新法解读：外商投资法的亮点与影响

外商投资法立法演变
Legislative evolution of the Foreign Investment Law of the People's Republic of China (the “PRC” or “China”) (the “Foreign Investment Law”).
1979
《中华人民共和国中外合资经营企业法》
PRC Sino-Foreign Equity Joint Ventures Law
规定中外合资经营企业的优惠待遇、组织形式、经营模式等内容
This law governs various aspects of any Sino-foreign equity joint venture, including preferential treatment, organizational form, and business model.
1982
《中华人民共和国宪法》
Constitution of the People's Republic of China
第18 条明确外国投资者及企业的合法权利受中国法律保护。
Article 18 of the Constitution, as amended in 1982, provides that the legitimate rights of foreign investors and enterprises shall be protected by PRC laws.
1986
《中华人民共和国外资企业法》
PRC Wholly Foreign-owned Enterprises Law
规定外资企业的设立、分立合并、终止，及生产经营计划需备案等内容。
This law governs various aspects of any enterprise wholly funded with foreign capital, including establishment, division, merger and termination, as well as the requirement to record production and business plans.
1988
《中华人民共和国中外合作经营企业法》
PRC Sino-Foreign Cooperative Joint Ventures Law
由于《公司法》、《税法》等法律的缺位，最初的外商投资法律不仅规范传统的外国投资者的待遇、保护及特殊管理措施等问题，还就外商投资企业的经营管理、组织形式等进行规定。
Prior to promulgation of laws such as the PRC Company Law and the PRC Tax Law, China’s initial foreign investment regime regulated the treatment of foreign investment, protection and special management as well as the management control and organizational form of foreign-invested enterprises.
2008
《企业所得税法》
PRC Enterprise Income Tax Law
开启外商投资企业与内资企业所得税体制并轨，并在五年内完成过渡。
This law commenced the integration of the income tax system for foreign-invested enterprises with that of domestic enterprises, which was implemented during a five-year transitional period.
2008
《反垄断法》
PRC Anti-Monopoly Law
我国公平竞争法体系基本建成。
This law marked the point in time when China’s system of fair competition law was essentially completed.
2008.6
中美BIT谈判启动
Commencement of China-US Bilateral Investment Treaty (“BIT”) negotiations
引发了中国国内对外商投资体制改革的广泛讨论，其中讨论的一个重要问题就是：中国应当用正面清单渐进方式实现投资自由化，还是使用负面清单即高水平方式实行投资自由化。
BIT negotiations led to extensive discussions on the reform of China's foreign investment system. One of the important issues discussed was whether China should use a positive list to achieve investment liberalization in a gradual manner, or use a negative list as a high-level approach to investment liberalization.
2013.7
“准入前国民待遇加负面清单”
Pre-entry national treatment and negative list
第五轮的中美战略与经济对话在美国华盛顿举行，汪洋副总理代表中国同意以“准入前国民待遇加负面清单”的方式与美国进行BIT的实质谈判。
The fifth round of the China-US Strategic and Economic Dialogue was held in Washington, DC. Vice Premier Wang Yang, on behalf of China, agreed to conduct substantive negotiations with the United States on the basis of “pre-entry national treatment and negative list.”
2013.9.29
中国（上海）自由贸易试验区挂牌运行
China (Shanghai) Pilot Free Trade Zone put into operation
相关外资管理法律中涉及审批的规定在自贸区范围内暂停实施3年。
Regulations relating to approval in relevant foreign investment management laws were suspended for three years within the scope of the free trade zone.
2015.1
《中华人民共和国外国投资法（草案征求意见稿）》
Foreign Investment Law (Draft for Comments)
草案中就协议控制问题、国家安全审查问题、信息报告制度等都进行了详细的规定（这些规定在《外商投资法》中大都被删除）。
The draft provides detailed provisions with respect to variable interest entity (“VIE”) issues, national security review issues, information reporting systems, and other related matters, many of which were not included in the final version of the law.
2016.10
《外商投资企业设立及变更备案管理暂行办法》
Interim Administrative Measures for Record-filing of the Incorporation and Change of Foreign-invested Enterprises (the “Interim Measures”)
“准入前国民待遇加负面清单管理模式”初步开始在全国实施。
“Pre-entry national treatment and the negative list management model” began to be implemented in China on a nationwide basis.
2017、2018
《暂行办法》进行两次修改
The Interim Measures were twice amended
两次修改都是仅对极少数条款进行修改，明确外资企业的备案范围及备案手续。
The two amendments only modified minor provisions of the Interim Measures, including clarifying the scope and procedures for foreign-invested enterprise filings.
2018.6.30
国务院常务会议
Executive meeting of the State Council
全国推行了外商投资企业设立商务备案与工商登记“一套表格、一口办理”的制度，商务备案基本融入了工商登记程序。可以说，对于负面清单以外的外商投资，已经基本实现了准入前国民待遇，准入程序与内资基本没有差别。
National implementation of a system of “one form and one-stop services” for a foreign-invested enterprise to establish business records and complete industrial and commercial registration. Business filings are basically integrated into the industrial and commercial registration process. It can be said that for foreign investment outside the negative list, pre-entry national treatment has been essentially realized, and that access procedures now are basically no different from those of domestic enterprises.
2019.3.15
《中华人民共和国外商投资法》（以下简称《外商投资法》）
Foreign Investment Law
第十三届全国人大二次会议通过了该法。
The new law was adopted at the Second Session of the 13th National People's Congress.
2020.1.1
《外商投资法》
Foreign Investment Law
开始实施。
The new law is scheduled to come into effect as of January 1, 2020.
主要内容及亮点
Main Contents and Highlights
整个《外商投资法》共42条，分为六章，除了总则、法律责任和附则三章，分列三章介绍了投资促进、投资保护和投资管理。以下分别对总则、投资促进、投资保护以及投资管理部分的主要内容及亮点进行分析。
The new Foreign Investment Law is divided into six chapters which are comprised of 42 articles. Three chapters are respectively titled “General Provisions,” “Legal Liability,” and “Supplementary Provisions,” and the remaining three chapters respectively address the topics of “Investment Promotion,” “Investment Protection” and “Investment Management.” Below is an analysis of the main contents and highlights of the General Provisions, Investment Promotion, Investment Protection, and Investment Management chapters of the new law.
1总则
General Provisions
1）重新定义外商投资与外商投资企业
Redefining “Foreign Investment” and “Foreign-Invested Enterprise”
首先，《外商投资法》的总则对外商投资与外商投资企业做出了定义，并列明了外商投资的四种情形。需要注意的是，《外商投资法》此处的定义：其一，没有沿用多年存在的外商独资企业、中外合资经营企业和中外合作经营企业的区分；其二，外商投资定义中没有包括“向其持有前项所称权益的境内企业提供一年期以上融资”，而在现行外债管理制度中内资企业和外商投资企业是存在一定差别的。
Chapter I of the Foreign Investment Law, “General Provisions,” defines “foreign investment” and “foreign-invested enterprise,” as well as explaining four examples of foreign investment. It should be noted that these definitions eliminate earlier distinctions between wholly foreign-owned enterprises, Sino-foreign joint ventures and Sino-foreign cooperative enterprises which had applied for many years. Secondly, the definition of “foreign investment” provided in the General Provisions omits earlier wording to the effect that “the provision of more than one year of financing to domestic enterprises in which they hold the rights and interests referred to above.” In addition, there are some differences between domestic and foreign-invested enterprises in the current external debt management system.
2）明确准入前国民待遇加负面清单管理制度
Clear Pre-Entry National Treatment and Negative List Management System
第4条更加明确了对外资实行准入前国民待遇加负面清单管理制度。这意味着，外国投资者再要在中国投资建厂，程序更加简化，只要不在负面清单内，在准入阶段就与中国投资者的待遇相同，依据《公司法》规定的程序和要求办理相应手续，这大大缩减了外商投资的时间成本。同时，该条还规定了：“中华人民共和国缔结或者参加的国际条约、协定对外国投资者准入待遇有更优惠规定的，可以按照相关规定执行。”这为中国今后签订基于“准入前国民待遇加负面清单原则”的双边投资协定留下了灵活的空间。
Article 4 clarifies implementation of pre-entry national treatment and the negative list management system for foreign investment. For example, if a foreign investor intends to invest in the construction of a factory in China, then so long as the concerned industry is not included in the negative list, such foreign investor will be treated the same as a domestic Chinese investor at the entry stage. Accordingly, the foreign investor will be treated like a domestic Chinese investor, and may conduct the investment according to the procedures and requirements prescribed in the PRC Company Law, greatly reducing the time and expense of foreign investment.
Article 4 also provides that, to the extent that more preferential treatment concerning access is available to a foreign investor pursuant to any international treaty or agreement that the PRC is party to, such relevant provisions may prevail. This permits flexibility for China to enter into a future bilateral investment agreement involving the “pre-entry national treatment plus negative list principle.”
2投资促进
Investment Promotion
《外商投资法》的第二章从两个方面对投资促进做出了规定——公平与平等待遇问题以及招商引资中的优惠待遇问题。
Chapter II of the Foreign Investment Law, “Investment Promotion,” regulates the promotion of investment from two aspects: (i) fair and equitable treatment and (ii) preferential treatment in investment promotion.
1）公平公正待遇
Fair and Equitable Treatment
就外国投资者在东道国的公平待遇，《外商投资法》在规定了准入前国民待遇加负面清单的基础上，还通过多个条款确保和强化了准入后国民待遇，落实内外资一视同仁的基本原则。具体而言，第9条规定了外商投资企业平等适用国家相关政策；第15条规定了外商投资企业平等参与标准的制定工作，平等适用国家的强制性标准；第16条规定了外商投资企业公平参与政府采购活动；第17条规定了外商投资企业能够平等地进行融资。这些规定加速了外资进入中国市场的速度，扩宽了外资准入的领域，对内外资一视同仁，平等对待，充分体现了国民待遇原则。
With regard to the fair and equitable treatment of foreign investors in China, the Foreign Investment Law, on the basis of providing for a negative list of national treatment prior to entry, also ensures and strengthens national treatment after access through a number of provisions, and implements the basic principle of equal treatment as between domestic and foreign investors. In particular: Article 9 provides for the equal application of relevant PRC governmental policies by foreign-invested enterprises; Article 15 provides for the establishment of standards for equal participation of foreign-invested enterprises and the equal application of PRC regulatory requirements; Article 16 provides for the fair participation of foreign-invested enterprises in government procurement activities; and Article 17 stipulates that foreign-invested enterprises can provide financing on an equal footing with their domestic counterparts. These regulations have accelerated the speed of foreign investment into the Chinese market, broadened the scope of foreign investment, treated the domestic and foreign investors equally, and embodied the principle of national treatment.
2）招商引资中优惠待遇
Preferential Treatment in Investment Promotion
就招商引资中的优惠待遇问题上，一方面，《外商投资法》在立法上就以往地方政府超出法定权限做超出优惠措施承诺以及不兑现其做出的承诺的情况做出了相应的规制：第18条规定了地方人民政府只能在法定权限内制定优惠政策；第25条规定了地方人民政府应当信守政策承诺以及依法订立的各项合同，而此处的承诺包括了政府通过红头文件、讲话等做出的承诺。另外一方面，《外商投资法》又直接对优惠政策做出了规定：第13条对特殊经济区和外商投资试验性政策做出了规定；第14条对外商投资优惠政策做出了规定，鼓励外商在特定行业、领域和地区投资。
The Foreign Investment Law regulates such situations where local governments have, in the past, exceeded their statutory authority to make commitments of preferential measures, and the situations where they have failed to deliver on the commitments made by them. For example, Article 18 provides that local people’s governments may formulate preferential policies only within the scope of their statutory authority, and Article 25 provides that local people’s governments must abide by policy commitments and contracts concluded in accordance with the law, which may include commitments made through official documents, speeches, and similar means. However, at the same time, the Foreign Investment Law also expressly prescribes certain preferential policies. For example, Article 13 provides for special economic area or pilot policies and measures to promote foreign investment, and Article 14 provides for preferential policies to encourage foreign investment in specific industries, fields and geographic regions.
3投资保护
Investment Protection
《外商投资法》的第三章对投资保护问题做出了相关规定，与之前的三资法相比，存在诸多亮点。
Chapter III of the Foreign Investment Law regulates investment protection and incorporates certain improvements as compared with prior law.
1）对外国投资者不进行征收
Limitations on Expropriation of Foreign Investments
在征收方面，《外商投资法》第20条规定了征收征用必须依法进行，并且需要对外国投资者给予公平合理的补偿，而在之前的三资法中规定“国家对合营企业/外资企业不实行国有化和征收，在特殊情况下根据公共利益的需要，对合营企业/外资企业可以依照法律进行征收，并给予相应的补偿”。与之相比，《外商投资法》删除了国有化的表达，强调征收须依法进行，补偿需满足公平性和合理性。
Article 20 of the new law provides that expropriation of foreign investments may only be carried out in accordance with the law, and that foreign investors must be compensated fairly and reasonably. PRC Wholly Foreign-owned Enterprises Law, the PRC Sino-Foreign Cooperative Joint Ventures Law and the PRC Sino-Foreign Equity Joint Ventures Law (“Three Capital Laws”) provided that the government may not nationalize, or expropriate the assets of, foreign-invested enterprises but, in special circumstances, when necessary, the assets of a foreign-invested enterprise may be expropriated for the public interest in accordance with the law, and be paid compensation accordingly. In contrast, the Foreign Investment Law now omits reference to nationalization, and further emphasizes both (i) that any expropriation must be carried out in accordance with the law, and (ii) that any such action must be compensated consistent with principles of fairness and rationality.
2）允许利润依法自由汇入、汇出
Allowing Profits to be Freely Remitted in Accordance with the Law
第21条规定，外国投资者的有权依法进行自由的汇入、汇出，主要类型包括在中国境内的出资、利润、资本收益、资产处置所得、知识产权许可使用费、依法获得的补偿或者赔偿、清算所得等。与三资法相比，《外商投资法》的内容更加细化，对外汇的监管更加宽松，体现投资便利化的提高。
Article 21 of the new law provides that a foreign investor may, in accordance with the law, freely inwardly and outwardly transfer capital contributions, profits, capital gains, income from asset disposals, royalties from intellectual property rights, lawfully obtained compensation or indemnity, and income from liquidation, etc. Compared with the Three Capital Laws, the contents of the Foreign Investment Law are more detailed, and the regulation of foreign exchange is more relaxed, reflecting improvement of investment facilitation.
3）更加强调对知识产权的保护
Increased Emphasis on the Protection of Intellectual Property Rights
第22条规定，行政机关及其工作人员不得利用行政手段强制转让技术。需要注意的是，过去由于存在对外资的股权限制和合资要求，事实上提高了中国合资、合作方在技术引进谈判中的地位，增加了外国投资者转让技术的压力。而《外商投资法》规定的准入前国民待遇加负面清单制度事实上缓解了这种在实际谈判中外商转让技术的压力。
Article 22 provides that administrative departments and their staff may not use administrative means to forcibly transfer technology. It should be noted that previously, due to the existence of equity restrictions on foreign capital and joint venture requirements, China joint venture partners involved in technology introduction negotiations could apply increased pressure on foreign investors to transfer technology. The system of pre-admission national treatment plus negative list as stipulated in the Foreign Investment Law reduces the potential pressure which may be applied on foreign investors to transfer technology during actual negotiations.
4）建立企业投诉机制
Establishment of a Complaint Mechanism
除了涉及征收与征收补偿问题、汇入汇出问题以及技术强制转让问题以外，《外商投资法》还规定了相应的投诉工作机制就投诉工作机制而言，《外商投资法》第26条赋予了外商投资企业及其投资者就其认为侵犯其合法权益的行政行为进行投诉的权利以及依法申请行政复议、提起行政诉讼的权利。
In addition to issues relating to expropriation and expropriation compensation, remittance problems and forced transfer of technology, the Foreign Investment Law provides for the establishment of a corresponding complaint mechanism. Article 26 provides foreign-invested enterprises and their investors with the right to complain regarding administrative actions which they consider to infringe upon their legitimate rights and interests, as well as the right to apply for administrative reconsideration, and to initiate administrative proceedings in accordance with the law.
4投资管理
Investment Management
《外商投资法》第四章首先规定了外资准入的审查，可以归结为：“一张清单，两项审查，三项手续”。
Chapter IV of the Foreign Investment Law also provides for the review and verification of foreign investment access which can be summarized as “one list, two reviews, and three procedures.”
“一张清单”指的是负面清单：外商投资法28条规定，负面清单禁止投资的领域，外国投资者不得投资；负面清单限制投资的领域，符合条件的外国投资者才能投资；清单以外的领域，按照内外资一致的原则实施管理；
“One list” refers to the negative list. Article 28 provides that foreign investors may not invest in any field where the negative list prohibits investment. For any such field, a foreign investor must conform to the investment conditions established in the negative list. Fields not included in the negative list are managed under the principle that domestic investment and foreign investment are to be treated uniformly.
“两项审查”是指反垄断审查和安全审查：第33条规定，外商投资企业参与经营者集中的，应当接受反垄断审查；
“Two reviews” refers to an anti-monopoly review and a security review. Article 33 provides that foreign-invested enterprises involved in a concentration of undertakings willl be subject to an anti-monopoly examination.
第35条规定，对影响或可能影响国家安全外商投资进行安全审查，依法做出的安全审查决定为最终决定；
Article 35 provides that the PRC government will establish a security review system, pursuant to which a review will be conducted for any foreign investment affecting or having the possibility to affect national security, and that the security review decision made in accordance with the law is final.
“三项手续”是指项目核准或备案、行业许可以及市场监督部门管理的企业登记手续；
“Three procedures” refers to the approval or record filing of projects, industry licensing and the management of the market supervision department for enterprise registration procedures.
第29条规定，外商投资按照规定进行项目核准、备案；第30条规定，外国投资者平等地申请与办理相关行业和领域的许可手续；
Article 29 provides that foreign investment shall be approved and filed in accordance with relevant provisions of the PRC government, while Article 30 provides that foreign and domestic investors may apply for licensing in relevant industries and fields on an equal footing;
第32条规定，外商投资企业应当依法办理企业登记手续（税务、外汇、会计），遵守关于劳动保护、社会保险的规定，并接受相关的监督检查。
Article 32 provides that foreign-invested enterprises must, in accordance with the law, complete enterprise registration (tax, foreign exchange, and accounting) and abide by relevant provisions with respect to labor protection and social insurance that are specified in relevant laws and administrative regulations, and that they shall be subject to the supervision and inspection of relevant competent departments.
除此以外，《外商投资法》在该部分规定了信息报告制度：第34条规定，外商投资企业以及外国投资者应当通过系统向商务主管部门报送投资信息，信息报告的内容和范围按照确有必要的原则确定。
In addition, the Foreign Investment Law provides for an information reporting system. Article 34 specifies that foreign-invested enterprises and foreign investors must systematically submit investment information to the competent commerce department through the enterprise registration system and the enterprise credit information publicity system. The content and scope of the information to be reported is to be determined in accordance with the principle of necessity.
对企业产生的影响
Impact on Foreign-Invested Enterprises
总的来说，《外商投资法》的出台对外资企业而言是一重大利好消息，是外资企业对在中国投资充满信心，但不可否认的是，《外商投资法》的出台除了给企业带来喜的同时还会有忧。
In general, the introduction of the Foreign Investment Law is a significant positive development for foreign-invested enterprises, and such enterprises may invest in China with confidence. However, it is also undeniable that the introduction of the new law may also exert certain negative effects.
1公司设立等流程发生变化
Changes in Company Establishment Process, Etc.
由于《外商投资法》中不再区分“三资企业”的概念，原先基于三资法完成的设立、审批、核准、备案、许可等取得的证书，如《公司法》未作要求，在《外商投资法》正式施行后可能不再有存在的意义，针对这一点，需继续关注后续的配套法律法规等具体实施办法。
Because the pre-existing concepts of “wholly-owned foreign enterprise” and “Sino-foreign joint venture” are no longer recognized by the Foreign Investment Law, foreign enterprise certificates of establishment, approval, verification, filing, and licensing, which had been obtained on the basis of the Three Capital Laws, may no longer have validity after the Foreign Investment Law is formally implemented. It will be necessary to continue to pay close attention to the further development and promulgation of relevant supporting laws and regulations and other specific implementing measures.
2章程或需要修改
Amendment of Enterprise Articles of Association
按照三资法的规定，中外合资经营企业不设立股东会，最高权力机构是由中外合作经营者委派组成的董事会，企业实行董事会领导下的总经理运营管理体制。中外合作经营企业设立董事会或联合管理机构，也可委托中外合作者意外的他人经营管理。外商独资企业可不设立董事会，但必须有一名执行董事。三种企业形式规定各不相同，又与《公司法》的规定存在交叉和冲突。在新法实施后，将统一采用《公司法》的标准，这就意味着，股东会或成为最高权力机构出现在外商投资企业中，相应的，公司章程及后续的管理体制必将迎来根本性的变动。
In accordance with the provisions of the Three Capital Laws: (i) the highest authority of a Sino-foreign joint venture is a board of directors composed of persons appointed by the parties to the joint venture. The company implements the general manager's operation and management system under the leadership of the board of directors; (ii) a Sino-foreign cooperative enterprise shall establish a board of directors or a joint management institution, and may also entrust Chinese and foreign partners to operate and manage; (iii) and a wholly foreign-owned enterprise may not have a board of directors, but it must have an executive director. The three types of corporate form are different, and there are conflicts with the provisions of the PRC Company Law. After the implementation of the new law, the standards of the PRC Company Law will be unified. This means that the shareholders’ meeting as the highest authority will appear in all foreign-invested enterprises. Accordingly, company articles of association and the subsequent management system will change greatly.
3出资比例的修改
Changes in Registered Capital
根据《中外合资经营企业法》第四条规定：合营企业的形式为有限责任公司。在合营企业的注册资本中，外国合营者的投资比例一般不低于百分之二十五。《外商投资法》没有限制出资比例，这大大增加了国外资本的自由度，当然这也可能让有意减持股份的外国投资者有所动作。
Article 4 in the PRC Sino-Foreign Equity Joint Ventures Law provides that joint ventures shall be established as limited liability companies, and the proportion of a joint venture's registered capital contributed by the foreign party shall generally be no lower than 25 percent. The Foreign Investment Act does not limit the proportion of foreign capital invested, which greatly increases the freedom of foreign capital, and which may also allow foreign investors interested in reducing their holdings to more easily reduce their equity investment.
综上，《外商投资法》给外商投资带来利好消息的同时，也对含外资性质的企业管理带来了挑战。这些问题如何解决，要待后续配套法规和实施细则来明示，让我们拭目以待。
In summary, the Foreign Investment Law has brought generally good news for foreign investors, but it has also brought certain challenges to the management of foreign-invested enterprises ment. Forthcoming supporting regulations hopefully will address these issues, but it remains to be seen to what extent and how quickly this will be achieved.