自由贸易试验区外商投资准入特别管理措施 （负面清单）（2020 年版） Special Administrative Measures for foreign investment access in the Free Trade Zone (negative list) (2020 version) 上海徐汇区田林东路 （021）-60491236 WWW.CHINASFBC.COM 75 号 11 楼 A31

一、《自由贸易试验区外商投资准入特别管理措施（负面清单）》（以下简称 《自贸试验区负面清单》）统一列出股权要求、高管要求等外商投资准入方 面的特别管理措施，适用于自由贸易试验区。《自贸试验区负面清单》之外 的领域，按照内外资一致原则实施管理。 1、 The Special Administrative Measures for foreign investment access in the pilot Free Trade Zone (negative list) (hereinafter referred to as the negative list of the pilot Free Trade Zone) uniformly lists the Special Administrative Measures for foreign investment access such as equity requirements and executive requirements, which are applicable to the pilot Free Trade Zone. Areas outside the negative list of the pilot Free Trade Zone shall be managed in accordance with the principle of consistency between domestic and foreign investment. 二、《自贸试验区负面清单》对部分领域列出了取消或放宽准入限制的过渡 期，过渡期满后将按时取消或放宽其准入限制。 2、 The negative list of the pilot Free Trade Zone lists the transition period for canceling or relaxing access restrictions in some areas. After the transition period expires, the access restrictions will be canceled or relaxed on time. 三、境外投资者不得作为个体工商户、个人独资企业投资人、农民专业合 作社成员，从事投资经营活动。 3、 Foreign investors shall not engage in investment and business activities as individual industrial and commercial households, sole proprietorship investors and members of farmers' professional cooperatives. 四、有关主管部门在依法履行职责过程中，对境外投资者拟 投资《自贸试 验区负面清单》内领域，但不符合《自贸试验区负面清单》规定的，不予 办理许可、企业登记注册等相关事项；涉及固定资产投资项目核准的，不 予办理相关核准事项。投资有股权要求的领域，不得设立外商投资合伙企 业。 4、 In the process of performing their duties according to law, the relevant competent authorities shall not handle licensing, enterprise registration and other related matters for foreign investors who intend to invest in the fields in the negative list of the pilot Free Trade Zone, but do not comply with the provisions of the negative list of the pilot Free Trade Zone; if the approval of a fixed asset investment project is involved, the relevant approval matters shall not be handled. No foreign-invested partnership shall be established for investment in areas requiring equity. 02

五、经国务院有关主管部门审核并报国务院批准，特定外商投资可以不适 用《自贸试验区负面清单》中相关领域的规定。 5、Upon examination and approval by the relevant competent department of the State Council and submitted to the State Council for approval, the provisions in relevant fields in the negative list of pilot free trade zones may not apply to specific foreign investment. 六、境内公司、企业或自然人以其在境外合法设立或控制的公司并购与其 有关联关系的境内公司，按照外商投资、境外投资、外汇管理等有关规定 办理。 6、 Domestic companies, enterprises or natural persons who legally establish or control companies abroad to merge and acquire domestic companies associated with them shall be handled in accordance with the relevant provisions on foreign investment, overseas investment, foreign exchange management and so on. 七、《自贸试验区负面清单》中未列出的文化、金融等领域与行政审批、资 质条件、国家安全等相关措施，按照现行规定执行。 7、 Measures related to administrative examination and approval, qualification conditions, national security and other fields such as culture and finance not listed in the negative list of the pilot Free Trade Zone shall be implemented in accordance with the current regulations. 八、《内地与香港关于建立更紧密经贸关系的安排》及其后续协议、《内地 与澳门关于建立更紧密经贸关系的安排》及其后续协议、《海峡两岸经济合 作框架协议》及其后续协议、我国缔结或者参加的国际条约、协定对境外 投资者准入待遇有更优惠规定的，可以按照相关规定执行。 8、 If the international treaties and agreements concluded or acceded to by China such as Mainland and Hong Kong Closer Economic Partnership Arrangement and its subsequent agreements, Mainland and Macao Closer Economic and Partnership Arrangement and its subsequent agreements, Cross Strait Economic Cooperation Framework Agreement and its subsequent agreements, have more preferential provisions on the access treatment of foreign investors, they may be implemented in accordance with the relevant provisions. 九、《自贸试验区负面清单》由国家发展改革委、商务部会同有关部门负责 解释。 9、 The negative list of the pilot Free Trade Zone shall be interpreted by the national development and Reform Commission and the Ministry of Commerce in conjunction with relevant departments. 03

自由贸易试验区外商投资准入特别管理措施 （负面清单）（2020 年版） Special Administrative Measures for foreign investment access in the pilot Free Trade Zone (negative list) (2020 version) 序号 特别管理措施 N一o、. 农、林、牧、渔业 Special management measures 1. Agriculture, forestry, animal husbandry and fishery 1 小麦、玉米新品种选育和种子生产的中方股比不低于34%。 The Chinese share ratio of new wheat and corn variety breeding and seed production shall not be less than 34%. 禁止投资中国稀有和特有的珍贵优良品种的研发、养殖、种植以及相关繁殖材料的生 2 产（包括种植业、畜牧业、水产业的优良基因）。 It is prohibited to invest in the breeding and planting of rare and unique precious varieties in China and the production of related reproductive materials (including excellent genes of planting, animal husbandry and aquaculture). 3 禁止投资农作物、种畜禽、水产苗种转基因品种选育及其转基因种子（苗）生产。 It is prohibited to invest in the breeding of transgenic varieties of crops, breeding livestock and poultry and aquatic seedlings and the production of transgenic seeds (seedlings). 二、采矿业 三、2、 Mining industry 禁 止 投 资 稀 土 、放 射 性 矿 产 、钨 勘 查 、开 采 及 选 矿 。（ 未 经 允 许 ，禁 止 进 入 稀 土 矿 区或 4 取得矿山地质资料、矿石样品及生产工艺技术。） It is prohibited to invest in the exploration, mining and beneficiation of rare earth, radioactive minerals and tungsten. (Without permission, it is forbidden to enter the rare earth mining area or obtain mine geological data, ore samples and production technology.) 04

三、制造业 3、 Manufacturing 除专用车、新能源汽车、商用车外，汽车整车制造的中方股比不低于50%，同一家 外商可在国内建立两家及两家以下生产同类整车产品的合资企业。（2022 年取消乘 5 用车制造外资股比限制以及同一家外商可在国内建立两家及两家以下生产同类整车 产品的合资企业的限制） In addition to special purpose vehicles, new energy vehicles and commercial vehicles, the Chinese share ratio of vehicle manufacturing shall not be less than 50%. The same foreign investor can establish two or less joint ventures in China to produce similar vehicle products. (In 2022, the restriction on the share ratio of foreign capital in passenger car manufacturing and the restriction that the same foreign investor can establish two or less joint ventures producing similar vehicle products in China will be abolished) 6 卫星电视广播地面接收设施及关键件生产。 Production of satellite television broadcasting ground receiving facilities and key parts. 四、电力、热力、燃气及水生产和供应业 4、 Power, heat, gas and water production and supply 7 核电站的建设、经营须由中方控股。 The construction and operation of nuclear power plants must be controlled by the Chinese party. 五、批发和零售业 5、 Wholesale and retail 8 禁止投资烟叶、卷烟、复烤烟叶及其他烟草制品的批发、零售。 It is prohibited to invest in the wholesale and retail of tobacco, cigarettes, redried tobacco and other tobacco products. 六、交通运输、仓储和邮政业 6、 Transportation, warehousing and postal services 05

国内水上运输公司须由中方控股。（且不得经营或租用中国籍船舶或者舱位等方式变相 经营国内水路运输业务及其辅助业务；水路运输经营者不得使用外国籍船舶经营国内 水路运输业务，但经中国政府批准，在国内没有能够满足所申请运输要求的中国籍船 9 舶，并且船舶停靠的港口或者水域为对外开放的港口或者水域的情况下，水路运输经 营 者 可 以 在 中 国 政 府 规 定 的 期 限 或 者 航 次 内 ， 临 时 使 用 外 国 籍 船 舶 经 营 中国港口之间 的海上运输和拖航。） Domestic water transport companies must be controlled by the Chinese party.(and shall not operate or charter Chinese ships or shipping spaces in disguised form to operate domestic waterway transportation business and its auxiliary business; waterway transportation operators shall not use foreign ships to operate domestic waterway transportation business, but with the approval of the Chinese government, there is no Chinese ship in China that can meet the transportation requirements applied for, and the port or water area where the ship stops is foreign in the case of open ports or waters, waterway transport operators may temporarily use ships of foreign nationality to operate maritime transport and towing between Chinese ports within the time limit or voyage specified by the Chinese government.) 公共航空运输公司须由中方控股，且一家外商及其关联企业投资比例不得超 10 过 25%，法定代表人须由中国籍公民担任。通用航空公司的法定代表人须由中国籍 公民担任，其中农、林、渔业通用航空公司限于合资，其他通用航空公司限于中方控 股 。（ 只 有 中 国 公 共 航 空 运 输 企 业 才 能 经 营 国 内 航 空 服 务 ，并 作 为 中 国 指 定 承 运 人 提供 定期和不定期国际航空服务。） A public air transport company shall be controlled by the Chinese party, and the investment proportion of a foreign company and its affiliated enterprises shall not exceed 25%, and the legal representative shall be a Chinese citizen. The legal representative of general aviation companies shall be Chinese citizens, of which agricultural, forestry and fishery general airlines are limited to joint ventures, and other general airlines are limited to Chinese holding. (only Chinese public air transport enterprises can operate domestic air services and provide regular and irregular international air services as Chinese designated carriers.) 06

11 民用机场的建设、经营须由中方相对控股。外方不得参与建设、运营机场塔台。 The construction and operation of civil airports shall be controlled by the Chinese party. The foreign party shall not participate in the construction and operation of airport towers. 12 禁止投资邮政公司（和经营邮政服务）、信件的国内快递业务。 It is prohibited to invest in domestic express business of postal companies and letters. 七、信息传输、软件和信息技术服务业 7、 Information transmission, software and information technology services 电 信 公 司 ：限 于 中 国 入 世 承 诺 开 放 的 电 信 业 务 ，增 值 电 信 业 务 的 外 资 股 比 不 超 过 50%（电子商务、国内多方通信、存储转发类、呼叫中心除外），基础电信业务须 由 13 中方控股（且经营者须为依法设立的专门从事基础电信业务的公司）。上海自贸试验区 原有区域〔28.8 平方公里〕试点政策推广至所有自贸试验区执行。 Telecom companies: limited to the telecom services promised to be opened by China's accession to the WTO, the foreign share ratio of value-added telecom services shall not exceed 50% (except e-commerce, domestic multi-party communication, storage and forwarding and call center), and the basic telecom services shall be controlled by China.(and the operator must be a legally established company specializing in basic telecommunications business). The pilot policy of the original area [28.8 square kilometers] of Shanghai pilot free trade zone is extended to all pilot free trade zones. 禁止投资互联网新闻信息服务、网络出版服务、网络视听节目服务、互联网文化经营 14 （音乐除外）、互联网公众发布信息服务（上述服务中，中国入世承诺中已开放的内容 除外）。 It is prohibited to invest in Internet news and information services, online publishing services, online audio-visual program services, Internet cultural operation (except music) and Internet public information release services (among the above services, exclude the contents that have been opened in China's WTO accession commitments). 八、租赁和商务服务业 8、 Leasing and business services 07

禁止投资中国法律事务（提供有关中国法律环境影响的信息除外），不得成为国内律师 事务所合伙人。（外国律师事务所只能以代表机构的方式进入中国，且不得聘用中国执 15 业律师，聘用的辅助人员不得为当事人提供法律服务；如在华设立代表机构、派驻代 表，须经中国司法行政部门许可。） It is prohibited to invest in China's Legal Affairs (except for providing information on the impact of China's legal environment), and shall not become a partner of a domestic law firm.(foreign law firms can only enter China by means of representative offices, and shall not employ Chinese practicing lawyers, and the employed auxiliary personnel shall not provide legal services for the parties; if they set up representative offices and send representatives in China, they must obtain the permission of the Chinese judicial administration department.) 16 市场调查限于合资，其中广播电视收听、收视调查须由中方控股。 Market research is limited to joint ventures, in which radio and television listening and viewing investigations must be controlled by the Chinese party. 17 禁止投资社会调查。 It is prohibited to invest in social surveys. 九、科学研究和技术服务业 9、 Scientific research and technical services 18 禁止投资人体干细胞、基因诊断与治疗技术开发和应用。 It is prohibited to invest in the development and application of human stem cells and gene diagnosis and treatment technologies. 19 禁止投资人文社会科学研究机构。 It is prohibited to invest in research institutions of humanities and social sciences. 禁止投资大地测量、海洋测绘、测绘航空摄影、地面移动测量、行政区域界线测 绘，地形图、世界政区地图、全国政区地图、省级及以下政区地图、全国性教学地图、 地方性教学地图、真三维地图和导航电子地图编制，区域性的地质填图、矿产地质、 20 地球物理、地球化学、水文地质、环境地质、地质灾害、遥感地质等调查 （矿业权人在其矿业权范围内开展工作不受此特别管理措施限制）。 08 It is prohibited to invest in geodesy, marine surveying and mapping, surveying and mapping aerial photography, ground movement survey, administrative boundary surveying and mapping, topographic map, world administrative region map, national administrative region map, provincial and lower administrative region map, national teaching map, local teaching map, true three-dimensional geological map and navigation electronic map, regional geological mapping, mineral geology, geophysics Geochemical, hydrogeological, environmental geology, geological hazards, remote sensing geology, etc (the work carried out by the mining right owner within the scope of his mining right is not limited by this special management measure).

十、教育 10、Education 学前、普通高中和高等教育机构限于中外合作办学，须由中方主导（校长或者主要行 政 负 责 人 应 当 具 有 中 国 国 籍 （ 且 在 中 国 境 内 定 居 ）， 理 事 会 、 董 事 会 或 者 联 合 管 理委 员会的中方组成人员不得少于1/2）。（外国教育机构、其他组织或者个人不得单独设 21 立以中国公民为主要招生对象的学校及其他教育机构（不包括非学制类职业培训机构、 学 制 类 职 业 教 育 机 构 ），但 是 外 国 教 育 机 构 可 以 同 中 国 教 育 机 构 合 作 举 办以中国公民为 主要招生对象的教育机构。） Preschool, ordinary high school and higher education institutions are limited to Chinese and foreign cooperation in running schools and must be led by the Chinese party (the president or main administrative person in charge shall have Chinese nationality, and the Chinese members of the Council, board of directors or joint management committee shall not be less than 1 / 2).(foreign educational institutions, other organizations or individuals may not set up schools or other educational institutions (excluding non school system vocational training institutions and school system vocational education institutions) with Chinese citizens as the main enrollment objects, but foreign educational institutions may cooperate with Chinese educational institutions to set up educational institutions with Chinese citizens as the main enrollment objects.) 22 禁止投资义务教育机构、宗教教育机构。 It is prohibited to invest in compulsory education institutions and religious education institutions. 十一、卫生和社会工作 11、 Health and social work 23 医疗机构限于合资。 Medical institutions are limited to joint ventures. 09

十二、文化、体育和娱乐业 十三、12、 Culture, sports and entertainment 禁止投资新闻机构（包括但不限于通讯社）。（外国新闻机构在中国境内设立常驻新闻 机构、向中国派遣常驻记者，须经中国政府批准。外国通讯社在中国境内提供新闻的 24 服务业务须由中国政府审批。中外新闻机构业务合作，须中方主导，且须经中国政府 批准。） It is prohibited to invest in news agencies (including but not limited to news agencies).(The establishment of resident news agencies in China and the dispatch of resident journalists to China by foreign news agencies must be approved by the Chinese government. The service business of foreign news agencies providing news in China must be approved by the Chinese government. The business cooperation between Chinese and foreign news agencies must be led by the Chinese party and approved by the Chinese government.) 禁 止 投 资图 书 、报纸 、期 刊 、音 像制 品 和电 子出 版 物 的编 辑 、出版 、制 作 业 务。 （但经中国政府批准，在确保合作中方的经营主导权和内容终审权并遵守中国政府批 25 复的其他条件下，中外出版单位可进行新闻出版中外合作出版项目。未经中国政府批 准，禁止在中国境内提供金融信息服务。） It is prohibited to invest in the editing, publishing and production of books, newspapers, periodicals, audio-visual products and electronic publications. (However, with the approval of the Chinese government, Chinese and foreign publishing units may carry out press and publication Chinese foreign cooperative publishing projects under the conditions of ensuring the leading right of the cooperative party in operation and the right of final adjudication of the content, and complying with other conditions approved by the Chinese government. It is prohibited to provide financial information services within the territory of China without the approval of the Chinese government.) 10

禁止投资各级广播电台（站）、电视台（站）、广播电视频道（率）、广播电视传输覆盖 网（发射台、转播台、广播电视卫星、卫星上行站、卫星收转站、微波站、监测台及 26 有线广播电视传输覆盖网等），禁止从事广播电视视频点播业务和卫星电视广播地面接 收设施安装服务。（对境外卫星频道落地实行审批制度。） It is prohibited to invest in radio stations, television stations, radio and television channels (rates), radio and television transmission coverage networks (transmitting stations, broadcasting stations, radio and television satellites, satellite uplink stations, satellite receiving and transferring stations, microwave stations, monitoring stations and cable radio and television transmission coverage networks, etc.) at all levels. It is prohibited to engage in radio and television video on demand business and installation services of ground receiving facilities for satellite television broadcasting. (The approval system shall be implemented for the landing of overseas satellite channels.) 禁止投资广播电视节目制作经营（含引进业务）公司。（引进境外影视剧和以卫星传送 27 方式引进其他境外电视节目由广电总局指定的单位申报。对中外合作制作电视剧（含 电视动画片）实行许可制度。） It is prohibited to invest in radio and television program production and operation (including introduction business) companies. (The introduction of overseas film and television dramas and other overseas TV programs by satellite transmission shall be reported by the units designated by the SARFT. A licensing system shall be implemented for Chinese foreign cooperative production of TV dramas (including TV cartoons)) 禁 止 投 资 电 影 制 作 公 司 、发 行 公 司 、院 线 公 司 以 及 电 影 引 进 业 务 。（ 但 经 批 准 ，允 许中 28 外企业合作摄制电影。） It is prohibited to invest in film production companies, distribution companies, cinema companies and film introduction businesses. (However, with approval, Chinese and foreign enterprises are allowed to cooperate in film production.) 11

禁止投资各级广播电台（站）、电视台（站）、广播电视频道（率）、广播电视传输覆盖 网（发射台、转播台、广播电视卫星、卫星上行站、卫星收转站、微波站、 监测台及 26 有线广播电视传输覆盖网等），禁止从事广播电视视频点播业务和卫星电视广播地面接 收设施安装服务。（对境外卫星频道落地实行审批制度。） It is prohibited to invest in radio stations, television stations, radio and television channels (rates), radio and television transmission coverage networks (transmitting stations, broadcasting stations, radio and television satellites, satellite uplink stations, satellite receiving and transferring stations, microwave stations, monitoring stations and cable radio and television transmission coverage networks, etc.) at all levels. It is prohibited to engage in radio and television video on demand business and installation services of ground receiving facilities for satellite television broadcasting. (The approval system shall be implemented for the landing of overseas satellite channels.) 禁止投资广播电视节目制作经营（含引进业务）公司。（引进境外影视剧和以卫星传送 27 方式引进其他境外电视节目由广电总局指定的单位申报。对中外合作制作电视剧（含 电视动画片）实行许可制度。） It is prohibited to invest in radio and television program production and operation (including introduction business) companies. (The introduction of overseas film and television dramas and other overseas TV programs by satellite transmission shall be reported by the units designated by the SARFT. A licensing system shall be implemented for Chinese foreign cooperative production of TV dramas (including TV cartoons)) 禁 止 投 资 电 影 制 作 公 司 、发 行 公 司 、院 线 公 司 以 及 电 影 引 进 业 务 。（ 但 经 批 准 ，允 许中 28 外企业合作摄制电影。） It is prohibited to invest in film production companies, distribution companies, cinema companies and film introduction businesses. (However, with approval, Chinese and foreign enterprises are allowed to cooperate in film production.) 12

禁止投资文物拍卖的拍卖公司、文物商店和国有文物博物馆。（禁止不可移动文物及国 家禁止出境的文物转让、抵押、出租给外国人。禁止设立与经营非物质文化遗产调查 29 机构；境外组织或个人在中国境内进行非物质文化遗产调查和考古调查、勘探、发掘， 应采取与中国合作的形式并经专门审批许可。） It is prohibited to invest in auction companies, cultural relics shops and state-owned cultural relics museums. (It is prohibited to transfer, mortgage or lease immovable cultural relics and cultural relics prohibited by the state from leaving the country to foreigners. It is prohibited to establish and operate intangible cultural heritage investigation institutions; overseas organizations or individuals conducting intangible cultural heritage investigation, archaeological investigation, exploration and excavation in China shall take the form of cooperation with China and obtain special approval.) 30 文艺表演团体须由中方控股。 Artistic performance groups must be controlled by the Chinese party. 13