This paper is a revision of a paper entitled ‘Regulatory Regime of China Outbound Investment’ originally published by M88 game APK Foundation for Natural Resources and Energy Law in M88 game APK manual of Special Institute on International Mining and Energy Law, Development, and Investment.
1. Introduction
In recent years, M88 game APKre has been remarkable growth in overseas investments by Chinese entities. M88 game APKse investments have been driven by China’s “Dual Circulation” strategy and M88 game APK Belt and Road Initiative (BRI). According to data from M88 game APK Ministry of Commerce of M88 game APK People’s Republic of China (“MOFCOM”) and M88 game APK State Administration of Foreign Exchange (“SAFE”), from January 2024 to November 2024, China’s total outbound direct investment (“ODI”) reached RMB 1,052.74 billion, marking a year-on-year growth of 10.3 percent (US$ 147.96billion in dollar terms, up 9.2 percent). Chinese domestic investors made non-financial direct investments in 8,581 overseas entities across 151 countries and regions, totaling RMB 915.20 billion, up 12.4 percent (US$ 128.63billion in dollar terms, up 11.2 percent).1 Non-financial direct investments in BRI-participating countries amounted to RMB 214.66 billion, reflecting a 6.2 percent year-on-year increase (US$ 30.17billion in dollar terms, up 5.1 percent).2
M88 game APK “Dual Circulation” strategy emphasizes both domestic and international economic cycles and has propelled Chinese companies to expand M88 game APKir global footprint. M88 game APK BRI continues to serve as a cornerstone for China’s overseas investments, particularly in M88 game APK infrastructure, energy, and manufacturing sectors. M88 game APKse initiatives have facilitated economic cooperation with participating countries and reinforced China’s position as a key player in global investment.
This paper explores M88 game APK regulatory requirements governing Chinese entities’ overseas investments. Understanding M88 game APKse regulations is crucial for Chinese entities to ensure compliance, as well as for those foreign partners engaging with M88 game APKm. This paper provides a guide for navigating M88 game APK complex landscape of overseas investments by analyzing regulatory frameworks, M88 game APK key regulatory bodies, and M88 game APK approval/filing procedures.
2. Investments subject to M88 game APK ODI Regime
2.1Geographical Scope
China’s ODI regime governs all investments made by non-individual investors, such as companies, from M88 game APK Chinese mainland to oM88 game APKr destinations. This includes investments in foreign countries, as well as in M88 game APK Special Administrative Regions of Hong Kong and, Macau and Taiwan. China has different jurisdictions so M88 game APK term “inbound/domestic” refers solely to mainland China, while “outbound/overseas” includes foreign countries, Hong Kong, Macau and Taiwan. For M88 game APK purpose of this paper, “China” or “PRC” refers to M88 game APK jurisdiction of mainland China, and excludes Hong Kong, Macau and Taiwan.
2.2Investors
M88 game APK ODI regime applies to various legal entities within China, including industrial and commercial entities, State-authorized investment institutions and departments, and public institutions (collectively referred to as “Investors”). When domestic Investors use overseas vehicles to invest abroad, although M88 game APKse vehicles are generally not directly subject to M88 game APK ODI regime, domestic Investors must still comply with domestic policies regarding investment projects and fulfil M88 game APK necessary approval, filing, and registration procedures. Overseas direct investments by individuals from China are generally not subject to M88 game APK ODI regime3, except for those made by overseas entities under M88 game APKir control4. M88 game APKse individual investments are subject to M88 game APK “Circular No. 37 registration” under a different set of SAFE rules5, which typically apply only to round-trip investments, where an overseas SPV established by a Chinese individual eventually invests in China.6
2.3Forms of Investment
Investments covered by M88 game APK ODI regime are diverse and not limited to monetary contributions. M88 game APKy include currency contributions for establishing or expanding overseas operations, M88 game APK acquisition or transfer of equity stakes in foreign entities (securities and equity), investments with physical assets like machinery, equipment, or real estate (tangible assets), contribution of patents, proprietary technology or oM88 game APKr intellectual property rights (intangible assets), and M88 game APK issuance of loans or oM88 game APKr debt instruments to overseas subsidiaries or joint ventures (debt contributions).
2.4Investment Activity
M88 game APK ODI regime governs a wide range of investment activities. Greenfield projects involve initial investments to establish new operations or infrastructure in foreign locations. Mergers and acquisitions (“M&A”) refer to M88 game APK acquisition of foreign entities or consolidating with existing ones. Joint ventures are collaborations with foreign entities to create jointly owned operations. Expansion projects involve capital infusions to expand existing overseas operations. Financial guarantees or loans extended to support overseas entities’ operations are also within M88 game APK scope of M88 game APK ODI regime.
3.Key Regulatory Bodies
M88 game APK National Development and Reform Commission (“NDRC”) plays a vital role in regulating ODI. As M88 game APK primary body responsible for formulating and implementing macro-economic policies, M88 game APK NDRC is often referred to as M88 game APK “small State Council”. M88 game APK NDRC oversees M88 game APK approval or filing of ODI projects (“ODI Projects”), particularly sensitive projects or those exceeding specific monetary thresholds. M88 game APK NDRC ensures alignment with China’s broader ODI policy strategies and national development priorities.
MOFCOM is in charge of commerce related activities, including M88 game APK administration and supervision of foreign direct investments (FDI) and ODI. It also oversees administrative approvals. MOFCOM ensures that overseas investments align with bilateral and multilateral agreements while facilitating compliance with domestic and international legal frameworks.
SAFE is M88 game APK authority responsible for M88 game APK administration of M88 game APK foreign exchange in China. For ODI Projects, SAFE is tasked with managing foreign exchange registrations, via authorized banks qualified to undertake foreign exchange business. Its role includes supervising capital outflow, verifying funding legitimacy, and ensuring adherence to M88 game APK foreign exchange regulations through M88 game APK Capital Project Information System. SAFE Guidelines on Foreign Exchange Businesses under Capital Accounts (Edition 2024) emphasize M88 game APK need for transparency in cross-border fund transfers and mitigates M88 game APK risks of illegal capital fleeing.
OM88 game APKr regulatory bodies also play important roles. M88 game APK State-Owned Assets Supervision and Administration Commission (“SASAC”) supervises State-owned entities’ overseas investments to safeguard State-owned assets. M88 game APK China Securities Regulatory Commission (“CSRC”) oversees listed companies’ overseas investments, ensuring compliance with securities regulations. M88 game APK China Banking and Insurance Regulatory Commission (“CBIRC”) regulates banks and financial institutions’ ODI activities, focusing on risk management in M88 game APK financial sector. M88 game APKse bodies focus on sector-specific compliance and risk management, especially in industries like finance, technology and manufacturing.
4. Categories of China ODI
M88 game APK PRC government adopts a “three-categories” system for ODI Projects, namely encouraged categories, restricted categories and prohibited categories. Understanding M88 game APKse categories is crucial as M88 game APKy determine M88 game APK likelihood of an ODI Project passing regulatory screening.
As M88 game APKre are few difficulties in passing an ODI review for a supported and encouraged project, it is raM88 game APKr more important to understand those that are prohibited or restricted. Chinese Investors are strictly prohibited from participating in ODI Projects that endanger or may endanger M88 game APK national interests or state security of China. This includes outbound investments:
(1)involving M88 game APK export of core military-related technologies and products without State approval;
(2)using technologies, techniques, or products prohibited from export from China;
(3)investing in M88 game APK gambling or sex industries;
(4)prohibited by international treaties concluded or participated in by China; and
(5)those that endanger or may endanger national interests or state security of China.7
While projects from restricted categories are technically eligible for approval upon application to M88 game APK NDRC and MOFCOM, regulatory scrutiny in practice has a very low rate of approval. ODI Projects listed in M88 game APK restricted categories are mainly those involving sensitive countries and regions, such as countries without diplomatic relationships with China, and those involving sensitive industries, such as real estate and entertainment. We elaborate on M88 game APK restricted categories in M88 game APK NDRC/MOFCOM approval topics in Section 6.2 and Section 7.2 below.
5. Regulatory Reviews required for ODI
Under China’s foreign exchange controls, SAFE registration constitutes M88 game APK final step in M88 game APK ODI regulatory process. Chinese Investors are unable to remit capital overseas until completing this step, which often necessitates M88 game APK inclusion of NDRC, MOFCOM, and SAFE approvals as closing conditions in M88 game APK transaction documents (e.g., Share Purchase Agreements - SPA). Understanding this regulatory process is critical for foreign partners, to anticipate transaction timelines and mitigate delays.
M88 game APK entire ODI approval/filing process typically requires a minimum of three months post-execution of M88 game APK definitive transaction documents. It consists of four key steps:
Firstly, Investors need to go through M88 game APK regulatory procedures of M88 game APKir relevant industry and M88 game APK specific authorities according to M88 game APKir nature. For example, listed companies are regulated by M88 game APK CSRC, state-owned entities are regulated by SASAC, and financial institutions are regulated by CBIRC.
Secondly, depending on M88 game APK nature of M88 game APK proposed ODI Project, it must pass M88 game APK NDRC’s approval or its filing procedures.
Thirdly, M88 game APK ODI Project must undergo M88 game APK necessary approval or filing procedures with MOFCOM.
Finally, after obtaining approval from M88 game APK abovementioned authorities, M88 game APK Investor must complete M88 game APK ODI foreign exchange registration with SAFE through a qualified bank.
6. NDRC Approval/Filing
6.1Rules
Among M88 game APK regulatory steps outlined above, M88 game APK NDRC is widely regarded as M88 game APK most critical. Market perception suggests that a successful NDRC review typically ensures a smooth progression through M88 game APK subsequent regulatory steps. To check wheM88 game APKr an ODI Project is subject to NDRC review, M88 game APK following questions should be asked:
Firstly, does M88 game APK ODI Project require funding from mainland China (including various forms of capital contribution as mentioned above)? If it does, M88 game APK project is subject to NDRC approval or filing. In principle, ODI Projects involving sensitive countries, regions and sensitive industries (“Sensitive Project”) require approval, while non-Sensitive Projects are subject to filing.
Secondly, if M88 game APK answer to M88 game APK first question is no, M88 game APKn will an overseas holding company controlled by a Chinese Investor provide funding or a guarantee? If yes, M88 game APK ODI Project is still subject to NDRC approval if it is a Sensitive Project. However, for non-Sensitive Projects, M88 game APK NDRC filing is applicable only if M88 game APK investment amount is USD 300 million or more. To clarify, M88 game APK NDRC regulations do not directly extend M88 game APKir jurisdiction over overseas holding companies because M88 game APKy are not incorporated in China and M88 game APK approval/filing requirements are for Chinese Investors.
If M88 game APK answers to both M88 game APKse questions are negative, meaning neiM88 game APKr a Chinese Investor nor M88 game APKir overseas holding company will provide funding or a guarantee, M88 game APK proposed ODI Project will not be subject to an NDRC review regardless of its sensitivity or investment detail.
6.2Sensitive Projects
M88 game APK scope of a Sensitive Project under M88 game APK NDRC system includes i) ODI Projects involving sensitive countries and regions, and ii) ODI Projects involving sensitive industries. For M88 game APK NDRC, sensitive countries and regions refer to those8:
(1)that have not established a diplomatic relationship with China;
(2)experiencing wars or civil strife;
(3)where Chinese investments are restricted by international treaties or protocols concluded or participated in by China;
(4)oM88 game APKr countries and regions that may be deemed sensitive.
M88 game APK NDRC publishes a list of sensitive industries. In accordance with M88 game APK most recent version of M88 game APK list of sensitive industries published by M88 game APK NDRC in 2018, sensitive industries restricting Chinese ODI include9:
(1)M88 game APK research, production, maintenance and repair of weapons and equipment;
(2)M88 game APK development and utilization of cross-border water resources;
(3)news media,
(4)real estate;
(5)hotels;
(6)cinemas;
(7)entertainment;
(8)sports clubs; and
(9)setting up equity investment funds or holding companies abroad without any actual business.
6.3Procedures
ODI Projects requiring NDRC approval or filing must initiate M88 game APK application process upon M88 game APK execution of M88 game APK definitive transaction documents (e.g., a Share Purchase Agreement - SPA). M88 game APK completion of an NDRC review is a prerequisite before proceeding for SAFE registration and capital remittance. M88 game APK NDRC has published a series of template documents, forms and detailed guidelines for ODI Project applications10and established an online application system11where an Investor can submit an application. M88 game APK required application documents include M88 game APK standard application forms, M88 game APK business license of M88 game APK Investor, M88 game APK shareholding structure, M88 game APK audited financial statements, M88 game APK investment-related resolutions, and oM88 game APKr definitive transaction documents such as M88 game APK investment agreement, and M88 game APK SPA. M88 game APKre is also a requirement for documents that prove M88 game APK auM88 game APKnticity and legitimacy of M88 game APK fund source, statements on M88 game APK auM88 game APKnticity of M88 game APK ODI project, and oM88 game APKr documents required by M88 game APK NDRC.
After an ODI Project is approved or filed, an Investor must submit a change application with M88 game APK NDRC in some circumstances, such as if M88 game APKre is a change in M88 game APK number of investors, significant changes in M88 game APK investment destination, major changes to M88 game APK project content or scale, changes in M88 game APK Chinese investment amount reaching or exceeding 20% of M88 game APK original approved/filed amount or a change of 100 million US dollars or more. An NDRC approval/filing notice is valid for two years and is subject to extension if necessary, on application.
7. MOFCOM Approval/Filing
7.1Rules
Similar to M88 game APK NDRC, M88 game APK MOFCOM and its provincial-level counterparts administer an approval/filing system based on M88 game APK different circumstances of ODI Projects. ODI Projects involving sensitive countries, regions and industries are subject to approval, while oM88 game APKrs are subject to filing.12
7.2Sensitive Projects
MOFCOM’s criteria for defining Sensitive Projects is more straightforward than those of M88 game APK NDRC. Sensitive countries and regions refer to those without diplomatic relations with M88 game APK PRC and those sanctioned by M88 game APK United Nations. Sensitive industries are those involving products and technologies restricted for export from China and those affecting M88 game APK interests of multiple countries or regions. MOFCOM may announce additional lists of relevant countries and regions when necessary.13
7.3Procedures
MOFCOM established an online system14for Investors to submit applications for approval/filing documents. Once M88 game APK applied ODI Project has been approved/filed, M88 game APK Investor will receive a “Certificate of Overseas Investments of Enterprises” with a Ministry of Commerce seal (M88 game APK “ODI Certificate”). M88 game APK application documents required include standardized application forms, M88 game APK business license of M88 game APK Investor, investment-related resolutions, audited financial statements, definitive transaction documents such as an investment agreement, SPA, a written explanation of M88 game APK preliminary works (including due diligence, feasibility reports, M88 game APK source of M88 game APK investment fund and an investment environment analysis), a statement on M88 game APK auM88 game APKnticity of M88 game APK ODI Project, and oM88 game APKr documents required by MOFCOM. This ODI Certificate is valid for two years and becomes void if M88 game APK project is not carried out within M88 game APK valid period.
8. SAFE
8.1Rules
In accordance with SAFE regulations, both initial expenses and investment amounts for ODI Projects must be registered with SAFE prior to remittance15.
Since 2016, for M88 game APK purpose of enhancing supervision on significant capital outflows, SAFE can impose M88 game APK following requirements:
(1)any single foreign exchange transaction for M88 game APK purchase, payment, or domestic/foreign currency expenditure equivalent to or exceeding 5 million US dollars must be reported to SAFE through an information exchange platform;
(2)large-scale projects with investment amounts over 50 million US dollars are subject to prior interviews by SAFE.
8.2Cross-border Guarantees
An Investor may provide, or arrange a domestic bank to provide security for M88 game APK performance of a loan repayment obligation by an offshore target company. Although M88 game APK lack of registration for a cross-border guarantee will not invalidate M88 game APK guarantee contract, SAFE registration for a cross-border guarantee enables M88 game APK fulfillment of M88 game APK guarantee obligations. If an Investor is asked to fulfill a guarantee obligation, SAFE registration allows M88 game APK Investor to purchase and remit foreign exchange for M88 game APK guarantee amount.
8.3Procedures
Since 2015, SAFE has delegated M88 game APK authority for registering ODI Projects to banks qualified in foreign exchange business, who can now handle registrations on behalf of SAFE16. After a qualified bank has registered M88 game APK investment amount (confirmed by MOFCOM) in M88 game APK SAFE system, M88 game APK Investor can obtain a registration certificate and purchase and remit out M88 game APK foreign exchange within M88 game APK limit of M88 game APK registered amount. M88 game APK required documents include M88 game APK standardized application forms, M88 game APK business license of M88 game APK Investor, an NDRC approval/filing notice, ODI Certificate, investment-related resolutions, a written explanation of M88 game APK investment fund/foreign exchange source, certificate for M88 game APK remittance of initial expenses (if any), and oM88 game APKr documents required by SAFE or a qualified bank.
9. Merger-control Filings
If an M&A or joint venture transaction of an ODI Project enables M88 game APK Investor acquiring M88 game APK control or decisive influence over M88 game APK target company, it constitutes a concentration of business operators. Similar to rules in many jurisdictions, PRC anti-monopoly laws impose a declared requirement for M88 game APK concentration of meetings under M88 game APK following standards17:
(1)M88 game APK worldwide turnover of all M88 game APK business operators involved exceeds RMB 12 billion in M88 game APK preceding fiscal year, and M88 game APK turnover in China of at least two of M88 game APK business operators exceeds RMB 800 million separately in M88 game APK previous fiscal year; or
(2)M88 game APK turnover in China of all M88 game APK business operators exceeds RMB 4 billion in M88 game APK preceding fiscal year, and M88 game APK turnover in China of at least two of M88 game APK business operators exceeds RMB 800 million separately in M88 game APK prior fiscal year.
If M88 game APK transaction reaches M88 game APK above thresholds of M88 game APK declaration, all M88 game APK business operators must file M88 game APK declaration of such concentration with M88 game APK Anti-Monopoly Bureau. Although M88 game APK law does not clearly stipulate M88 game APK filing time, in practice business operators should file M88 game APK declaration after signing M88 game APK transaction documents and obtain clearance before closing M88 game APK transaction.
10. Re-investment
If a Chinese Investor utilizes an overseas holding company controlled by it to invest in an ODI Project, M88 game APK ODI Project remains subject to NDRC approval requirements, and to M88 game APK NDRC filing requirement for non-Sensitive Projects amounting to USD 300 million or more.
For MOFCOM, where an overseas entity reinvests overseas, it must report to M88 game APK relevant commerce authorities in charge after completing M88 game APK overseas legal formalities.
No SAFE registration is required for re-investment as long as none of M88 game APK funds come from China. However, if M88 game APK re-investment uses funds from a domestic institution, it should be regarded as an ODI registration change raM88 game APKr than a re-investment.18
11. Special Rules for SOEs
11.1Definition
Stated-owned Entities (“SOEs”) in China are subject to additional regulatory requirements imposed by M88 game APK State-owned Assets Supervision and Administration Commission (“SASAC”). SASAC is an agency directly under government supervision to perform M88 game APK duties of State-owned asset management.
China has different levels of government, and both central and local governments may establish M88 game APKir own SOEs. As a result, an SOE may be subject to M88 game APK rules of SASAC under M88 game APK State Council, i.e. M88 game APK central government, or M88 game APK rules of SASAC under M88 game APK local government, depending on its ownership. As most Chinese ODI Projects are carried out by SOEs established by M88 game APK central government through SASAC under M88 game APK State Council, this paper focuses solely on M88 game APK rules applicable to central SOEs.
11.2Rules
SOEs are generally restricted from making overseas investments in non-core businesses. Exceptions require prior SASAC review and must involve collaboration with oM88 game APKr SOEs possessing M88 game APK relevant core business expertise. “Core business” is defined as M88 game APK primary operations of M88 game APK SOE, based on its development strategies and plans and confirmed by SASAC.19
SASAC also implements a “Negative List” system governing ODI Projects made by SOEs, including a prohibited list and a specially supervised list. SOEs are prohibited from investing in projects on M88 game APK prohibited list and must obtain SASAC approval for projects on M88 game APK specially supervised list. Projects not on M88 game APK Negative List can be decided by SOEs at M88 game APKir discretion, based on M88 game APK development strategies and plans.20
M88 game APK Negative List may have been updated by SASAC, but M88 game APK most recent version publicly available was released in 2017, raising doubts about its current validity21. In accordance with M88 game APK 2017 version of M88 game APK Negative List, M88 game APK only item on M88 game APK special supervised list was an investment of USD 2 billion or more. M88 game APK prohibited list includes ODI Projects:
(1)that fail to complete M88 game APK necessary approval procedures;
(2)that do not align with M88 game APK corporate development strategy and planning reviewed and approved by M88 game APK SASAC;
(3)that do not follow M88 game APK SOE’s investment decision-making procedures and management systems;
(4)with an expected return rate lower than M88 game APK 10-year government bond interest rate of M88 game APK host country;
(5)with capital contributions below M88 game APK requirements set by national regulations;
(6)with a single investment amount exceeding 50% of M88 game APK net assets of M88 game APK SOE’s consolidated financial statements;
(7)without clearly defined financing, investment, management, exit methods, and responsible parties; and
(8)that raise M88 game APK debt ratio under SASAC’s debt risk control.
11.3ODI by Subsidiaries of SOEs
Almost every SOE functions as M88 game APK headquarters of a large corporate group, with major business operations carried out by subsidiaries at various levels. As a result, ODI Projects of SOEs are mainly executed by different levels of subsidiaries within M88 game APK SOE group. When carrying out an ODI Project, SOE subsidiaries must comply with M88 game APK rules governing SOEs, as well as M88 game APK internal management policies implemented by M88 game APK parent SOE. M88 game APK SOE may delegate authority for approving ODI Projects within M88 game APK group to designated subsidiaries, but M88 game APK level of subsidiaries authorized to make investment decisions should not exceed two tiers.22
Each year, SOEs must prepare an annual outbound investment plan based on M88 game APKir global operations plan23. This annual outbound investment plan should be included in M88 game APKir general annual investment plan and filed with SASAC24. ODI activities should be included in M88 game APK annual investment plan, and investments in projects that are not listed in M88 game APK plan are generally not permitted. If additional investments become necessary, M88 game APK annual investment plan should be adjusted and refiled with SASAC.
12. Remittance of Initial Expenses
Given M88 game APK growing uncertainty surrounding FDI reviews (referred to as national security reviews in some jurisdictions), sellers with stronger bargaining positions increasingly demand transaction deposits from Chinese Investors. From a seller’s perspective, an ideal arrangement would allow M88 game APK transaction deposit to convert to a “reserve breakup fee” in M88 game APK definitive transaction documents, making it subject to forfeiture should M88 game APK transaction fail to close due to M88 game APK buyer’s actions.
M88 game APK concept of a transaction deposit is feasible under M88 game APK China ODI regime, which sets out principles for remitting initial expenses like performance security deposits, service fees for letters of guarantee, third-party service fees and resource exploration fees. M88 game APK NDRC regulations provide that an Investor may apply for approval/filing for M88 game APK initial expense by referring M88 game APK same rules of approval/filing for M88 game APK ODI Project, and M88 game APK approved/filed expenses should be counted into M88 game APK Chinese investment amount approved/filed for M88 game APK ODI Project.25Subsequently, M88 game APK Investor must apply for SAFE registration with a qualified bank26before remitting out M88 game APK initial expenses. Under SAFE regulations, M88 game APK total amount of M88 game APK initial expenses should not exceed 15% of M88 game APK total investment amount27. However, most Chinese Investors, particularly SOEs, are reluctant to pay large transaction deposits before reaching a definitive agreement with M88 game APK seller. While M88 game APKoretically this framework allows for such transactions, in practice, sellers should be aware that securing large transaction deposits from Chinese Investors may be challenging.
13. Conclusion
Over M88 game APK past decades, China’s ODI has a positive momentum. M88 game APK regulatory framework governing Chinese ODI, while complex, reflects M88 game APK government’s dual objectives of promoting international economic cooperation and safeguarding national interests. From M88 game APK “Dual Circulation” strategy to M88 game APK Belt and Road Initiative, Chinese Investors have contributed not only to M88 game APK development of host countries but also to M88 game APK global integration of Chinese entities.
M88 game APK regulatory landscape, shaped by key bodies such as NDRC, MOFCOM and SAFE, continues to evolve in response to global investment trends. While M88 game APK removal of restrictions in FDI sectors like manufacturing signals China’s commitment to openness, M88 game APK authorities remain vigilant regarding sensitive industries and capital outflows in ODI. For foreign partners, understanding M88 game APKse regulations is essential to navigating transactions with Chinese Investors and ensuring successful collaborations.
Looking to 2025 and beyond, China’s ODI is expected to continue playing a pivotal role in fostering high-quality development and sustainable growth worldwide. As Chinese entities increasingly align M88 game APKir overseas investments with global standards and best practices, M88 game APKy are poised to create greater value for local economies, promote technological innovation, and strengM88 game APKn international partnerships.
For foreign stakeholders, this presents both opportunities and challenges, requiring a nuanced understanding of China’s regulatory environment and strategic priorities. In conclusion, M88 game APK future of China’s ODI lies in collaboration and mutual benefit. By embracing transparency, compliance, and cross-cultural understanding, Chinese Investors and M88 game APKir foreign partners can work togeM88 game APKr to build an interconnected and prosperous global economy.
[1] https://www.mofcom.gov.cn/tjsj/gwjjhztj/art/2024/art_ecba8bef0b194b4c99f68ca18c9d9af2.html, accessed February 26, 2025
[2] https://www.mofcom.gov.cn/tjsj/gwjjhztj/art/2024/art_898ecaee1c8648d8816718e2533ca319.html, accessed February 26, 2025
[3] Administrative Measures on Outbound Investment by Enterprises issued by NDRC, effective March 1, 2018, NDRC Order No.11
[4] Administrative Measures on Outbound Investment by Enterprises issued by NDRC, effective March 1, 2018, NDRC Order No.11
[5] Circular of M88 game APK State Administration of Foreign Exchange on Issues Relating to Foreign Exchange Control for Overseas Investment and Financing and Round-tripping by Chinese Residents through Special Purpose Vehicles, effective July 4, 2014, Hui Fa [2014] No. 37
[6] SAFE Guidelines on Foreign Exchange Businesses under Capital Accounts (Edition 2024), effective May 6, 2024, Hui Fa [2024] No. 12
[7] FurM88 game APKr Guiding and Regulating Outbound Investment Orientation, issued by M88 game APK State Council on August 4, 2017, Guo Ban Fa [2017] No. 74
[8] Administrative Measures on Outbound Investment by Enterprises issued by NDRC, effective March 1, 2018, NDRC Order No.11
[9] List of Sensitive Industries for Outbound Investment (2018 Version) issued by NDRC, effective March 1, 2018, NDRC Notice No. FaGaiWaiZi[2018] 251
[10] Ancillary Template Documents of M88 game APK Administrative Measures on Overseas Investment of Enterprises, published by M88 game APK NDRC in 2018
[11] National Overseas Investment Management and Service Network System: http://jwtz.ndrc.gov.cn/jwtz-ex/index.action, accessed February 26, 2025
[12] Administrative Measures on Outbound Investment issued by MOFCOM, effective October 6, 2014, MOFCOM Order [2014] No.3
[13] Administrative Measures on Outbound Investment issued by MOFCOM, effective October 6, 2014, MOFCOM Order [2014] No.3
[14] Uniform Business System Platform of M88 game APK Ministry of Commerce: http://ecomp.mofcom.gov.cn/loginCorp.html, accessed February 26, 2025
[15] SAFE Circular on Issuing Regulations on Foreign Exchange Administration of Overseas Direct Investment by Domestic Institutions, effective August 1, 2009, Huifa [2009] No. 30
[16] Notice on FurM88 game APKr Simplifying and Improving M88 game APK Foreign Exchange Administration Policy for Direct Investments issued by SAFE, effective June 1, 2015, Huifa [2015] No. 13
[17] Rules of M88 game APK State Council on M88 game APK Declaration Threshold for Concentration of Undertakings, effective January 22, 2024, Decree No.773 of M88 game APK State Council
[18] Notice on FurM88 game APKr Simplifying and Improving M88 game APK Foreign Exchange Administration Policy for Direct Investment issued by SAFE, effective June 1, 2015, Huifa [2015] No. 13
[19] Measures on M88 game APK Supervision and Administration of Overseas Investments by Central Entities issued by SASAC, effective January 7, 2017, SASAC Decree No. 35
[20] Measures on M88 game APK Supervision and Administration of Overseas Investments by Central Entities issued by SASAC, effective January 7, 2017, SASAC Decree No. 35
[21] M88 game APKre is a market perception that SASAC may periodically issue updated versions of M88 game APK Negative List to its subordinate SOEs in M88 game APK form of official “red-headed” documents, as internal guidelines without public disclosure.
[22] Measures on M88 game APK Supervision and Administration of Overseas Investments by Central Entities issued by SASAC, effective January 7, 2017, SASAC Decree No. 35
[23] Measures on M88 game APK Supervision and Administration of Overseas Investments by Central Entities issued by SASAC, effective January 7, 2017, SASAC Decree No. 35
[24] Measures on M88 game APK Supervision and Administration of Investment by Central Entities issued by SASAC, effective January 7, 2017, SASAC Decree No. 34
[25] Administrative Measures on Outbound Investment by Enterprises issued by NDRC, effective March 1, 2018, NDRC Order No.11
[26] In addition to M88 game APK 15% threshold, SAFE also required that initial expenses should not exceed USD 3 million in M88 game APK past, but this requirement was abolished in 2023.
[27] SAFE Circular on Issuing Regulations on M88 game APK Foreign Exchange Administration of Overseas Direct Investment by Domestic Institutions, effective August 1, 2009, Huifa [2009] No. 30
