1. The Special Administrative Measures for Foreign Investment Access (Negative List) (hereinafter referred to as the Negative List for Foreign Investment Access) uniformly lists the special administrative measures for foreign investment access such as equity requirements and executive requirements. Areas outside the negative list of foreign investment access shall be managed in accordance with the principle of consistency between domestic and foreign investment. 2. The negative list of foreign investment access lists the transition period of canceling or relaxing access restrictions in some areas, and the access restrictions will be cancelled or relaxed on time after the transition period. 3. Foreign investors shall not engage in investment and business activities as individual industrial and commercial households, investors of sole proprietorship enterprises or members of farmers' professional cooperatives. 4. Foreign investment is prohibited in the negative list of foreign investment access, and foreign investment is not allowed; Investment in non-prohibited investment areas within the negative list of foreign investment access must be subject to foreign investment access permit; Foreign-invested partnerships may not be established to invest in areas with equity requirements. Five, domestic companies, enterprises or natural persons and overseas legally established or controlled companies merger and acquisition of domestic related companies, involving foreign investment projects and enterprise establishment and change matters, according to the existing provisions. Six, the "negative list of foreign investment access" is not listed in the cultural, financial and other fields and administrative examination and approval, qualification, national security and other related measures, according to the existing regulations. 7. The Mainland and Hong Kong Closer Economic Partnership Arrangement and its subsequent agreements, the Mainland and Macao Closer Economic Partnership Arrangement and its subsequent agreements, the Framework Agreement on Cross-Strait Economic Cooperation and its subsequent agreements, the free trade zone agreements and investment agreements signed between China and relevant countries, and the international treaties to which China is a party have more favorable opening measures for qualified investors, and the relevant agreements or agreements shall prevail. In special economic zones such as the Pilot Free Trade Zone, if more favorable opening measures are implemented for qualified investors, the relevant provisions shall be followed. Eight, the "negative list of foreign investment access" by the development and Reform Commission, the Ministry of Commerce in conjunction with the relevant departments responsible for the interpretation of.

Special management measures for foreign investment access (negative list) (version 20 19)

Special management measures 1. Agriculture, Forestry, Animal Husbandry and Fishery 1 Breeding and seed production of wheat and corn varieties must be controlled by the Chinese side. It is forbidden to invest in the research and development, breeding, planting and production of related propagation materials (including excellent genes in planting, animal husbandry and aquaculture) of rare and unique precious varieties in China. It is forbidden to invest in the breeding of genetically modified varieties of crops, livestock and poultry and aquatic seedlings and the production of genetically modified seeds (seedlings). It is forbidden to invest in fishing aquatic products in waters under our jurisdiction and inland waters. 2. Mining industry 5 It is forbidden to invest in the exploration, mining and beneficiation of rare earth, radioactive minerals and tungsten. The printing of publications must be controlled by the Chinese side. It is forbidden to invest in smelting and processing radioactive minerals and nuclear fuel production. It is forbidden to invest in the application of steaming, frying, roasting, calcining and other processing technologies of Chinese herbal pieces and the production of secret Chinese medicine products. Except for special purpose vehicles and new energy vehicles, the Chinese side holds no less than 50% of the shares in vehicle manufacturing, and the same foreign investor may set up two or less joint ventures in China to produce similar vehicle products. (In 2020, the restrictions on foreign-invested shares in commercial vehicle manufacturing will be abolished. In 2022, the restrictions on the foreign share ratio of passenger car manufacturing and the restriction that the same foreign investor can establish two or less joint ventures in China to produce similar vehicle products will be abolished. Four. Electricity, heat, gas and water production and supply industry 1 1 The construction and operation of the nuclear power plant is controlled by the Chinese side. 12 The construction and operation of urban water supply and drainage networks with a population of more than 500,000 are controlled by the Chinese side. V. Wholesale and Retail 13 It is forbidden to invest in the wholesale and retail of tobacco products such as tobacco leaves, cigarettes and redried tobacco leaves. Six, transportation, warehousing and postal services 14 domestic water transport companies must be controlled by the Chinese side. 15 the air transport company is controlled by the Chinese side, and the investment ratio of foreign investors and their affiliated enterprises shall not exceed 25%. The legal representative shall be a citizen of China. 16 the legal representative of a general aviation company shall be a citizen of China, among which the general aviation company of agriculture, forestry and fisheries is limited to joint ventures, and the other general aviation companies are limited to Chinese holding.

No special management measures 17 The construction and operation of the civil airport is controlled by the Chinese side. 18 investment in air traffic control is prohibited. 19 it is forbidden to invest in postal companies and domestic express delivery of letters. 7. Information transmission, software and information technology services. Telecom companies: Limited to the telecom services promised to open after China's entry into WTO, the proportion of foreign shares in value-added telecom services shall not exceed 50% (except e-commerce, domestic multi-party communication, store-and-forward services and call centers), and the basic telecom services shall be controlled by the Chinese side. 2 1 It is forbidden to invest in Internet news information services, online publishing services, online audio-visual program services, Internet cultural management (except music), and Internet public release information services (except for the contents that China has promised to open to the WTO). 8. The foreign shares of 22 securities companies in the financial industry shall not exceed 5 1%, and the foreign shares of securities investment fund management companies shall not exceed 5 1%. (202 1 year, the restriction on the ratio of foreign shares was abolished) 23 The ratio of foreign shares of a futures company shall not exceed 5 1%. (202 1 year, the restriction on the ratio of foreign shares was abolished) 24 The ratio of foreign shares of life insurance companies shall not exceed 5 1%. (202 1 lifting the restriction on the ratio of foreign shares) IX. Leasing and Business Services 25 It is forbidden to invest in legal affairs in China (except providing information on the legal environment impact in China) and not to become a partner of a domestic law firm. Market research is limited to joint ventures and cooperation, in which the radio and television listening and watching survey must be controlled by the Chinese side. Investment in social surveys is prohibited. X. Scientific research and technical services 28. It is forbidden to invest in the development and application of human stem cells and gene diagnosis and treatment technologies. It is forbidden to invest in humanities and social science research institutions. It is forbidden to invest in the compilation of geodesy, marine surveying and mapping, surveying aerial photography, ground movement survey, administrative boundary mapping, topographic map, world administrative map, national administrative map, provincial and below administrative map, national teaching map, local teaching map, true three-dimensional map and navigation electronic map, as well as regional geological mapping, mineral geology, geophysics, geochemistry, hydrogeology, environmental geology, geological disasters and remote sensing geology. XI。 Education 3 1 Pre-school, ordinary high schools and institutions of higher learning are limited to Sino-foreign cooperation in running schools, and must be led by the Chinese side (the principal or chief administrative officer shall have China nationality, and the Chinese members of the board of directors, the board of directors or the joint management committee shall not be less than12). It is forbidden to invest in compulsory education institutions and religious education institutions. Twelve. Health and Social Work 33 Medical institutions are limited to joint ventures and cooperation.

Special management measures XIII. Culture, sports and entertainment industry 34 prohibits investment in news organizations (including but not limited to news agencies). It is forbidden to invest in the editing, publishing and production of books, newspapers, periodicals, audio-visual products and electronic publications. It is forbidden to invest in radio stations (stations), television stations (stations), radio and television channels (rates) and radio and television transmission coverage networks (transmitting stations, relay stations, radio and television satellites, satellite uplink stations, satellite transceiver stations, microwave stations, monitoring stations and cable radio and television transmission coverage networks, etc.). ), and it is prohibited to engage in radio and television video-on-demand services and satellite television broadcasting ground receiving facilities installation services. It is forbidden to invest in radio and television program production and operation (including import business) companies. It is forbidden to invest in film production companies, distribution companies, cinema companies and film import business. It is forbidden to invest in auction companies, cultural relics shops and state-owned cultural relics museums. It is forbidden to invest in art performance groups.