/32345/32347/20151030/zy33677/Document/1453335/1453335.htm


Timetable of China's continuous opening up of industries in transition period

The updated negative list continues to shrink, indicating China’s determination and initiative to increase itsopenness and also enhance China's credibility and influence in the global trade system.

The “2018 National Negative List” and the ”2018 PFTZ Negative List” will be implemented from 28 July 2018and 30 July 2018 respectively. To enhance high-quality development of economy, quite a few restrictions will beremoved in various areas. Further, clear arrangements are made for developing a route map and timetabledemonstrating the opening up of certain industries; they are shown in the following diagram:

The above-mentioned transitional arrangements show that China will continue to gradually increase itsopenness, while giving the relevant industries a certain transition period and further enhancing the predictabilityof openness. The Chinese government is therefore also releasing a strong signal to the world of her future steps,setting the tone for expectations from the outside world.

National

“2018National

Negative List”

Comprehensively relaxedmarket access in primary,secondary as well as tertiaryindustries, involving 22 areasof finance, infrastructure,transportation, trade andcommerce, culture,agriculture, energy and etc.

“2018 PFTZNegative List”

Besides the sameopening-up measureswith the "2018National NegativeList“, further removeor relax therestrictions onagriculture,exploration andmining, culture andtelecommunicationindustries.

2018

Pilot Free Trade Zones

Manufacturingof vehicles

Remove foreign equityrestrictions formanufacturing of commercialvehicles

Capital Market

Remove foreign equityrestrictions for securities andfund management companies

Remove foreign equityrestrictions for futurescompanies

InsuranceRemove foreign equityrestrictions for insurancecompanies

Manufacturingof vehicles

Remove foreign equityrestrictions formanufacturing of passengervehicles and a single foreigninvestor can be allowed to setup two joint ventures or morein China.

2020

2021

2022

Manufacturing ofvehicles

The same as the“2018 NationalNegative List”

Capital MarketThe same as the“2018 NationalNegative List”

InsuranceThe same as the“2018 NationalNegative List”

Manufacturing ofvehicles

The same as the“2018 NationalNegative List”


Other matters to pay attention

Foreign investors are required to apply for foreign investment access permits in the restricted investmentprojects as listed above. Investment in prohibited projects may not be allowed; for those with equityrequirements, foreign-invested partnerships may not be established; for projects not included in the negativelist, the establishment and change of foreign-invested enterprises shall be subject to record filing administration.

In addition, if there are more favorable measures in the corresponding Closer Economic PartnershipArrangement (CEPA), the “Cross-Strait Economic Cooperation Framework Agreement,” FTZ agreements orinvestment agreements in treaties, whichever is more favorable applies.

Conclusion

In recent years, the central government continues to release strong and firm signals to attract foreigninvestment. In both the areas of business and taxation, a series of measures has been adopted to promoteforeign investment growth. The data released by the central government also indicates the steady growth offoreign investment (see Appendix for details). The negative lists released this time have greatly reduced therestrictions on foreign investment access. It is believed that with further implementation of the policies, foreigninvestment will enjoy more equity in business environments and improved policy treatments in China.


Appendix- Relevant Data

Attached is the relevant data and diagrams of actual foreign investment in China in recent years. All datasources are official websites of the central departments:

Appendix 1: Top 10 countries/regions’ direct investment in China from January toDecember in 2017

Top 10 countries/regions’ direct investment in China from January to December in 2017Unit: USD100 million

Number Country/Region Actual Use of Foreign Capital

1Hong Kong Special Administrative

Region989.2

2 Singapore 48.3

3 Taiwan 47.3

4 Korea 36.9

5 Japan 32.7

6 United States 31.3

7 Netherlands 21.7

8 Germany 15.4

9 United Kingdom 15

10 Denmark 8.2

Data source：http://www.fdi.gov.cn/1800000121_33_10078_0_7.html


Appendix 2: Foreign Direct Investment in China from 2010 through 2017

100

110

120

130

140

2010 2011 2012 2013 2014 2015 2016 2017

China attracted foreign direct investment 2010-2017

Actual Use of Foreign Capital

USD1 billion

Year Actual Use of Foreign Capital Year-on-year basis

2017 USD131.04 billion 4%

2016 USD126 billion 4.1%

2015 USD126.27 billion 6.4%

2014 USD119.56 billion 1.7%

2013 USD117.59 billion 5.25%

2012 USD111.72 billion -3.7%

2011 USD116.01 billion 9.72%

2010 USD105.74 billion 17.44%

Note: Not including data of attracting foreign investment in banking, insurance and securities.



Appendix 3: Newly established foreign investment enterprises from January to December in2017

0

5000

10000

15000

20000

25000

30000

Sino-foreign jointventure

Sino-foreigncooperative enterprise

Foreign-investedEnterprise

Foreign-investedholdings

Newly Established Enterprises from January through December in 2017



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