The new Chinese Negative List 2021



The National Development and Reform Commission and the Chinese Ministry of Commerce have published for public consultation the new draft of the Chinese Negative List, subject to annual review.


The activities restricted to foreign investment went from 123 to 117 compared to 2020. In fact, the requirements for prior government approval for security training and online insurance have been removed and procedures for mergers and acquisition operations involving listed companies have been simplified.


Bans have been introduced on non-public capital investments in the news and media sector and in the organization of new industry summits and awards.


The new Negative List also prohibits non-financial institutions from being involved in wealth management, crowdfunding and exchange activities, extending the 2020 ban on the involvement of non-financial companies in banking, insurance, securities and fund management activities.


Finally, public control over the appointment of senior rating agency officials is envisaged.


* What is the negative list?

The first negative list was published in 2018, reversing the logic of opening the Chinese market to private and foreign investors. In fact, we have moved from a list of permitted sectors to a list of restricted sectors, thus increasing the liberalization and opening up of industry and services.


Avv. Lifang Dong and Avv. Chiara Civitelli


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