National Development and Reform Commission and Ministry of Commerce, Special Administrative Measures for Foreign Investment Access (Negative List) (2018 Edition)

The Negative List abolishes the restriction on the shareholding percentage of foreign investors in the banking industry, increases the shareholding percentage of foreign investors in securities companies, fund management companies, futures companies and life insurance companies to 51%, and from 2021, abolishes all restrictions on the shareholding percentage of foreign investors in the financial sector. In the manufacturing sector, it abolishes the restriction on the shareholding percentage of foreign investors in special purpose vehicles and alternative energy vehicles, from 2020 it abolishes the restriction on the shareholding percentage of foreign investors in commercial vehicles, and from 2022 it abolishes the restriction on the shareholding percentage of foreign investors in passenger vehicles, as well as the restriction that an equity joint venture cannot have more than two foreign investors. It also abolishes restrictions in sectors such as vessel and aircraft design, building/manufacturing, maintenance, repair, etc.