2016年中国外商投资重大法规发展回顾（Bilingual)

This article provides an overview of significant legal developments relating to foreign direct investment (FDI) in China in 2016.
本文对2016年中国外商直接投资领域重大的法规发展情况进行简要回顾。
The past year has witnessed two major trends of legal developments governing foreign investment in China: (i) the cancellation of certain restrictions on foreign direct investment in China and streamlining of administrative procedures; and (ii) the curb over foreign capital outflow and encouragement of the inflow.
2016年，外商投资领域法律有两个主要的发展趋势：取消了对外商直接投资的部分限制，行政程序简化；以及限制外资流出，鼓励外资流入。
In brief, important developments in China’s regulatory regime governing inbound foreign investment include:
概括来讲，2016年外商直接投资领域重大的法规发展情况如下：
Establishment of a record: filing approach regarding the incorporation and changes of foreign-invested companies – the previous requirement for case-by-case review and approval for the incorporation and specified corporate changes has been replaced with a record-filing approach, with certain exceptions.
建立外商投资企业设立及变更备案管理制：取消此前对外资企业设立及变更逐案审批的要求，变更为有例外情况的备案管理制。
Proposed amendments to 2015 Foreign Investment Catalogue: the number of restricted industries is further reduced from 93 to 62. In addition, the proposed amendments change the structure of 2015 Catalogue.
对《2015年外商投资产业指导目录》进行修订：限制类条目的数量进一步从93条减少到62条。此外，修订稿改变了2015年版本的结构设置。
Implementation of a pilot market access negative list system: this system, now in place in Shanghai, Tianjin, Fujian and Guangdong, is a first step towards placing all domestic and foreign investors under the same market access rules.
实施自贸区市场准入负面清单制度： 这一制度目前在上海、天津、福建和广东实行，对所有境内外投资者适用相同市场准入规则的目标而言，迈出了第一步。
New rules regulating foreign exchange management: new regulations make it easier to bring foreign capital into China but, concurrently, make it more difficult to remit funds from China for businesses.
实施外汇管理新规：新的法规便利外资进入中国，但同时使从中国汇出资金更为困难。
\u009EStreamlining of business registration procedures: business registration procedures are further simplified.
简化工商登记程序：进一步简化工商登记程序。
New rules regulating the Pilot Free Trade Zones and establishment of new Zones: certain restrictions on foreign investment in the Pilot Free Trade Zones are relaxed and seven new PFTZs are to be established in northeast, southwest and central China.
自贸区新规及成立新的自贸区：对自贸区外商投资的部分限制放宽，将在东北、西南和华中建立七个新的自贸区。
Below is the detailed analysis.
以下是详细内容：
1Establishment of a Record-Filing Approach Regarding the Incorporation and Changes of Foreign-invested Companies
The Ministry of Commerce (“MOFCOM”) issued Order 3 on October 8, 2016. Order 3 replaces the original substantive review and approval process with a new filing system for the establishment and subsequent changes of foreign-invested enterprises (“FIEs”).
As a result, the time period for establishing an FIE has been substantially shortened. In addition, investors have more flexibility regarding the management of the FIEs since local MOFCOMs will no longer make any substantive review of the materials submitted by the investors. Highlights of Order 3 include the following:
1建立外商投资企业设立及变更备案管理制
2016年10月8日，商务部发布了《外商投资企业设立及变更备案管理暂行办法》（3号令）。3号令新建立了外商投资企业设立及变更备案管理制度，取代了原有的实质审批。
因此，设立外资企业的耗时显著缩短。此外，由于地方商务主管部门将不再对申报材料进行任何实质审查，投资者对外资企业的管理可以更为灵活。3号令的要点如下：
Scope of Filing
A record-filing approach will apply for the incorporation and certain corporate changes of FIEs except for those engaging in industries which are subject to Special Market Access Measures. According to Circular 22, Special Market Access Measures are applicable to the following industries in the 2015 Foreign Investment Catalogue (“2015 Catalogue”): (i) industries in the “Prohibited Sectors,” (ii) industries in the “Restricted Sectors,” and (iii) industries in the “Encouraged Sectors” which require joint ventures with Chinese partners. Also, acquisition of domestic companies by foreign investors is still subject to government approval.
备案管理范围
除外商投资准入特别管理措施范围内的投资外，外资企业设立及变更适用备案管理。根据22号公告，对《2015年外商投资产业指导目录》（以下简称“2015年《目录》”）中以下领域实行准入特别管理措施：禁止类领域；限制类领域；以及鼓励类中要求中外合资的领域。外国投资者并购境内非外商投资企业仍然适用审批管理。
Corporate changes subject to filings
According to Order 3, an FIE needs to provide a record filing in the event of the following corporate changes: among other changes, (i) a change of its basic information (e.g., its name or place of business); (ii) a change of the basic information of investors of an FIE (e.g., names or nationality); (iii) a change in equity interest of an FIE; or (iv) a merger, division or dissolution of an FIE.
公司变更备案范围
根据3号令，外资企业发生以下公司变更事项的，需要办理变更备案，包括外资企业基本信息变更（如名称、注册地址）；投资者基本信息变更（如姓名、国籍/地区）；股权、合作权益变更；以及外资企业的合并、分立、终止。
Timeline
For the incorporation of FIEs, the filing can be made either before the issuance of the business license or within thirty days after the issuance of the business license of the relevant FIE. For corporate changes of FIEs, the filings must be made within thirty days after the governing body of any FIE passes relevant resolutions for the proposed changes, if resolutions are needed. Filing authorities are required to complete the filings within three business days if they believe the filing documents are complete and accurate.
时间表
设立外资企业，应当在营业执照签发前或签发后30日内进行备案。外资企业变更应当在公司董事会通过公司变更相关决议后30日内进行备案。如果认定备案信息完整、准确，备案机构应当在3个工作日内完成备案程序。
2Proposed Amendments to 2015 Foreign Investment Catalogue
The National Development and Reform Commission (“NDRC”) and MOFCOM released the Amended Catalogue on December 7, 2016. In comparison with the 2015 Catalogue, the Amended Catalogue further relaxes market access restrictions for foreign investors. The number of industries in the prohibited sectors, restricted sectors, and encouraged sectors requiring joint ventures with Chinese partners is reduced from 93 to 62.
2对《2015年外商投资产业指导目录》进行修订
2016年12月7日，发改委和商务部共同发布了2015年《目录》修订稿。与2015年《目录》相比，修订稿进一步放宽了对外国投资者的市场准入限制。限制类、禁止类以及要求中外合资的鼓励类条目从93条减少到62条。
Specifically, the relaxation mainly involves the following industries: (i) service industry, including highway passenger transportation business, shipping tally business, and credit investigation and rating business; (ii) manufacturing industry, including the manufacturing of rail transportation equipment, automobile electronic devices, new energy automobile batteries, motorcycles, edible oil and fat; and (iii) mining industry, including exploitation of unconventional oil and gas, precious metals and lithium mines; and (iv) certain other industries where domestic investments are subject to the same restrictions, such as gambling and lottery.
具体而言，主要对以下领域放宽了限制：服务业，包括高速铁路客运、外轮理货及资信调查与评级；制造业，包括铁路交通设备制造、汽车电子装置、新能源汽车电池、摩托车、食用油料及油脂；采矿业，包括非常规油气、稀有金属及锂矿开采；以及外资与内资受到同等限制的其他部分行业，如博彩业。
Another significant change is that the overall structure of the 2015 Catalogue has been simplified to remain in line with Circular 22 (see above). Compared with the 2015 Catalogue which consists of three categories, “Prohibited Sectors,” “Restricted Sectors,” and “Encouraged Sectors requiring joint ventures with Chinese partners” are merged into one category - “Special Market Access Measures”.
另一个重要变化是，为了同22号公告（见上）保持一致，修订稿的结构有所简化。同划分为三大类别的2015年《目录》相比，“禁止类”、“限制类”、“要求中外合资的鼓励类”被合并为“市场准入特别管理措施”一个类别中。
3Implementation of a Pilot Market Access Negative List System
The Market Access Negative List reflects the government’s efforts to create a more level playing field by establishing a comprehensive, uniform and consistent system regulating market access for both foreign and domestic investors. The list is currently in effect in Tianjin, Shanghai, Fujian Province and Guangdong Province on a trial basis and is expected to be implemented nation-wide in 2018. Nonetheless, it should be noted that foreign investors are subject to both the Negative List and the Foreign Investment Industries Catalogue, while domestic investors are only subject to the Negative List.
The Market Access Negative List consists of two parts: Part I - industries in which market participants are prohibited from access; Part II - industries with limited access, which means that market participants have to apply to competent governmental authorities for access or to enter into the industries after fulfilling set requirements. There are no market access restrictions for industries that are not listed in the Negative List.
3实施自贸区市场准入负面清单制度
《自贸区市场准入负面清单》反映了政府通过建立多元、统一、连贯的市场准入管理制度，为中国和外国投资者共同提供公平竞争环境的努力。《负面清单》目前在天津、上海、福建省和广东省试行，并有望于2018年在全国统一实行。但需要注意的是，外国投资者需要同时遵守《负面清单》及《外商投资产业指导目录》，而境内投资者只需要遵守《负面清单》。
《负面清单》由两部分组成：第一部分是市场主体禁止准入的行业；第二部分是限制准入的行业，这意味着市场主体需要向相应的政府部门申请进入，或者在完成规定的准入条件后进入。对《负面清单》以外的行业领域，没有市场准入限制。
4New Rules Regulating Foreign Exchange Management
By way of background, there has been a high sensitivity in China in relation to outflows of capital since late 2016. China’s foreign exchange (forex) reserves have dropped from over USD4 trillion in 2014 to less than USD3 trillion as of January 2017. Inward investment into China has declined from over USD100 Billion in 2011 to about USD60 Billion in 2015 while outbound investment from China has surged from about USD60 Billion in 2011 to USD139.5 Billion in 2015. The USD/RMB exchange rate has increased by approximately 6.9% from 6.51 as of January 1, 2016 to 6.96 as of December 31, 2016. In response to this, the Chinese government has issued a number of regulations last year to encourage the inflow of forex and curb its outflow.
4实施外汇管理新规
这一举措的背景是，自2016年后半年以来，境内资本外流在中国成为高度敏感的问题。中国外汇储备在2014年超过4万亿美元，到2017年1月下降至不足3万亿美元。中国的外来投资从2011年的约1000亿美元下降到2015年的约600亿美元，而对外投资从2011年的月600亿美元上升至2015年的1395亿美元。美元对人民币汇率从2016年1月1日的6.51上升至2016年12月31日的6.96，增幅约6.9%。作为回应，中国政府过去一年发布了大量法规以鼓励外汇流入、抑制其外流。
For example, certain restrictions on the investment of Qualified Foreign Institutional Investors (QFII) have been relaxed. Additionally, the People’s Bank of China (PBOC) has allowed FIEs to settle their foreign debt on a discretionary basis, and has simplified the procedures for foreign debt registration by FIEs. In contrast, the review of forex outflow has been strengthened. In particular, the SAFE has issued Notice 7 to reiterate the requirements on banks to review the following documents before they help FIEs remit profits out of China: (i) board resolutions of FIEs with respect to dividend distributions; (ii) tax filing documents; and (iii) relevant financial statements of FIEs which can prove the profits. Though forex authorities have officially denied that there is a new “barrier” for FIEs to remit their profits, some FIEs have reported to encounter difficulties and restrictions when trying to remit forex (especially dividends) out of China[1]. It’s still unclear when the control over forex outflow will be relaxed. We suggest that FIEs closely monitor the document requirements for profit remittance and communicate with banks to ensure the documents submitted are compliant with relevant rules and regulations.
例如，对合格境外机构投资者进行投资的部分限制有所放宽。此外，中国人民银行允许外资企业自由裁量以还清外债，并简化了外资企业外债登记的程序。相对应地，对外汇流出的审查有所加强。具体而言，国家外汇管理局发布了《国家外汇管理局关于进一步促进贸易投资便利化完善真实性审核的通知》（7号文），重申银行为外资企业办理利润汇出时应当审查下列信息：外资企业董事会利润分配决议；税务备案文件；以及证明本次利润情况的财务报表。尽管外汇管理部门正式否认对于外资企业汇出利润设置了新“障碍”，有部分外资企业报告称从中国汇出利润（尤其是利润分红）时遇到困难。目前尚不清楚对外汇流出的控制是否将会放宽。我们建议外资企业紧密关注利润汇出的文件要求，并同银行进行沟通，以确保提交的文件合法合规。
5Streamlining of Business Registration Procedures
Chinese government issued a series of rules and regulations in 2016 which are expected to make it easier to set up a business and reduce bureaucratic entanglement. The SAIC issued Circular 117 on June 24, 2016, further reducing the number of matters requiring governmental approval as a condition precedent to business registration. For matters not included in the Catalogue, local SAICs may arrange for business registration first, and after the company has obtained the business license, it can apply for the approval or permits for conducting particular business activities. In addition, the “Five Certificates in One” and “One License, One Code” reforms has been officially implemented nationwide since October 1, 2016 according to Notice 53. The new business registration certificate will serve as the social insurance registration certificate and statistics registration certificate while it has already included the organizational and institutional code certificate and tax registration certificate pursuant to the previous “Three Certificates in One” reform implemented in 2015. Except for customs, foreign exchange and foreign trade registrations, companies now can submit one application to a single authoity for a unified certificate.
5简化工商登记程序
中国政府于2016年发布了一系列法律法规，预计将便利新设企业，并减少行政审批中的官僚主义。2016年6月24日，工商总局发布了117号公告，进一步减少需要工商登记前置审批的事项。从事工商登记前置审批事项目录外事项的，地方工商管理部门可以“先照后证”，先颁发营业执照，企业取得营业执照后再申请从事特定业务的有关许可证。此外，根据国务院办公厅53号通知，自2016年10月1日起，“五证合一”和“一照一码”改革已经在全国范围内正式实行。经过2015年实施的“三证合一”改革，新的工商登记营业执照已经包含了组织机构代码证、税务登记证，今后将会同时作为社会保险登记证和统计登记证。如今，除海关、外汇及外贸工商登记外，公司只需向一个机构提交一份申请，即可获取统一的工商执照。
6New Rules Regulating the Pilot Free Trade Zones and Establishment of New Zones
On July 19, 2016, the State Council released Decision 41. Decision 41 effects 51 adjustments to investment regulations and rules applicable to the Pilot Free Trade Zones (“PFTZs”). It further eases the restrictions in certain industries and cancels the approval requirements with respect to certain corporate matters. It also allows foreign investment to operate through wholly foreign-owned enterprises in business areas such as manufacture and R&D of automobile electronic devices and motorcycle manufacturing, which still require joint ventures with Chinese companies under the 2015 Foreign Investment Catalogue.
6建立外商投资企业设立及变更备案管理制
2016年7月19日，国务院发布了41号决定。41号决定对自贸区适用的投资法律法规进行了51处调整。决定进一步放宽了对部分行业的限制，并取消了部分公司事项的审批要求。此外，决定允许外商独资企业在如汽车电子装置、摩托车生产的研究与开发等领域经营，不过根据2015年《目录》，这些领域仍然需要与境内企业合资。
2016年8月，国务院决定在辽宁省、浙江省、河南省、湖北省、重庆市、四川省和陕西省成立七个新的自贸区，每一个自贸区都有独特的发展重点。例如，辽宁自贸区将主要关注产业结构调整和增强东北地区综合实力。四川自贸区将主要着力于西南地区对外开放和内陆城市发展。新自贸区的建设实施方案还在起草中，预计将于2017年公布。
[1] Watchout: Is China tightening its controls on remittance of foreign exchange tooverseas?https://china.taylorwessing.com/en/watch-out-is-china-tightening-its-controls-on-remittance-of-foreign-exchange-to-overseas
We will continue to monitor the foreign direct investment environment in China and share with you any further observations and suggestions in due course. If you have any question or advice, please call or email Ms. Guohua (Annie) Wu at +86 10 5706 8021 or gwu@jtnfa.com.
我们将持续关注中国外商直接投资环境，并适时与您分享新的发现与建议。如有任何问题或建议，请通过电话+86 10 5706 8021或电子邮件gwu@jtnfa.com联系邬国华律师。
Disclaimer
This information is offered only for general informational and educational purposes. It is not offered as and does not constitute legal advice or legal opinion. This material is intended, but not promised or guaranteed to be current, complete or up-to-date. Communication of the information is not intended to create, and the receipt does not constitute, an attorney-client relationship. You should not act or rely on any information contained in this material without first seeking the advice of an attorney.