All posts by adm0n

Registered Capital / 注册资本

Registered Capital in China 2026: Subscription Deadlines, Capital Reduction and the New Registration Paperwork

  • The 2026 versions of the registration document and submission-material standards, in force since 1 May 2026, add specific paperwork for two new Company Law scenarios: capital-reduction registration where shareholders lose their rights for failing to contribute, and capital reduction to offset accumulated losses.
    2026 年 5 月 1 日起施行的《经营主体登记文书规范（2026 年版）》和《经营主体登记提交材料规范（2026 年版）》，为两类新《公司法》场景补充了登记材料：股东失权后的注册资本变更登记、弥补亏损的减少注册资本变更登记。
  • Foreign-invested LLCs and joint-stock companies established after July 2024 must pay up subscribed capital within five years; pre-existing companies whose remaining subscription terms exceed five years from 1 July 2027 must adjust those terms to within five years by 30 June 2027.
    2024 年 7 月后设立的外商投资有限公司和股份公司须在五年内缴足认缴出资；存量公司剩余认缴期限自 2027 年 7 月 1 日起超过五年的，须在 2027 年 6 月 30 日前将剩余期限调整至五年以内。
  • The registration materials now capture the shareholders’ subscription-term information directly, and the standards mandate real-name verification forms to curb false and impersonation registrations.
    新版登记材料直接采集股东出资期限信息，并要求实名登记确认表，防范虚假冒名登记。
  • Capital may be contributed in cash, in-kind assets, IP, land-use rights, equity, claims, and — where the law so provides — data and virtual-property rights, subject to proper valuation.
    出资方式包括货币、实物、知识产权、土地使用权、股权、债权等可用货币估价并可依法转让的非货币财产，法律有规定的，数据、网络虚拟财产也可作价出资，但须依法评估作价。
  • For FIEs, the practical agenda is a capital-structure health check: verify subscription terms against the 2027 adjustment deadline, review whether any shareholder’s unpaid rights are at risk of forfeiture, and prepare the new-format documents before any capital change.
    对外资企业的实操议程是一次资本结构体检：对照 2027 年调整期限核验认缴期限、排查股东未实缴权利是否面临失权风险，并在任何资本变动前备好新版文书。

Registered Capital in China 2026: Subscription Deadlines, Capital Reduction and the New Registration Paperwork | 2026 年中国注册资本实务：认缴期限、减资与新版登记文书

Overview

The revised Company Law, effective July 2024, rebuilt China’s registered-capital framework around a simple proposition: what you subscribe, you must pay up — within five years. Two years into the new regime, 2026 is the compliance inflection point. The 2026 versions of the registration document and submission-material standards (《经营主体登记文书规范（2026 年版）》 and 《经营主体登记提交材料规范（2026 年版）》, effective 1 May 2026) operationalise the new rules at the registry level: they add paperwork for shareholder-right forfeiture and loss-offsetting capital reductions, capture subscription-term information directly, and tighten real-name verification. For foreign-invested enterprises, whose capital structures often combine offshore parents, hybrid contributions and multi-entity groups, the 2026 paperwork is a reminder that capital compliance is a rolling obligation, not a one-time registration event.

The five-year subscription rule and the 2027 transition deadline

Under the revised Company Law and the State Council’s implementing regulation on registered-capital registration management, shareholders of limited liability companies must pay up their subscribed capital within five years of company establishment. For joint-stock companies, promoters must pay in full before incorporation. Companies established before 30 June 2024 — a category that includes most existing foreign-invested enterprises — are subject to a transition rule: if their remaining subscription terms would exceed five years measured from 1 July 2027, they must adjust those terms to within five years and record the change in the articles of association by 30 June 2027.

The practical significance for FIEs is the calendar. The 30 June 2027 deadline is now less than a year away for pre-July-2024 entities. A WFOE founded in 2019 with a 30-year subscription schedule under its old articles — a structure that was routine in the pre-2024 era — must either bring its payment schedule inside the window, complete a capital reduction, or face the consequences of non-compliance: default interest to other shareholders, damages, administrative penalties, and ultimately the risk that unpaid rights are forfeited.

Shareholder-right forfeiture and loss-offsetting reductions

The new Company Law introduced two mechanisms that the 2026 registration materials now support. The first is forfeiture of rights for non-contributing shareholders: where a shareholder fails to pay up by the deadline, the company may, after issuing a written demand and allowing a grace period, forfeit the unpaid portion of that shareholder’s rights, record the forfeiture, and complete a capital-reduction (or transfer) registration within six months. The 2026 material standards add the specific documents for “capital-change registration due to shareholder forfeiture,” giving registries a uniform processing basis.

The second is loss-offsetting capital reduction. Where a company has accumulated losses, it may reduce capital to offset them — a technique that is particularly relevant to foreign-invested enterprises with historical losses in China operations. The 2026 standards add the documents for “capital reduction to offset accumulated losses,” which differ from ordinary reduction filings. Companies should note that loss-offsetting reductions do not follow the same creditor-notice and protection procedures as ordinary reductions in all respects, and the new paperwork reflects the regime’s attempt to standardise what was previously handled ad hoc.

Contribution methods and valuation

The registration rules confirm a broad menu of contribution methods: cash, in-kind assets, intellectual property, land-use rights, equity and claims, provided they can be valued in monetary terms and transferred lawfully. The Company Registration Administrative Implementation Measures add that, where law provides for it, data and network virtual-property rights can also be contributed as capital. Non-monetary contributions must be appraised to prevent over- or under-valuation.

For foreign-invested enterprises, the recurring issues are: cross-border valuation consistency (how an offshore group values IP contributed to a Chinese subsidiary), the interaction between contribution methods and foreign-exchange registration (capital injection verification applies to cash flows), and the record-keeping duty — the company must maintain valuation reports and contribution records for inspection. The 2026 standards also require real-name verification forms that record the applicant’s identity and the transaction’s consistency, a measure aimed squarely at false and impersonation registrations.

Practical checklist for FIEs

  1. Run a subscription-schedule audit. List every FIE entity, its establishment date, subscription terms and paid-in status, and flag entities whose remaining terms exceed five years from 1 July 2027.
  2. Decide the transition strategy by mid-2027. For each flagged entity, choose among adjusting the schedule to five years, completing the capital injection, or executing a capital reduction — and record the change in the articles of association before 30 June 2027.
  3. Address non-contributing shareholders early. Where a shareholder is unwilling or unable to pay, follow the demand-and-grace procedure, and if forfeiture is triggered, complete the capital-change registration within six months using the new-format documents.
  4. Prepare loss-offsetting reduction documentation. For entities with accumulated losses, assess whether a loss-offsetting capital reduction is appropriate and prepare the new-format filing package.
  5. Refresh governance documents. Update articles of association, shareholder contribution records and valuation reports, and confirm that board resolutions supporting any capital change follow the new Company Law’s quorum and procedure rules.

Related reading

  • The revised Company Law (effective July 2024) and the State Council’s regulation on registered-capital registration management.
  • The Company Registration Administrative Implementation Measures (2025), which detail contribution methods and the 2027 transition rule.
  • SAMR’s 2026 registration document and material standards, which codify the new paperwork.

Sources

  • 武汉市洪山区人民政府《市场监管总局关于印发经营主体登记文书规范和提交材料规范（2026 年版）的通知》: https://www.hongshan.gov.cn/gzfw/ztfw/qykb_85388/zctz_85390/202608/t20260825_2838574.shtml
  • 如东县人民政府《公司登记管理实施办法》: https://www.rudong.gov.cn/qxzdfzfz1fz/bmwj/content/8aefc77b-a10e-4f5b-a037-e6bfd0461789.html
  • 国家市场监督管理总局《关于进一步优化政务服务提升行政效能推进”高效办成一件事”的实施意见》: https://www.samr.gov.cn/djzcj/zcfg/qt/art/2026/art_88cdbfde20d54e9396ff6d7d649b6acd.html
  • 洞口县商务局《外商投资办事指南》(外资登记流程): https://www.dongkou.gov.cn/dongkou/tzgg/202608/fd4c261c8deb48baa48e8cef772dbcd4.shtml

2026 年中国注册资本实务：认缴期限、减资与新版登记文书

概述

2024 年 7 月施行的新《公司法》围绕一个简单命题重建了中国注册资本制度：认缴即须实缴——五年之内。新制度实施两年后，2026 年成为合规拐点。2026 年 5 月 1 日起施行的《经营主体登记文书规范（2026 年版）》和《经营主体登记提交材料规范（2026 年版）》，在登记机关层面把新规则落地：补充股东失权与弥补亏损减资的登记材料、直接采集出资期限信息、收紧实名验证。对外资企业而言——其资本结构往往叠加离岸母公司、混合出资和多实体集团——2026 年新版文书提醒：资本合规是滚动义务，而非一次性登记事件。

五年认缴规则与 2027 年过渡期

依据新《公司法》和国务院注册资本登记管理制度规定，有限责任公司股东须在公司成立之日起五年内缴足认缴出资。股份有限公司发起人须在公司成立前全额缴纳股款。2024 年 6 月 30 日前设立的存量公司——涵盖绝大多数既有外资企业——适用过渡规则：剩余认缴出资期限自 2027 年 7 月 1 日起超过五年的，须在 2027 年 6 月 30 日前将剩余期限调整至五年以内，并记载于公司章程。

对外资企业而言，实质意义在于日历。2027 年 6 月 30 日截止日距今已不足一年。2019 年设立、按旧章程约定 30 年认缴期的外商独资企业——这在 2024 年前是常规结构——要么把缴付安排纳入窗口期内，要么完成减资，否则将面临后果：对其他股东承担逾期利息与赔偿、行政处罚，最终是未实缴权利被失权的风险。

股东失权与弥补亏损减资

新《公司法》引入的两项机制，现在有了 2026 版登记材料支撑。其一是股东失权：股东未按期缴足的，公司经书面催缴并给予宽限期后，可失权该股东未实缴部分的权利，记载失权事项，并在六个月内办理减资（或转让）登记。2026 版材料规范补充了”因股东失权办理注册资本变更登记”的具体文书，给登记机关统一的办理依据。

其二是弥补亏损的减资。公司存在累计亏损的，可减资弥补亏损——这一技术对在华运营存在历史亏损的外资企业尤为相关。2026 版材料规范新增”弥补亏损减少注册资本变更登记”文书，与普通减资申报相区分。企业应注意，弥补亏损减资并非在所有方面都遵循与普通减资相同的债权人通知与保护程序，新版文书反映了监管层对这一此前个案化处理事项的标准化尝试。

出资方式与评估作价

登记规则确认了宽泛的出资方式菜单：货币、实物、知识产权、土地使用权、股权、债权等可以用货币估价并可以依法转让的非货币财产。《公司登记管理实施办法》进一步明确，法律对数据、网络虚拟财产权属有规定的，数据、网络虚拟财产也可作价出资。非货币出资须依法评估作价，不得高估或低估。

外资企业反复遇到的问题包括：跨境估值一致性（离岸集团向中国子公司投入知识产权时如何估值）、出资方式与外汇登记的衔接（资本金验资适用于现金流动），以及留档义务——公司须保存评估报告与出资记录备查。2026 版文书还要求实名登记确认表，记录申请人身份确认与登记业务关联性、一致性情况，直指虚假冒名登记。

外资企业实操清单

  1. 开展认缴期限审计。列出每家境内外资主体、设立日期、认缴期限与实缴状态，标记剩余期限自 2027 年 7 月 1 日起超过五年的实体。
  2. 在 2027 年年中前确定过渡策略。对每家境内外资实体，在”调整至五年、完成注资、执行减资”三项中选择，并在 2027 年 6 月 30 日前将变更记载于章程。
  3. 尽早处理未实缴股东。股东不愿或无力缴付的，按催缴加宽限期程序推进；触发失权的，用新版文书在六个月内完成资本变更登记。
  4. 备好弥补亏损减资文件。对存在累计亏损的实体，评估是否适合做弥补亏损减资，并准备新版申报包。
  5. 刷新治理文件。更新章程、股东出资记录与评估报告，确认支持资本变动的董事会决议符合新《公司法》的议事规则与程序要求。

相关阅读

  • 《公司法》（2024 年 7 月施行）与国务院注册资本登记管理制度规定。
  • 《公司登记管理实施办法》（2025 年），详述出资方式与 2027 年过渡规则。
  • 市场监管总局 2026 版登记文书与材料规范，固化新版文书。

来源

  • 武汉市洪山区人民政府《市场监管总局关于印发经营主体登记文书规范和提交材料规范（2026 年版）的通知》：https://www.hongshan.gov.cn/gzfw/ztfw/qykb_85388/zctz_85390/202608/t20260825_2838574.shtml
  • 如东县人民政府《公司登记管理实施办法》：https://www.rudong.gov.cn/qxzdfzfz1fz/bmwj/content/8aefc77b-a10e-4f5b-a037-e6bfd0461789.html
  • 国家市场监督管理总局《关于进一步优化政务服务提升行政效能推进”高效办成一件事”的实施意见》：https://www.samr.gov.cn/djzcj/zcfg/qt/art/2026/art_88cdbfde20d54e9396ff6d7d649b6acd.html
  • 洞口县商务局《外商投资办事指南》（外资登记流程）：https://www.dongkou.gov.cn/dongkou/tzgg/202608/fd4c261c8deb48baa48e8cef772dbcd4.shtml
Policy Updates / 政策动态, Structure Choice / 架构选择

Cross-Border Share Swaps and Red-Chip Structures: The 2026 Revision Window

  • The June 2026 “Action Plan for Stabilising and Improving Foreign Investment” promises to accelerate the revision of the 2006 Measures on foreign investors’ acquisition of domestic enterprises (Order No. 10), with streamlined procedures and more flexible consideration-payment requirements — directly affecting the legal environment for cross-border share swaps and red-chip restructurings.
    2026 年 6 月《利用外资固稳促优行动方案》承诺加快修订 2006 年《关于外国投资者并购境内企业的规定》（10 号令），优化并购管理流程和对价支付要求——直接影响跨境换股与红筹架构的法律环境。
  • A known friction point: Order No. 10 still requires that shares used as consideration in a cross-border share swap be shares of an overseas listed company, while the revised Strategic Investment Measures (effective December 2024) already allow unlisted overseas company shares in private placements and tender offers — an inconsistency the revision is expected to resolve.
    已知摩擦点：10 号令仍要求跨境换股的对价股份须为境外上市公司股份，而修订后的《战略投资管理办法》（2024 年 12 月施行）已允许定向发行、要约收购使用境外非上市公司股份——这一规范冲突预计通过修订解决。
  • Red-chip structures, while less dominant since the 2023 offshore-listing filing regime, remain attractive for accessing overseas investors and non-Hong Kong listings; the pending revision of Order No. 10 and new rules for resident individuals’ overseas investment will shape the next generation of these structures.
    红筹架构自 2023 年境外上市备案新规后优势有所下降，但在吸引境外投资者、赴港以外市场上市等方面仍有价值；10 号令修订在即以及境内居民个人境外投资新办法，将塑造下一代红筹架构。
  • For investors structuring cross-border M&A or listings in 2026, the practical guidance is to run parallel scenario models — listed-share swaps under current rules, unlisted-share swaps once the revision lands, and direct investment via FDI — and to keep transaction documents flexible enough to switch lanes.
    对 2026 年设计跨境并购或上市架构的投资者，实务指引是并行建立情景模型——现行规则下的上市股份换股、修订落地后的非上市股份换股、以及直接 FDI 投资——并保持交易文件足够灵活以便切换通道。

Cross-Border Share Swaps and Red-Chip Structures: The 2026 Revision Window | 跨境换股与红筹架构：2026 年修订窗口期

Overview

For foreign investors and Chinese companies raising capital offshore, the structuring question has always been: which vehicle, and through which regulatory gate? The 2026 answer is in motion. The “Action Plan for Stabilising and Improving Foreign Investment” (June 2026) commits to “accelerating the revision and promulgation of the provisions on foreign investors’ acquisition of domestic enterprises” — the 2006 Measures, commonly known as Order No. 10 — with streamlined procedures and more flexible consideration-payment requirements. In parallel, the revised Strategic Investment Measures, effective December 2024, already modernised the strategic-investment lane. Between the two, the regulatory architecture for cross-border share swaps and holding-company structures is being rebuilt in real time.

Order No. 10 has been the backbone of cross-border share-swap structuring for two decades. Its core mechanics — approval or filing for foreign investors acquiring domestic enterprises, and the use of overseas-listed-company shares as consideration — created the original framework for red-chip and SPV structures. Two decades of market evolution, however, have left the rules showing their age in three specific places, and each is on the 2026 revision agenda.

The three frictions the revision must resolve

First, the cross-border share-swap clause. Order No. 10’s Article 28 requires that shares used as consideration in a share swap be shares of an overseas listed company, excluding unlisted overseas company shares (except special-purpose vehicles). The revised Strategic Investment Measures, by contrast, explicitly allow strategic investment through private placements and tender offers to use unlisted overseas company shares as consideration. A Chinese company that wants to acquire an overseas business by issuing its own shares to the overseas target’s shareholders, or a foreign investor that wants to pay for a stake in a Chinese company with shares of an unlisted overseas affiliate, currently faces two inconsistent rulebooks. The revision is expected to align the two.

Second, the interplay with the offshore-listing filing regime. Since the CSRC’s 2023 rules brought red-chip and H-share listings into one filing framework, the compliance cost and time of red-chip structures have risen. The filing regime, however, does not prohibit the structure; it makes it transparent. And with the State Council’s June 2026 regulation on outbound investment tasking the NDRC to draft rules for resident individuals’ overseas investment, the personal-investment layer of red-chip structures is also being redrawn. How Order No. 10’s related-party merger clause will be revised will signal the policy stance on the next generation of these structures.

Third, coordination with the Foreign Investment Law. Order No. 10’s procedural requirements and the Foreign Investment Law’s information-reporting regime need to be rationalised. The Action Plan’s reference to “strengthening cross-departmental regulatory coordination” points directly at this: investors should not need to file the same transaction under overlapping regimes with inconsistent thresholds and timetables.

What this means for structure choices in 2026

For a foreign investor acquiring a Chinese business or a Chinese company doing an offshore capital raise, the practical read is that the lane selection window is open but not yet settled:

  • Direct FDI remains the baseline. For most operating investments, a straightforward WFOE or JV under the negative-list-plus-reporting regime continues to be the default, fastest and most predictable structure.
  • Listed-share swaps remain usable today. Where a share swap is the right consideration structure and the target shares are overseas-listed, current rules support it; transaction documents should nonetheless be drafted with fallback clauses in case the revision changes the applicable lane mid-transaction.
  • Unlisted-share swaps should be modelled, not assumed. Where the consideration is unlisted overseas company shares, the current inconsistency means structuring should either use the strategic-investment lane (private placements and tender offers in listed-company contexts) or defer the swap leg until the revised Order No. 10 clarifies the position.
  • Red-chip listings should be built for transparency. The 2023 filing regime, the pending resident-individual outbound investment rules and the Order No. 10 revision together mean that red-chip structures must be documented for filing and disclosure from day one, rather than retro-fitted at listing.

Practical checklist for 2026 structurings

  1. Run parallel scenario models. Build the same deal as (a) direct FDI, (b) share swap under current rules, and (c) share swap under the expected revised rules, and compare tax, timing and regulatory exposure.
  2. Pin the applicable gate. Confirm whether the transaction involves a listed-company strategic investment (Strategic Investment Measures), an unlisted-target acquisition (Order No. 10), or a securities-market purchase (QFII / Stock Connect channels), and identify which filings are mandatory today.
  3. Keep documents flexible. Include condition precedent and alternative-consideration clauses so the transaction can switch from a share swap to cash or to a different vehicle class without renegotiating the entire deal.
  4. Prepare the information-reporting file. Regardless of structure, the Foreign Investment Law’s information-reporting duty applies to establishment, change and merger events; build the reporting schedule into the closing plan.
  5. Monitor the revision pipeline. The MOFCOM revision of Order No. 10, the NDRC rules for resident-individual overseas investment, and provincial implementations of the Action Plan’s M&A facilitation will each change the structuring calculus; track them through official channels.

Related reading

  • The 2006 Measures on the Acquisition of Domestic Enterprises by Foreign Investors (Order No. 10), pending revision.
  • The revised Strategic Investment Measures (effective December 2024) and the CSRC’s offshore-listing filing rules (2023).
  • The State Council’s regulation on outbound investment (effective July 2026) and the draft NDRC implementing measures.

Sources

  • 商务部 国家发展改革委 财政部《利用外资固稳促优行动方案》(中国政府网): https://www.gov.cn/zhengce/zhengceku/202606/content_7072838.htm
  • 上海市人民政府外事办公室《〈上海资讯周报〉涉外资讯一站式服务（2026 年 8 月第 3 期，总第 155 期）》: https://wsb.sh.gov.cn/ztzl/shzxzb/20260818/ce3cd5fcab334d1ea3a994e97d178583.html
  • 上海市人民政府外事办公室《〈上海资讯周报〉涉外资讯一站式服务（2026 年 8 月第 2 期，总第 154 期）》: https://wsb.sh.gov.cn/ztzl/shzxzb/20260811/bd3b73a6e882435e92bd4f7213129b46.html
  • 商务部《商务部、国家发展改革委、财政部联合印发〈利用外资固稳促优行动方案〉》: https://www.mofcom.gov.cn/syxwfb/art/2026/art_6321e5e42c6246319e12876d5a6786f2.html
  • 商务部《凌激副部长兼国际贸易谈判副代表出席国新办发布会介绍利用外资固稳促优有关政策措施》: https://www.mofcom.gov.cn:8443/zcjd/tzhz/art/2026/art_d0190837f61147258546c1bcc8f9be05.html

跨境换股与红筹架构：2026 年修订窗口期

概述

对外国投资者和在境外融资的中国公司而言，架构问题始终是：选哪个载体，过哪道监管门？2026 年的答案正在变化之中。《利用外资固稳促优行动方案》（2026 年 6 月）承诺”加快修订出台关于外国投资者并购境内企业的规定”——即俗称 10 号令的 2006 年规定——优化并购管理流程和对价支付要求。与之并行，修订后的《战略投资管理办法》已于 2024 年 12 月落地，使战略投资通道现代化。两者之间，跨境换股与控股架构的监管体系正在实时重建。

十多年来，10 号令一直是跨境换股架构的支柱。其核心机制——外国投资者并购境内企业的审批或备案、以境外上市公司股份作为对价——创造了红筹与特殊目的公司（SPV）架构的最初框架。然而，二十年的市场演进让规则在三处显出老态，而每一处都在 2026 年修订议程之上。

修订必须解决的三处摩擦

第一，跨境换股条款。10 号令第 28 条要求换股支付手段的股权须为境外上市公司股权，排除了境外非上市公司股权（特殊目的公司除外）。而修订后的《战略投资管理办法》明确允许定向发行、要约收购方式的战略投资使用境外非上市公司股份作为对价。一家想通过向境外标的企业股东发行自身股份来收购境外业务的中国公司，或者想以境外未上市关联公司股份支付中国公司股权对价的外国投资者，如今面对的是两套不一致的规则。预计修订将实现制度衔接。

第二，与境外上市备案制度的互动。自证监会 2023 年新规把红筹与 H 股上市纳入同一备案框架后，红筹架构的合规成本和时间有所上升。但备案制度并不禁止这一结构，只是使其透明化。随着国务院 2026 年 6 月对外投资规定要求发改委起草境内居民个人境外投资具体管理办法，红筹架构的个人投资层也在被重绘。10 号令关联并购条款将如何修订，将释放政策层对下一代红筹架构的态度信号。

第三，与《外商投资法》的协调。10 号令的程序性要求与《外商投资法》的信息报告制度需要理顺。《行动方案》中”强化部门监管协同”的表述直指此处：投资者不应在门槛与时间表不一致的重叠制度下重复申报同一交易。

对 2026 年架构选择的意义

对收购中国业务的外国投资者或进行境外融资的中国公司，实操读法是：通道选择窗口已开，但尚未定型。

  • 直接 FDI 仍是基线。对大多数经营性投资，负面清单加信息报告体制下的直接外商独资企业或合资公司，继续是默认、最快、最可预期的结构。
  • 上市股份换股今天仍可用。换股是合适的对价结构且标的股份为境外上市公司的，现行规则支持；但交易文件仍应起草回退条款，以防修订在交易中途改变适用通道。
  • 非上市股份换股应建模而非假设。对价涉及境外非上市股份的，当前的不一致意味着构架应要么走战略投资通道（上市公司语境下的定向发行、要约收购），要么推迟换股环节直至修订后的 10 号令澄清立场。
  • 红筹上市应面向透明构建。2023 年备案制度、居民个人境外投资新规与 10 号令修订共同意味着：红筹架构必须从第一天起就按备案与披露要求留档，而非上市时追溯补做。

2026 年构架实操清单

  1. 并行建立情景模型。把同一笔交易分别构建为（a）直接 FDI、（b）现行规则下的换股、（c）预期修订规则下的换股，比较税务、时间与监管敞口。
  2. 锁定适用闸门。确认交易涉及上市公司战略投资（《战略投资管理办法》）、未上市标的并购（10 号令）还是证券市场购买（QFII / 互联互通通道），并识别当下哪些申报是强制性的。
  3. 保持文件灵活。加入先决条件与替代对价条款，使交易无需重谈即可从换股切换为现金或不同载体类别。
  4. 备好信息报告档案。无论何种架构，《外商投资法》的信息报告义务适用于设立、变更与并购事件；把申报时间表纳入交割计划。
  5. 跟踪修订管道。商务部对 10 号令的修订、发改委居民个人境外投资办法以及《行动方案》并购便利化在各省的落实，都将改变构架计算；通过官方渠道跟踪。

相关阅读

  • 《关于外国投资者并购境内企业的规定》（10 号令，2006 年），修订在即。
  • 修订版《外国投资者对上市公司战略投资管理办法》（2024 年 12 月施行）与证监会 2023 年境外上市备案规则。
  • 国务院《对外投资的规定》（2026 年 7 月施行）及发改委征求意见稿。

来源

  • 商务部 国家发展改革委 财政部《利用外资固稳促优行动方案》（中国政府网）：https://www.gov.cn/zhengce/zhengceku/202606/content_7072838.htm
  • 上海市人民政府外事办公室《〈上海资讯周报〉涉外资讯一站式服务（2026 年 8 月第 3 期，总第 155 期）》：https://wsb.sh.gov.cn/ztzl/shzxzb/20260818/ce3cd5fcab334d1ea3a994e97d178583.html
  • 上海市人民政府外事办公室《〈上海资讯周报〉涉外资讯一站式服务（2026 年 8 月第 2 期，总第 154 期）》：https://wsb.sh.gov.cn/ztzl/shzxzb/20260811/bd3b73a6e882435e92bd4f7213129b46.html
  • 商务部《商务部、国家发展改革委、财政部联合印发〈利用外资固稳促优行动方案〉》：https://www.mofcom.gov.cn/syxwfb/art/2026/art_6321e5e42c6246319e12876d5a6786f2.html
  • 商务部《凌激副部长兼国际贸易谈判副代表出席国新办发布会介绍利用外资固稳促优有关政策措施》：https://www.mofcom.gov.cn:8443/zcjd/tzhz/art/2026/art_d0190837f61147258546c1bcc8f9be05.html
Labour Dispatch / 劳务派遣, Tax Compliance / 税务合规

Labour Dispatch in China 2026: VAT Changes and Compliance Sharpening

  • Following the entry into force of the VAT Law on 1 January 2026, the simple-method option for labour dispatch services was removed and replaced by a differential-taxation rule: eligible dispatch companies may deduct wages, benefits and social-insurance paid on behalf of the user unit from their taxable sales, applying the 6% standard rate with input-VAT credit available.
    《增值税法》2026 年 1 月 1 日施行后，劳务派遣服务取消简易计税方法，改为差额征税规则：符合条件的派遣公司可从销售额中扣除代用工单位支付的工资、福利和社会保险费，适用 6% 税率并允许抵扣进项税额。
  • A valid Labour Dispatch Operating Permit is now the gatekeeper for differential taxation — unlicensed human-resources companies performing de facto dispatch work must be taxed on the full amount at 6%.
    《劳务派遣经营许可证》成为享受差额征税的前置条件——未取得资质而实际从事类似派遣业务的人力资源公司，须按全额 6% 计税，不得自行适用差额征税。
  • Invoice compliance is mandatory: the deduction requires “same-invoice itemisation” of the service fee and the deducted amounts, together with lawful and valid deduction vouchers.
    开票合规是硬要求：差额扣除须”同票列明”服务费与扣除额，且扣除凭证须合法有效。
  • The dispatch ratio cap remains 10% of a user unit’s total workforce, and 2026 enforcement has sharpened the distinction between genuine outsourcing and disguised dispatch, looking at actual control and management rather than contract labels.
    用工单位使用被派遣劳动者数量不得超过其用工总量的 10% 的红线保持不变；2026 年监管强化了真外包与假派遣的区分，以实际用工管理状态而非合同名称作为认定标准。
  • For foreign-invested enterprises using dispatch or outsourcing, the practical agenda is to verify permit status of service providers, re-model contract and invoicing arrangements under the new VAT rules, and audit workforce ratios and de facto management control to avoid reclassification risk.
    对使用派遣或外包的外资企业，实操议程包括：核验服务商许可资质、按新增值税规则重构合同与开票安排、审查用工比例与实际管理控制，避免被重新定性。

Labour Dispatch in China 2026: VAT Changes and Compliance Sharpening | 2026 年中国劳务派遣：增值税调整与合规趋严

Overview

Two parallel changes are reshaping how foreign-invested enterprises use flexible staffing in China in 2026. The first is tax-technical: the entry into force of the VAT Law on 1 January 2026 removed the simple-method option for labour dispatch services and replaced it with a refined differential-taxation rule. The second is enforcement-related: regulators have sharpened the line between genuine outsourcing and disguised labour dispatch, signalling that contract labels no longer determine the legal character of a staffing arrangement.

Both changes matter to FIEs because dispatch and outsourcing are common vehicles for headcount flexibility — but the compliance cost of getting the characterisation wrong is now materially higher. Mischaracterised dispatch can mean back taxes under the full-taxation rule, unpaid social-insurance obligations, and exposure under the 10% dispatch-ratio cap.

The VAT change: from simple method to differential taxation

Before 2026, a general VAT taxpayer providing labour dispatch services could choose the simple method: taxable sales calculated after deducting wages, benefits and social insurance paid on behalf of the user unit, at a 5% collection rate, but with no input-VAT credit. The structural problem was the lost input credit — the entire point of the simple method was simplicity, and it carried a permanent tax cost.

The VAT Law and its implementing rules removed the simple-method option for dispatch services but preserved the deductibility logic in a more advantageous form: eligible general taxpayers may deduct from taxable sales the wages, benefits and social insurance (and housing fund) paid on behalf of the user unit, then apply the standard 6% rate and claim input-VAT credit on their own deductible inputs. For a compliant dispatch company, the net tax burden can be lower than under the old simple method.

The catch is the eligibility gate. Under the transitional announcement (Ministry of Finance and STA Announcement No. 10 of 2026, issued 30 January 2026), the deduction applies only to taxpayers holding a Labour Dispatch Operating Permit (《劳务派遣经营许可证》) and satisfying invoice and voucher requirements. Unlicensed human-resources and management-consulting companies that previously self-applied differential taxation on the strength of an outsourcing contract must now be taxed on the full amount at 6%. The announcement also addresses group structures: a head office with a permit and a branch that has registered with the local human-resources authority can apply the differential rule; a branch that has not registered cannot.

The invoice and voucher discipline

Differential taxation in China is only as good as the paperwork. The rules require “same-invoice itemisation”: the invoice must separately list the service fee and the deducted amounts (wages, benefits, social insurance and housing fund paid on behalf of the user unit), so that the tax authority can verify the deduction at the invoice level. In addition, the taxpayer must hold lawful and valid deduction vouchers — evidence of the actual payments made on behalf of the user unit. For FIEs as the user side, the practical implication is that their dispatch invoices must carry the itemised format, and that the underlying payroll and social-insurance records should be obtainable for audit if the tax authority reviews the user’s deduction chain.

The 10% ratio cap and the “disguised dispatch” crackdown

Separately, the dispatch ratio cap remains fixed: a user unit may not use dispatched workers in excess of 10% of its total workforce (defined as the number of workers on employment contracts plus the number of dispatched workers). The cap is policed by local human-resources authorities, which have been issuing guidance and answering implementation questions through 2026 — for example, Shenzhen’s Bao’an District Human Resources Bureau published a staff interpretation in August 2026 confirming the 10% calculation basis.

In parallel, 2026 enforcement has focused on “disguised dispatch” dressed up as outsourcing. The emerging test looks at substance over form: if workers are directly managed and controlled by the user unit, occupy long-term fixed positions, work on core business processes, or are mixed with the user’s own staff, the arrangement is recharacterised as labour dispatch regardless of what the contract is called. The consequences flow from recharacterisation: the 10% cap applies, social-insurance and equal-pay obligations attach, and tax treatment may need to be restated. Foreign-invested companies should audit not just contract titles but actual management control — who assigns daily tasks, who approves leave, who evaluates performance — because those facts determine the legal character of the arrangement.

What this means for foreign-invested enterprises

  1. Verify the provider’s permit. Confirm that every dispatch service provider holds a valid Labour Dispatch Operating Permit and, where branches are involved, that the branch has registered with the local human-resources authority.
  2. Re-model the VAT arrangement. Confirm that invoices follow the same-invoice itemisation format and that deduction vouchers are retained; where the provider is unlicensed, model the full-taxation cost into the contract price.
  3. Audit the ratio. Count the workforce (contract workers plus dispatched workers) and confirm the dispatched headcount stays within 10%; where a JV or WFOE has multiple user entities, assess each separately.
  4. Test for disguised dispatch. Review actual management control, job stability and mixing of staff. Where recharacterisation risk is real, convert long-term outsourced roles to direct employment or a compliant licensing structure.
  5. Update contracts and policies. Align service agreements, insurance arrangements and payroll handling with the new tax and enforcement posture, and document the control assessment for inspection readiness.

Related reading

  • The VAT Law and its implementing rules, together with Announcement No. 10 of 2026 on VAT preferential policy transition.
  • The Labour Contract Law and the Interim Provisions on Labour Dispatch (including the 10% cap and the temporary/auxiliary/substitute position rule).
  • The Social Insurance Law and local implementation rules governing contribution bases for dispatched workers.

Sources

  • 国家税务总局深圳市税务局《财政部 税务总局关于增值税法施行后增值税优惠政策衔接事项的公告》（财政部 税务总局公告 2026 年第 10 号）: https://shenzhen.chinatax.gov.cn/sztax/zdgkml/gkmlzcfg/gkmlzcwj/202602/9495df1a52004ae8b249888aa8452416.shtml
  • 国家税务总局上海市税务局《关于增值税法施行后增值税优惠政策衔接事项的公告》: https://shanghai.chinatax.gov.cn/gate/big5/shanghai.chinatax.gov.cn/zzzb/zcwj/202602/t479283.html
  • 深圳市宝安区人力资源局《劳务派遣的用工比例？》: https://www.baoan.gov.cn/rlzyj/zmhd/cjwtjd/ldrszcyw/content/post_12944402.html
  • 国家税务总局内蒙古自治区税务局《对呼伦贝尔市政协五届五次会议第 26287 号提案的答复》: https://neimenggu.chinatax.gov.cn/nmgzzqswj/msxxgkml_19393/hlbesswj/202608/t20260818_896749.html
  • 临清市人力资源和社会保障局（劳务派遣相关法规依据）: http://www.linqing.gov.cn/site_lqsrlzyhshbzjm/channel_jkf_lqsrlzyhshbzjm_66827effd5cf8a7893ef8e3c/doc_6a856c1bf07c36bc32c06716.html

2026 年中国劳务派遣：增值税调整与合规趋严

概述

2026 年，两股并行的变化正在重塑外资企业在中国使用弹性用工的方式。其一是税收技术层面：《增值税法》2026 年 1 月 1 日施行，取消了劳务派遣服务的简易计税方法，代之以细化的差额征税规则。其二是执法层面：监管部门强化了真外包与假劳务派遣的界限，明确合同名称不再决定用工安排的法律性质。

两项变化对外资企业都很重要，因为派遣和外包是人力弹性常用的载体——但定性错误的合规成本如今显著上升。派遣定性错误可能意味着按全额计税补缴税款、未缴社保义务，以及 10% 派遣比例红线的违规风险。

增值税变化：从简易计税到差额征税

2026 年以前，提供劳务派遣服务的一般纳税人可以选择简易计税：销售额扣除代用工单位支付的工资、福利和社保后，按 5% 征收率计税，但不能抵扣进项税额。结构性痛点在于进项损失——简易计税的全部意义就是简化，其代价是永久的税负成本。

《增值税法》及其实施规则取消了派遣服务的简易计税方法，但以更有利的形式保留了扣除逻辑：符合条件的一般纳税人可从销售额中扣除代用工单位支付的工资、福利和社会保险费（含住房公积金），适用 6% 标准税率，并可就自身可抵扣进项申报抵扣。对合规派遣公司而言，净税负可能低于旧简易计税。

关键在于资格门槛。根据过渡期公告（财政部 税务总局公告 2026 年第 10 号，2026 年 1 月 30 日发布），扣除仅适用于持有《劳务派遣经营许可证》且满足开票、凭证要求的纳税人。此前仅凭外包合同就自行适用差额征税的未持证人力资源公司、管理咨询公司，如今须按全额 6% 计税。公告还回应了集团结构：总公司持证、分公司已向当地人社部门备案的，分公司可适用差额征税；分公司未备案的，不能适用。

开票与凭证纪律

中国的差额征税是否有效，取决于单据。规则要求”同票列明”：发票须分别列明服务费与扣除额（代用工单位支付的工资、福利、社保和住房公积金），便于税务机关在发票层面核验扣除。此外，纳税人须持有合法有效的扣除凭证——代用工单位实际付款的凭据。对作为用工方的外资企业，实务含义是：派遣发票必须是列明格式，且底层工资和社保记录应可调取，以备税务机关核查扣除链条。

10% 比例红线与”假外包”整治

与此同时，派遣比例红线保持不变：用工单位使用的被派遣劳动者数量不得超过其用工总量（订立劳动合同人数与被派遣劳动者人数之和）的 10%。该红线由地方人社部门执行，2026 年各地持续发布指引并解答实施问题——例如深圳市宝安区人力资源局 2026 年 8 月发布的答复即确认了 10% 的计算口径。

并行地，2026 年执法聚焦于披着外包外衣的”假派遣”。新测试标准看实质而非形式：如果劳动者由用工单位直接管理控制、岗位长期固定、参与主营业务、与正式员工混岗作业，无论合同如何命名，一律重新定性为劳务派遣。重新定性的后果随之而来：适用 10% 红线、承担社保与同工同酬义务、税收处理可能需重述。外资企业应审查的不只是合同标题，还有实际管理控制——谁安排日常任务、谁批假、谁考核绩效——因为这些事实决定用工安排的法律性质。

对外资企业的意义

  1. 核验服务商资质。确认每家派遣服务商持有有效的《劳务派遣经营许可证》，涉及分支机构的，确认分支机构已向当地人社部门备案。
  2. 重构增值税安排。确认发票采用同票列明格式并留存扣除凭证；服务商无资质的，将全额计税成本计入合同价格。
  3. 审查比例。统计用工总量（合同工加派遣工），确认派遣人数在 10% 以内；合资公司或外商独资企业有多个用工主体的，分别评估。
  4. 排查假派遣。审查实际管理控制、岗位稳定性与混岗情况。重新定性风险真实存在的，将长期外包岗位转为直接雇佣或合规持牌结构。
  5. 更新合同与政策。使服务协议、保险安排和工资处理与新的税收与执法姿态对齐，并留存控制权评估文档以备检查。

相关阅读

  • 《增值税法》及其实施规则，以及 2026 年第 10 号公告关于增值税优惠政策衔接的规定。
  • 《劳动合同法》与《劳务派遣暂行规定》（含 10% 红线和临时性、辅助性、替代性岗位规则）。
  • 《社会保险法》及各地关于派遣工缴费基数的实施规则。

来源

  • 国家税务总局深圳市税务局《财政部 税务总局关于增值税法施行后增值税优惠政策衔接事项的公告》（财政部 税务总局公告 2026 年第 10 号）：https://shenzhen.chinatax.gov.cn/sztax/zdgkml/gkmlzcfg/gkmlzcwj/202602/9495df1a52004ae8b249888aa8452416.shtml
  • 国家税务总局上海市税务局《关于增值税法施行后增值税优惠政策衔接事项的公告》：https://shanghai.chinatax.gov.cn/gate/big5/shanghai.chinatax.gov.cn/zzzb/zcwj/202602/t479283.html
  • 深圳市宝安区人力资源局《劳务派遣的用工比例？》：https://www.baoan.gov.cn/rlzyj/zmhd/cjwtjd/ldrszcyw/content/post_12944402.html
  • 国家税务总局内蒙古自治区税务局《对呼伦贝尔市政协五届五次会议第 26287 号提案的答复》：https://neimenggu.chinatax.gov.cn/nmgzzqswj/msxxgkml_19393/hlbesswj/202608/t20260818_896749.html
  • 临清市人力资源和社会保障局（劳务派遣相关法规依据）：http://www.linqing.gov.cn/site_lqsrlzyhshbzjm/channel_jkf_lqsrlzyhshbzjm_66827effd5cf8a7893ef8e3c/doc_6a856c1bf07c36bc32c06716.html
Capital & Cross-border / 资金跨境, Policy Updates / 政策动态

China’s Draft Outbound Investment Management Measures: Key Changes in the 2026 Revision

  • China’s National Development and Reform Commission (NDRC) published the Draft Outbound Investment Management Measures on 21 August 2026, opening a public-comment window that runs to 20 September 2026.
    国家发展改革委于 2026 年 8 月 21 日发布《对外投资管理办法（修订征求意见稿）》，公开征求意见至 2026 年 9 月 20 日。
  • The draft replaces the 2017 Outbound Investment Management Measures (NDRC Order No. 11) and operationalises the State Council’s Regulation on Outbound Investment (State Council Order No. 837), in force since 1 July 2026.
    修订稿将取代 2017 年《企业境外投资管理办法》（发改委令 2017 年第 11 号），并把 2026 年 7 月 1 日施行的《国务院关于对外投资的规定》（国务院令第 837 号）细化为部门规章。
  • The investor scope broadens from enterprises and non-enterprise organisations to include resident individuals, while the approval-and-filing architecture for sensitive and non-sensitive projects is kept largely intact.
    投资者范围由境内企业、非企业组织扩展至居民个人，但敏感类项目核准、非敏感类项目备案的分类监管框架基本保持稳定。
  • New and tightened reporting duties stand out: overseas re-investment reporting drops the RMB 300 million threshold and must be filed 20 working days ahead, joined by a new annual report and a pre-project report for large, diplomatically sensitive deals.
    报告义务显著增多：境外再投资报告取消 3 亿元门槛并须提前 20 个工作日报送，新增年度报告，以及对金额大、涉及外交关系项目的”前期工作情况报告”。
  • A dedicated investment-protection chapter formalises security review and reciprocal countermeasures, giving the authorities a statutory basis to respond when foreign parties impose discriminatory or restrictive measures on Chinese investors.
    新增”对外投资保护”专章，将安全审查与对等反制写入规章，为在境外投资受外国歧视性或限制性措施影响时采取应对举措提供制度依据。
  • Penalties are materially strengthened — fines, confiscation of unlawful gains, a three-year suspension of acceptance, and one-to-three-year bans — bringing the rules’ enforcement teeth in line with the parent State Council regulation.
    法律责任明显加重：罚款、没收违法所得、三年内不受理、一至三年禁入，使规章的执行力与上位行政法规保持一致。
  • Cross-border financial-market channels — QDII, Stock Connect and Cross-boundary Wealth Management Connect — remain explicitly exempt from approval, filing and reporting, preserving existing outbound investment pathways.
    合格境内机构投资者（QDII）、港股通、跨境理财通等境外金融市场投资渠道明确豁免核准、备案与报告，既有对外投融资通路得以保留。

China’s Draft Outbound Investment Management Measures: Key Changes in the 2026 Revision | 中国《对外投资管理办法（修订征求意见稿）》解读：2026 年修订要点

Overview

On 21 August 2026, the National Development and Reform Commission (NDRC) published the *Outbound Investment Management Measures (Draft for Revision and Public Comment)* (the “Draft”). The public-comment window runs from 21 August to 20 September 2026. Once adopted, the Draft will replace the *Outbound Investment Management Measures* (NDRC Order No. 11 of 2017, the “2017 Measures”) and serve as the implementing departmental rule for the *Regulation of the State Council on Outbound Investment* (State Council Order No. 837 of 2026, the “837 Order”), which took effect on 1 July 2026.

The Draft keeps the 2017 Measures’ six-chapter structure but expands from 66 to 76 articles and adds a dedicated chapter on investment protection. Its revision follows four stated principles: alignment with higher-level law, problem orientation, overall continuity, and coordinated linkage.

Background: from “enterprise outbound” to “outbound investment”

The 2017 Measures governed outbound investment mainly by enterprises and, by reference, non-enterprise organisations such as public institutions and social groups. Since then, China’s outbound investment has grown in both volume and complexity: investors are more diverse, structures more layered, and the external environment more contested. The 837 Order, China’s first administrative regulation dedicated to outbound investment, broadened the statutory concept of “outbound investment” and explicitly recognised investors as including domestic enterprises, other organisations and resident individuals.

The Draft translates that higher-level framework into operable rules. In the words of NDRC-affiliated researchers, the shift from “enterprise outbound investment” to “outbound investment” signals a move toward a legalised, institutionalised and predictable regime — one that aligns with international expectations on transparency while giving investors a clearer, more stable rule set.

What stays the same

The core access framework is deliberately preserved:

  • Sensitive projects remain subject to approval by the NDRC.
  • Non-sensitive projects continue under a graded filing system, with large non-sensitive projects (those at or above the RMB 300 million threshold) handled at the NDRC level and smaller ones at provincial level.
  • The scope of approval/filing, the procedures, statutory timelines, validity, changes and extensions are carried over largely unchanged.

This continuity is intentional: it keeps the compliance baseline familiar for investors and regulators alike and lowers the cost of transition.

What changes

The Draft’s substantive changes cluster around four areas.

1. Broader investor scope. Investors now expressly include resident individuals, not only enterprises and other organisations. Individuals’ outbound investment will follow procedures to be specified separately, but the principle of market-based outbound investment is confirmed for all investor types.

2. A fuller reporting system. Several reporting duties are new or revised:

  • *Overseas re-investment reporting* drops the previous RMB 300 million threshold, must be submitted 20 working days in advance, and explicitly covers round-trip (return) investment.
  • A new annual information report gives the authorities a periodic, portfolio-level view of an investor’s outbound footprint.
  • A new pre-project work report applies to a small number of projects that are large and bear on China’s diplomatic relations with relevant countries.
  • The major adverse-situation report is now triggered “immediately” and its scope is widened to capture foreign discriminatory or restrictive actions.

All such reports are characterised as notification-type obligations — not administrative licences — that are completed upon submission, without waiting for a reply.

3. Formalised security review and reciprocal countermeasures. A new investment-protection chapter writes the 837 Order’s security-review and countermeasure provisions into the departmental rule. Where a foreign organisation or individual imposes discriminatory or restrictive measures on a Chinese investor’s outbound investment, the NDRC may, at the investor’s request and within its remit, take responsive measures — including restricting that foreign party’s investment in China or transactions and cooperation with Chinese parties.

4. Stronger enforcement. Penalties are materially upgraded to match the 837 Order: fines, confiscation of unlawful gains, a three-year suspension of acceptance of new outbound-investment filings, and one-to-three-year bans in serious cases.

Channels that remain open

To preserve existing outbound-financing pathways, the Draft confirms that investment through Qualified Domestic Institutional Investors (QDII), Stock Connect and Cross-boundary Wealth Management Connect in overseas financial markets is exempt from the approval, filing and reporting rules. Two “safety valves” remain: the rules still apply when an investor obtains control of the investee or acquires a 10% integer multiple equity or voting stake — situations generally treated as direct outbound investment.

Practical implications

For Chinese outbound investors, the Draft widens the door (notably for individuals) while lengthening the compliance to-do list. Companies should expect to build reporting routines — re-investment, annual, pre-project and adverse-event notifications — into their investment-lifecycle governance rather than treating them as one-off filings. Embedding compliance review at the feasibility stage, and maintaining both internal legal and external advisory support, becomes the pragmatic default.

For foreign-invested enterprises (FIEs) operating in China and for foreign investors with Chinese counterparties, three linkages matter. First, the countermeasure provisions mean that restrictive measures imposed abroad on Chinese investors can, in turn, constrain the relevant foreign party’s China-facing activities — a factor for any multinational with cross-border investment exposure. Second, the security-review framework intersects with broader inbound and outbound screening, relevant where deals touch sensitive sectors or assets. Third, the explicit exemption of QDII, Stock Connect and Wealth Management Connect preserves channels that foreign financial institutions in China frequently use or facilitate, supporting cross-border capital flows in both directions.

Related reading

The Draft is the latest step in a sequence of 2026 investment-policy moves, alongside the 837 Order (effective 1 July 2026) and ongoing updates to export-control and countermeasure instruments. Readers tracking China’s investment regime should monitor the NDRC’s forthcoming supporting documents and Q&A, expected after the comment period closes on 20 September 2026.

Sources

中国《对外投资管理办法（修订征求意见稿）》解读：2026 年修订要点

概览

2026 年 8 月 21 日，国家发展改革委发布《对外投资管理办法（修订征求意见稿）》（以下简称”修订稿”），公开征求意见期为 8 月 21 日至 9 月 20 日。修订稿施行后将取代 2017 年《企业境外投资管理办法》（国家发展改革委令 2017 年第 11 号，以下简称”2017 年办法”），并成为《国务院关于对外投资的规定》（国务院令 2026 年第 837 号，以下简称”837 号令”）的实施性部门规章。837 号令已于 2026 年 7 月 1 日施行。

修订稿沿用 2017 年办法六章结构，但条文由 66 条增至 76 条，并新增”对外投资保护”专章。此次修订遵循四项原则：对标对表、问题导向、总体延续、衔接联动。

背景：从”企业境外投资”到”对外投资”

2017 年办法主要规范境内企业以及参照执行的事业单位、社会团体等非企业组织的境外投资。此后，我国对外投资在规模与复杂度上持续上升：投资主体更加多元，交易结构更趋多层，外部环境也更趋复杂。837 号令作为我国首部专门规范对外投资的行政法规，拓宽了”对外投资”的法定内涵，并明确投资者包括境内企业、其他组织和居民个人。

修订稿将上述上位法框架转化为可操作的规则。据国家发改委相关研究机构解读，从”企业境外投资”到”对外投资”的名称之变，折射出制度升级——对外投资决策正转向法定化、制度化、可预期的发展轨道，既对接国际经贸规则对透明度的要求，也为投资者提供了更清晰、更稳定的规则环境。

保持不变的部分

核心准入框架被有意保留：

  • 敏感类项目仍由发改委核准。
  • 非敏感类项目继续实行分级备案，其中金额较大（达到 3 亿元及以上门槛）的非敏感项目由发改委层级办理，较小的由省级层面办理。
  • 核准与备案的适用范围、办理程序、法定时限、效力、变更与延期等核心内容基本延续。

这种延续性是有意为之：既让投资者与监管部门维持熟悉的合规基线，也降低了制度转换成本。

主要变化

修订稿的实质性变化集中在四个方面。

一、投资者范围扩大。 投资者明确扩展至居民个人，不再限于企业与其他组织。居民个人的对外投资将另行制定具体办理程序，但各类投资者按市场化原则开展对外投资的原则得到确认。

二、报告体系更完整。 多项报告义务为新增或调整：

  • *境外再投资报告*取消原 3 亿元门槛，须提前 20 个工作日报送，并明确覆盖返程投资。
  • 新增对外投资信息年度报告，使管理部门得以周期性、组合式地掌握投资者境外布局。
  • 新增前期工作情况报告，适用于少数金额大、关乎我国与相关国家外交关系的项目。
  • 重大不利情况报告改为”立即”报送，情形亦扩展至境外歧视性或限制性措施。

上述各项报告均属告知性事项，非行政许可，投资者按规定提交即完成程序，无需等待管理部门回复。

三、安全审查与对等反制入规。 新增的”对外投资保护”专章将 837 号令中的安全审查与反制条款写入部门规章。当外国组织或个人对中国投资者的对外投资采取歧视性或限制性措施时，国家发改委可应投资者请求，在职责范围内采取应对举措——包括限制该外国组织、个人在境内投资，或限制境内组织、个人与其进行交易、合作等活动。

四、法律责任加重。 处罚力度与 837 号令对标、明显升级：罚款、没收违法所得、三年内不受理新的对外投资核准备案申请，情节严重时一至三年禁入。

保留的通路

为延续既有对外投融资渠道，修订稿明确，投资者通过合格境内机构投资者（QDII）、港股通、跨境理财通在境外金融市场投资的，豁免核准、备案与报告义务。同时保留两道”安全阀”：当投资者取得被投资企业控制权，或取得股权、表决权比例达到10% 的整数倍时，仍适用本办法——这类情形通常被视为对外直接投资。

实务影响

对 outbound 投资者而言，修订稿在拓宽大门（尤其是向居民个人）的同时，也拉长了合规待办清单。企业应把再投资报告、年度报告、前期工作报告、重大不利情况报告等嵌入投资全周期治理，而非视作一次性申报。在可行性研究阶段即引入合规审查，并统筹内部法务与外部专业支持，将成为务实的默认做法。

对在华外商投资企业与有中国交易对手的外国投资者，有三重关联值得关注。其一，反制条款意味着，境外对中国投资者采取的限制性措施，可能反过来约束相关外国主体在華活动——这是任何具有跨境投资敞口的跨国公司的考量因素。其二，安全审查框架与更广泛的内外双向筛查相交织，在交易涉及敏感行业或资产时尤其相关。其三，明确豁免 QDII、港股通与跨境理财通，保留了外资金融机构在华常用或协助的渠道，支撑双向跨境资金流动。

延伸阅读

修订稿是 2026 年投资政策序列的最新一步，与 7 月 1 日施行的 837 号令，以及持续更新的出口管制与反制工具相衔接。关注中国投资制度的读者，可留意发改委在 9 月 20 日征求意见期结束后将同步起草的配套文件与常见问题解答。

Sources

Financial License / 金融牌照

Foreign Institutions and China’s Capital Markets: The August 2026 Opening Snapshot

  • On 27 August 2026 the “Global Financial Institutions Entering China’s Financial Markets” exchange-market session was held in Shanghai, drawing around 100 institutions from 20 countries and regions to discuss capital-market opening and RMB equity allocation.
    2026 年 8 月 27 日，”全球金融机构走进中国金融市场”交易所市场专场在上海举行，来自 20 个国家和地区约 100 家金融机构与会，共议资本市场高水平开放与人民币权益资产配置。
  • QFII licence numbers now exceed 1,000 (990 approved by end-June 2026, up 60 since the start of the year — the strongest H1 growth on record), and foreign investors hold over RMB 4 trillion of A-share float and RMB 3.2 trillion of interbank bonds.
    QFII 机构数量已超过千家（截至 2026 年 6 月底获批 990 家、较年初增加 60 家，创历年同期新高）；各类境外投资者持有 A 股流通市值超 4 万亿元，持有银行间债券 3.2 万亿元。
  • Shanghai-Hong Kong Stock Connect now covers over 90% of eligible market capitalisation in both directions, and cross-border ETF products on the Shanghai exchange have grown to nearly RMB 600 billion, with interconnectivity extended to Hong Kong, Singapore and Brazil.
    沪港通双向标的市值覆盖率均超过 90%；沪市跨境 ETF 规模已接近 6000 亿元，互通项目覆盖中国香港、新加坡及巴西等市场。
  • The China Financial Futures Exchange has opened all of its products to QFIs, completing full coverage for equity and interest-rate risk-management tools; in April 2026 QFIs were also allowed into treasury-bond futures.
    中金所全部品种已对合格境外投资者（QFI）开放，实现权益与利率风险管理工具全覆盖；2026 年 4 月 QFI 亦获准参与国债期货交易。
  • For foreign financial institutions weighing market entry, the practical picture is a simplified QFII application process, a full range of onshore hedging tools, and Shanghai as the gateway — GFCI rank 6, market turnover above RMB 4,000 trillion in 2025.
    对考虑入市的境外金融机构，实操图景是：QFII 资格审批大幅简化、境内对冲工具齐备、上海作为门户（GFCI 排名第 6、2025 年金融市场交易总额超 4000 万亿元）。
  • Regulators signalled the next steps: steady expansion of the QFII scheme, richer cross-border index products, English-language disclosure and dual-language results calls, and an international investor conference in Shanghai.
    监管与市场机构披露的下一步：稳步落实 QFII 制度优化、丰富跨境指数产品、支持上市公司英文披露与双语业绩说明会，并在上海举办国际投资者大会。

Foreign Institutions and China’s Capital Markets: The August 2026 Opening Snapshot | 境外机构与中国资本市场：2026 年 8 月的开放图景

What happened on 27 August 2026

On the afternoon of 27 August 2026, the second “Global Financial Institutions Entering China’s Financial Markets” session — this time focused on the exchange market — took place in Shanghai. Organised by the Shanghai Financial Association and the Lujiazui Financial City Council, the event drew roughly 100 institutions from 20 countries and regions, with more than 150 participants online and offline. Speakers from the Shanghai Office of the China Securities Regulatory Commission, the Shanghai Stock Exchange (SSE), the China Financial Futures Exchange (CFFEX), China Securities Depository and Clearing (CSDC) and major securities and banking groups walked overseas institutions through the current state of market opening, product access and settlement infrastructure. The event is part of a series that began in 2025, with earlier sessions covering the interbank market, designed to help global institutions understand and actually participate in China’s capital markets.

The numbers that matter

The data shared at the session paints a picture of steady deepening. QFII licence numbers have passed the 1,000 mark: 990 institutions were approved by end-June 2026, an increase of 60 since the start of the year and the strongest first-half growth on record. Foreign investors hold more than RMB 4 trillion of A-share float value and RMB 3.2 trillion of interbank bonds. Foreign ownership of A-shares by market value has grown about 32% since end-2020. The Shanghai-Hong Kong Stock Connect now covers more than 90% of eligible market capitalisation in both directions, and cross-border ETFs listed on the SSE have reached nearly RMB 600 billion in scale, with interconnectivity extended beyond Hong Kong to Singapore and, since 2025, Brazil — the first South American market in the ETF-connectivity framework. On the hedging side, the CFFEX has opened all of its product lines to QFIs, covering both equity and interest-rate risk; in April 2026 QFIs were additionally admitted to treasury-bond futures.

The regulatory posture

Speakers emphasised a facilitative, predictable posture rather than ad hoc moves. The SSE said it will keep implementing the QFII scheme-optimisation work plan, steadily expand the interconnectivity mechanisms, enrich cross-border index products, and encourage listed companies to raise their international profile — including English-language disclosure and bilingual results calls, and faster work on ESG disclosure standards. The Shanghai CSRC office said it will continue to support qualified foreign institutions in setting up and operating in Shanghai, and to advance stock and bond financing, M&A, institutional development and offshore finance pilot measures locally. CSDC Shanghai described its role in QFII settlement arrangements and interconnectivity optimisation. The eighth International Investor Conference is planned for Shanghai, providing a further venue for dialogue.

What Shanghai offers as the gateway

Shanghai’s role as the gateway for foreign institutions was a recurring theme. In 2025 the city’s financial-market turnover exceeded RMB 4,000 trillion, and Shanghai rose to sixth place in the latest Global Financial Centre Index (GFCI). The stock market’s fundraising, total market capitalisation and turnover rank second, third and fourth globally respectively. Since the offshore-finance action plan was issued at the 2026 Lujiazui Forum, offshore RMB FX trading has averaged over USD 10 billion a day with more than 70 onshore and offshore institutions participating, and free-trade-zone offshore bonds have reached 18 issues totalling RMB 7.4 billion. Shanghai’s cross-border RMB settlement exceeded RMB 32 trillion in 2025, close to half of the national total. For an overseas institution deciding where to establish its China booking, the city offers both scale and the policy pilots.

Practical guidance for foreign institutions

For a foreign financial institution planning China market entry, the current environment suggests a clear sequence. First, consider the QFII route: the qualification process has been simplified under the optimisation work plan, and the programme now covers a broad investment scope with simplified procedures — the natural entry point for discretionary asset managers, sovereign funds and long-term allocators. Second, design the onshore risk-management layer: with all CFFEX products open to QFIs plus treasury-bond futures access, hedgers can build equity and rate hedges without offshore proxies. Third, choose the booking location deliberately: Shanghai combines the deepest liquidity, the offshore-finance pilots and the strongest institutional ecosystem; alternative hubs (Shenzhen, Beijing, the free-trade zones) differ in focus. Fourth, use the infrastructure as it stands: interconnectivity (Stock Connect), cross-border ETFs and the settlement arrangements of CSDC are operational and well-tested. Fifth, engage with the formal dialogue channels — the “focus on SSE” roadshows, the international investor conference and the quarterly regulatory communication — which are the fastest way to resolve practical questions on licensing, custody and reporting.

Sources

境外机构与中国资本市场：2026 年 8 月的开放图景

8 月 27 日发生了什么

2026 年 8 月 27 日下午，”全球金融机构走进中国金融市场”系列活动第二场——交易所市场专场在上海举行。活动由上海金融业联合会、陆家嘴金融城理事会共同主办，吸引来自 20 个国家和地区约 100 家机构、线上线下 150 余位嘉宾参加。来自上海证监局、上海证券交易所、中国金融期货交易所、中国结算上海分公司以及头部证券与银行机构的演讲者，向境外机构系统介绍了市场开放现状、产品准入与结算基础设施。该系列自 2025 年启动，此前已办过银行间市场专场，目标就是帮助全球机构读懂并真正参与中国资本市场。

关键数据

会上披露的数据勾勒出稳步深化的图景。QFII 机构数量已破千：截至 2026 年 6 月底获批 990 家，较年初增加 60 家，增幅创历年同期新高。各类境外投资者持有 A 股流通市值超 4 万亿元、银行间债券 3.2 万亿元；外资持股市值较 2020 年末增长约 32%。沪港通双向标的市值覆盖率均已超 90%；沪市跨境 ETF 规模接近 6000 亿元，互通项目覆盖中国香港、新加坡，并于 2025 年首次延伸至巴西——ETF 互通框架下的首个南美市场。对冲端，中金所全部品种已对 QFI 开放，权益与利率风险管理全覆盖；2026 年 4 月 QFI 又获准参与国债期货交易。

监管姿态

演讲者强调的是一种便利化、可预期的姿态，而非零散动作。上交所表示将持续落实 QFII 制度优化工作方案、稳慎拓展互联互通、丰富跨境指数产品，并引导上市公司提升国际化水平——包括英文披露、双语业绩说明会，以及加快 ESG 信息披露制度建设。上海证监局表示将继续支持符合条件的外资机构在沪投资展业，推动股债融资、并购重组、机构发展与离岸金融等举措在沪先行先试。中国结算上海分公司介绍了其在 QFII 结算安排与互联互通优化中的角色。第八届国际投资者大会也将在上海举办，为对话提供又一平台。

上海作为门户能提供什么

上海作为境外机构门户的角色贯穿全场。2025 年上海金融市场交易总额超 4000 万亿元，最新一期全球金融中心指数（GFCI）排名升至全球第六；股票市场筹资额、总市值、成交金额分列全球第二、第三、第四。离岸金融行动方案自 2026 陆家嘴论坛发布两个月来，离岸人民币外汇交易日均超百亿美元、吸引境内外 70 多家机构参与，自贸离岸债累计发行 18 单、规模 74 亿元；2025 年上海跨境人民币结算超 32 万亿元，占全国近一半。对决定在哪里建立中国业务落点的境外机构来说，这座城市同时提供了规模与试点。

给境外机构的操作建议

对计划进入中国市场的境外金融机构，当前环境指向一条清晰路径。其一，优先评估 QFII 通道：制度优化方案实施后资格审批大幅简化、投资范围显著拓展，是自主资产管理人、主权基金与长期配置资金的天然入口。其二，设计境内风险管理层：中金所全部品种对 QFI 开放叠加国债期货准入，对冲者无需借助离岸代理即可构建权益与利率对冲。其三，审慎选择落点：上海流动性最深、离岸试点与机构生态最全；深圳、北京与自贸区各有侧重。其四，善用现成基础设施：互联互通（Stock Connect）、跨境 ETF 与中国结算的结算安排均已成熟运行。其五，接入正式对话渠道——”聚焦上交所”路演、国际投资者大会与定期监管沟通——这是解决牌照、托管与报告实务问题最快的路径。

Sources

Greater Bay Area / 大湾区

Hengqin’s Aviation Logistics Subsidy Scheme: A New Low-Cost Route for Cross-Border Cargo

  • From 26 August 2026, Hengqin (Guangdong-Macao In-Depth Cooperation Zone) applies a support scheme for the Macao-West-Pearl-River aviation hub, offering freight and talent subsidies across the “via Hengqin-Macao flights” (jing qin ao fei) logistics chain until the end of 2028.
    自 2026 年 8 月 26 日起，横琴粤澳深度合作区实施支持澳门珠江西岸国际航空运输枢纽（港）建设的扶持办法，对”经琴澳飞”物流链条的货运与人才环节给予补贴，有效期至 2028 年底。
  • International freight forwarders using the Macau International Airport Hengqin front-end cargo station receive RMB 1 per kilogram for import-export shipments, capped at RMB 5 million per applicant per year.
    国际货运代理企业利用澳门国际机场横琴前置货站开展进出口业务，按每公斤 1 元给予补贴，每个申请主体每年最高 500 万元。
  • Freight shipped via Hengqin port and Macau International Airport through Macao airlines or sales agents earns a 12% rebate on freight charges, capped at RMB 12 million per applicant per year — the largest subsidy in the package.
    通过澳门航空运输企业或销售代理人经横琴口岸及澳门国际机场运输进出口货物的，按运费总额 12% 补贴，每个申请主体每年最高 1200 万元——为整套办法中单项上限最高的补贴。
  • Macao-invested enterprises and firms in the zone’s “nurturing” list get 120% of the standard subsidy rates, strengthening the Macao-Hengqin industrial link.
    澳资企业和”育苗培优”企业按相应标准 120% 执行补贴，进一步强化琴澳产业协同。
  • Talent support includes an 80% training-cost subsidy (up to RMB 4,000 per person) and a RMB 40,000 per-person living allowance for cross-border aviation logistics professionals working in Hengqin.
    人才支持包括按培训费 80% 补贴（每人最高 4000 元），以及受聘在合作区工作的跨境航空物流专业人才每人 4 万元生活补贴。
  • For foreign logistics and trading companies, the scheme makes Hengqin a cost-effective staging point for cargo routed through Macau, with warehousing, handling and freight subsidies that lower the cost of building a Greater Bay Area cross-border logistics node.
    对外资物流与贸易企业，该办法使横琴成为经澳门中转货物的高性价比集散点——仓储、操作与运费补贴可显著降低在大湾区建立跨境物流节点的成本。

Hengqin’s Aviation Logistics Subsidy Scheme: A New Low-Cost Route for Cross-Border Cargo | 横琴航空物流扶持办法：跨境货物的一条新低成本通道

The scheme at a glance

On 25 August 2026, the Hengqin Guangdong-Macao In-Depth Cooperation Zone issued the Measures on Supporting the Construction of the Macao-West-Pearl-River International Air Transport Hub (Pilot), effective from 26 August 2026 through 31 December 2028. The 17-article scheme builds a full-chain support system for the “via Hengqin-Macao flights” (jing qin ao fei) business — covering cargo consolidation, inspection, palletising, cross-border transport and talent development — with the strategic goal of leveraging the “Macao + Hengqin” synergy to diversify Macao’s economy and raise the international competitiveness of the Macao West Pearl River aviation hub. For freight forwarders, warehouse operators, airlines and logistics professionals, it effectively lowers the operating cost of routing cargo through Macau International Airport with Hengqin as the onshore staging point.

The freight subsidies in detail

The core subsidies target the flow of cargo. First, cargo consolidation: international freight forwarders using the Macau International Airport Hengqin front-end cargo station receive RMB 1 per kilogram for import-export shipments, capped at RMB 5 million per applicant per year. Second, site operations: qualifying site-operating enterprises get a subsidy of 50% of their annual facilities operation and maintenance costs, up to RMB 2 million a year. Third, warehousing: logistics players leasing warehouses in the zone for import-export business via Macau International Airport receive 50% of the lower of the assessed value or actual rent, up to RMB 1 million a year. Fourth, cargo handling: operators using the Hengqin cargo station receive 30% of import-export cargo handling and disposal charges, up to RMB 5 million a year. Fifth — the largest item — freight: forwarders entrusting Macao airlines or air-cargo sales agents to move import-export goods through Hengqin port and Macau International Airport receive 12% of total freight charges, capped at RMB 12 million per applicant per year. Macao-invested enterprises and firms on the zone’s “nurturing and growth” (yu miao pei you) list receive 120% of these standard rates.

Talent and supporting measures

Beyond cargo, the scheme addresses the human side of the logistics chain. Logistics market players with substantive operations in the zone can claim 80% of training costs for relevant talent development, up to RMB 4,000 per person. Cross-border aviation logistics professionals hired to work in the zone can apply for a RMB 40,000 living allowance per person, paid in instalments of 30% in each of the first two years and 40% in the third year. The zone’s aim is not just to move boxes more cheaply but to build a pool of specialised talent that can sustain the hub over time.

What this means for foreign logistics and trading companies

For foreign companies already using or planning to use Macau International Airport as a gateway — particularly forwarders serving Macao, Greater Bay Area shippers, and cross-border e-commerce sellers — the practical implications are direct. A forwarder consolidating cargo in Hengqin for export via Macau can now stack four overlapping subsidies: the per-kilogram consolidation subsidy, the handling-charge rebate, the 12% freight rebate and, if warehousing is needed, the rent subsidy. A typical shipment routed through the Hengqin front-end station can see its handling and freight costs reduced by double-digit percentages, which can be passed on as pricing advantage or margin. For companies structuring their Greater Bay Area footprint, the scheme also signals the direction of travel: Hengqin is positioning itself as the onshore consolidation and inspection point for Macau air cargo, alongside the zone’s existing customs, duty and company-tax advantages.

How to take advantage

Foreign applicants should start by mapping their cargo flows against the five subsidy items to see which apply. The key conditions to check are: substantively operating in the zone (a legal entity in Hengqin, with real logistics activity), using the designated Hengqin front-end cargo station and Hengqin port/Macau International Airport corridor, and keeping documentation for each shipment — customs declarations, waybills, handling-charge invoices and freight invoices — since subsidies are claim-based and auditable. Companies that qualify for the 120% Macao-invested uplift should confirm their investor status early. It is also worth engaging the zone’s industry development department and the front-end cargo station operator for the current application procedure, because the scheme runs to end-2028 and the practical mechanics (application windows, documentation formats) will be settled in the implementing notices. Finally, the scheme should be read together with the zone’s broader toolbox — the 15% corporate income tax for encouraged industries, duty-free imports of self-use equipment and the customs facilitation measures — to model the full cost picture of a Hengqin-based cross-border logistics operation.

Sources

横琴航空物流扶持办法：跨境货物的一条新低成本通道

办法概览

2026 年 8 月 25 日，横琴粤澳深度合作区出台《支持澳门珠江西岸国际航空运输枢纽（港）建设扶持办法（试行）》，自 8 月 26 日起实施，有效期至 2028 年 12 月 31 日。办法共十七条，围绕”经琴澳飞”业务涉及集货、查验、打板、跨境运输、人才引育等环节，构建全链条政策支持体系，战略目标是发挥”澳门+横琴”协同优势，促进澳门经济适度多元发展、提升澳门珠江西岸国际航空运输枢纽的国际竞争力。对货代、仓储运营方、航空企业与物流人才而言，它实质性地降低了以横琴为境内集散点、经澳门国际机场中转货物的运营成本。

货运补贴细则

核心补贴围绕货物流动展开。其一，集货：国际货运代理企业利用澳门国际机场横琴前置货站开展进出口业务，按每公斤 1 元补贴，每个申请主体每年最高 500 万元。其二，场地经营：符合条件的场地经营企业按年度实际相关设施经营和维护成本的 50% 补贴，每年最高 200 万元。其三，仓储：租赁合作区仓库开展经澳门国际机场进出口业务的，按评估价与实际租金中较低者的 50% 补贴，每年最高 100 万元。其四，货站操作：使用横琴货站产生的进出口货物操作处置费按 30% 补贴，每年最高 500 万元。其五——单项最大——运费：委托澳门航空运输企业或航空货运销售代理人经横琴口岸及澳门国际机场运输进出口货物的，按运费总额 12% 补贴，每个申请主体每年最高 1200 万元。澳资企业和”育苗培优”企业按上述标准 120% 执行。

人才与配套措施

除货运外，办法也覆盖物流链条的人力端。在合作区实质性运营的物流市场主体开展相关人才培训，符合条件的按培训费 80% 补贴，每人最高 4000 元。受聘在合作区工作的跨境航空物流专业人才，可申请每人 4 万元生活补贴，按前两年每年 30%、第三年 40% 的比例发放。合作区的目标不只是让货流更便宜，更是沉淀一支能长期支撑枢纽运转的专业人才队伍。

对外资物流与贸易企业的意义

对已在或计划以澳门国际机场为门户的外资企业——尤其是服务澳门与大湾区货主的货代、跨境电商卖家——实际影响非常直接。在横琴集货经澳门出口的货代，现在可以叠加四重补贴：每公斤集货补贴、操作费返还、12% 运费补贴，以及需要仓储时的租金补贴。一笔经横琴前置货站中转的典型货物，操作与运费成本可降低两位数百分比，既可以转化为价格优势，也可以成为利润空间。对正在规划大湾区布局的企业，该办法还释放了方向信号：横琴正把自己定位为澳门空运的境内集货与查验点，叠加区内已有的海关、保税与企业所得税优势。

如何用好这项政策

外资申请方应先把自己的货流与五项补贴逐一对号入座。需要核验的关键条件包括：在合作区实质性运营（在横琴设立法人主体并开展真实物流业务）、使用指定的横琴前置货站与”横琴口岸—澳门国际机场”通道，以及为每票货物保留完整单据——报关单、运单、操作费发票与运费发票——因为补贴按申报核发、可被审计。符合 120% 澳资加成条件的企业应尽早确认投资者身份。也建议及早与合作区产业发展部门和前置货站运营方对接现行申报流程，因为办法执行至 2028 年底，实施细则（申报窗口、材料格式）将在配套通知中明确。最后，应把该办法与合作区既有工具箱——鼓励类产业 15% 企业所得税、自用设备免税进口与通关便利措施——放在一起测算，才能得出在横琴布局跨境物流业务的完整成本图景。

Sources

Visa-Free Transit / 过境免签

The 240-Hour Visa-Free Transit Expansion, One Week In: Ports, Data and Practical Guidance

  • The 240-hour visa-free transit expansion took effect on 20 August 2026, adding Kyrgyzstan and Vietnam and bringing the eligible-country list to 57; the first week of operations saw new flights, dedicated border-control lanes and bilingual guidance at entry ports.
    240 小时过境免签扩容于 2026 年 8 月 20 日生效，新增吉尔吉斯斯坦与越南，适用国家增至 57 国；落地首周，各口岸出现新增航班、专用查验通道与中英双语提示。
  • On the first day, a flight from Hanoi touched down at Nanning Wuxu International Airport — the first arrival under the expanded policy — and border-control units opened dedicated areas and windows, handing out bilingual stay-area guidance cards.
    生效首日，河内飞南宁的航班降落南宁吴圩国际机场——成为扩容政策下首架入境航班——南宁边检开设专用区域与专人窗口，并配发中英双语停留区域提示单。
  • Two days later, on the first weekend, a 240-traveller Vietnamese weekend tour group entered through the Dongxing port (second bridge) in Guangxi, and 306 passengers landed at Qingdao Jiaodong airport on flights from Ho Chi Minh City and Hanoi.
    两天后的首个周末，240 名越南游客组成的周末跨境游首发团经广西东兴口岸（二桥）入境，另有 306 名旅客乘胡志明市、河内飞来航班降落青岛胶东国际机场。
  • Border traffic data shows the momentum: in the first seven months of 2026, Vietnamese travellers entering through Guangxi ports exceeded 4.11 million, up 10.1% year on year.
    口岸客流数据印证动能：2026 年前 7 个月，经广西口岸出入境的越南籍旅客达 411.6 万余人次，同比增长 10.1%。
  • The policy still has hard limits: visa-free stays cover tourism, business, visits and family visits; work, study and news reporting require a visa obtained before arrival, and travellers must hold confirmed interline tickets and enter through the designated ports.
    政策仍有硬约束：免签停留限旅游、商贸、访问、探亲等短期活动；工作、学习、新闻采访须事先办妥签证；旅客须持确定日期与行程的联程客票并经指定口岸入境。
  • For foreign companies, the practical takeaway is to route short business trips through the 65 open ports where the transit policy applies, keep itineraries within the 240-hour (10-day) limit and the designated stay area, and obtain a visa for any assignment that involves work.
    对外资企业的实操启示：把短期商务行程安排在 65 个适用口岸、240 小时（10 天）时长与规定停留区域内；凡涉及工作的任务一律事先办妥相应签证。

The 240-Hour Visa-Free Transit Expansion, One Week In: Ports, Data and Practical Guidance | 240 小时过境免签扩容首周：口岸、数据与实操指南

What changed on 20 August 2026

On 20 August 2026, China’s 240-hour visa-free transit policy added Kyrgyzstan and Vietnam to its eligible-country list, raising the total to 57 countries, and simultaneously extended Hainan’s 30-day visa-free entry to 61 countries. Nationals of the two countries holding ordinary passports and confirmed interline tickets with fixed dates and itineraries can now enter visa-free through any of 65 open ports — including Beijing and Shanghai — when transiting to a third country or region, and stay up to 240 hours (10 days) within the designated areas. The same travellers can enter Hainan through its open ports and stay up to 30 days within the province. The stays cover tourism, business, visits and family visits; work, study and news reporting still require a visa obtained before arrival.

The first week on the ground

The rollout was immediate and well-organised at the border. On the afternoon of 20 August — the very first day — flight GX8972 from Hanoi touched down at Nanning Wuxu International Airport, the first arrival under the expanded policy. The Nanning border-control station had set up dedicated areas and counters, coordinated with airlines on flight schedules, distributed bilingual (Chinese-English) guidance cards on the stay areas for the 240-hour transit policy, and deployed additional multilingual officers to manage the expected surge. Two days later, on the first weekend, the effects were visible across the region: a 240-traveller Vietnamese weekend tour group cleared entry through the Dongxing port’s second bridge in Guangxi, heading for Nanning and Chongzuo, while 306 passengers on two flights from Ho Chi Minh City and Hanoi landed at Qingdao Jiaodong International Airport in Shandong. Kunming Changshui Airport, which operates more than 570 international (regional) flights a week with an average of about 11,000 inbound-outbound passenger trips a day, has long counted Vietnamese travellers among its top five sources of inbound foreigners — a base that the expansion builds on.

What the traffic data shows

The numbers behind the headlines show why the expansion matters commercially. In the first seven months of 2026, Vietnamese travellers entering and exiting through Guangxi ports exceeded 4.11 million person-trips, up 10.1% year on year — and that was before the visa-free expansion. Guangxi alone has four ports applying the 240-hour transit policy: the three international airports of Nanning Wuxu, Guilin Liangjiang and Beihai Fucheng, plus the Beihai sea port (passenger). As a frontier for China-ASEAN cooperation, Guangxi is building “weekend cross-border travel” itineraries around fast clearance and diversified experiences. The pattern — a new country added, first flights within days, weekend tour groups within a week — has repeated across previous expansions and gives foreign businesses a reliable read on how quickly the policy translates into traveller flows.

The rules that still bind

The expansion does not loosen the core constraints, and travellers and their hosts should keep four rules in mind. First, the interline ticket requirement: travellers must hold ordinary passports and confirmed interline tickets for onward travel to a third country or region — a return ticket alone may not satisfy the transit logic. Second, the port and area limits: entry must be through one of the 65 designated open ports, and the stay is confined to the designated area (for most ports, the administrative regions specified by the policy), so itineraries should stay inside that footprint. Third, the activity limits: visa-free stays are for tourism, business, visits and family visits; work, study and news reporting require prior visas — an employer that brings in a visa-free visitor and puts them to work creates compliance exposure for both sides. Fourth, Hainan is separate: the 30-day island-wide entry is a distinct policy with its own port and area rules.

Practical guidance for foreign companies

For foreign companies moving people between their home market and China, the expansion widens the cost-free options for short, non-working visits. The practical playbook: (1) route business trips through the 65 open ports and keep the stay within 240 hours and the designated area, which covers most major business cities; (2) treat visa-free entry as valid only for meetings, site visits, negotiations and similar activities — any work assignment requires a work permit and work visa before arrival; (3) check the eligibility list (now 57 countries) when planning for employees of other nationalities; (4) for Hainan-bound business, note the separate 30-day policy with its own entry rules; and (5) keep documentation ready at the port — confirmed onward tickets, hotel and meeting invitations can smooth the process. The first week’s operations show the ports are staffed and signposted for the expanded flows, so the main planning work is on the traveller’s itinerary, not the paperwork.

Sources

240 小时过境免签扩容首周：口岸、数据与实操指南

8 月 20 日发生了什么

2026 年 8 月 20 日，中国 240 小时过境免签政策新增吉尔吉斯斯坦与越南，适用国家增至 57 国，同时海南 30 天入境免签适用国家增至 61 国。持普通护照、有确定日期及行程联程客票的两国公民，从中国过境前往第三国或地区时，可从北京、上海等 65 个对外开放口岸免签入境，在规定区域内免签停留不超过 240 小时（10 天）；经海南对外开放口岸入境，可在省内免签停留不超过 30 天。免签停留可从事旅游、商贸、访问、探亲等短期活动；工作、学习、新闻采访仍需在来华前办妥签证。

首周落地情况

扩容落地立即且有序。生效当日下午——8 月 20 日——河内飞南宁的 GX8972 航班降落南宁吴圩国际机场，成为扩容政策下首架入境航班。南宁边检站提前与航空公司对接航班动态、划分专用区域和开设专人窗口、配发中英双语《240 小时过境免签政策停留区域提示单》，并增配多语种警力应对预期客流。两天后的首个周末，政策效果在多地显现：240 名越南游客组成的周末跨境游首发团经广西东兴口岸（二桥）入境，前往南宁与崇左；另有 306 名旅客乘胡志明市、河内飞来航班降落山东青岛胶东国际机场。昆明长水机场每周运营国际（地区）航班 570 余架次、日均出入境客流量约 1.1 万人次，越南籍旅客长期位列入境来源地前 5——扩容正是在这样的基础上展开。

数据说明了什么

数据解释了扩容的商业分量。2026 年前 7 个月，经广西口岸出入境的越南籍旅客达 411.6 万余人次，同比增长 10.1%——这还是在免签扩容之前。仅广西就有 4 个口岸适用 240 小时过境免签：南宁吴圩、桂林两江、北海福成 3 个国际机场口岸，以及北海海港口岸（客运）。作为中国—东盟合作的门户，广西正围绕快速通关与多元体验打造”周末跨境游”线路。此前的历次扩容都呈现同样节奏——新国家加入、数日内首架航班落地、一周内成团出游——这给外资企业一个可靠的信号：政策转化为客流的速度很快。

仍需遵守的规则

扩容并未放松核心约束，旅客与接待方应牢记四条。其一，联程客票要求：须持普通护照和确定日期及行程的联程客票前往第三国或地区——仅返程票可能不符合过境逻辑。其二，口岸与区域限制：须经 65 个指定口岸之一入境，停留限于规定区域（多数口岸为政策指定的行政区域），行程应留在该范围内。其三，活动限制：免签停留限于旅游、商贸、访问、探亲；工作、学习、新闻采访须事先办妥签证——把免签入境者直接安排上岗，会给双方带来合规风险。其四，海南单列：30 天全岛免签是独立政策，口岸与区域规则自成一体。

给外资企业的实操建议

对外资企业而言，扩容扩大了人员往返中国时”零成本”的短期非工作访问选项。实操要点：（1）把短期商务行程安排在 65 个适用口岸，停留控制在 240 小时与规定区域内——这覆盖了大多数主要商务城市；（2）把免签入境严格理解为会议、考察、洽谈等活动——任何工作安排都需在入境前办妥工作许可与工作签证；（3）安排其他国籍员工差旅时核对适用国家清单（现为 57 国）；（4）赴海南商务注意独立的 30 天政策与入境规则；（5）口岸备齐材料——联程客票、酒店与会议邀请函可让通关更顺畅。首周运行显示口岸已为扩容客流配足人手与指引，主要规划工作在于旅客的行程本身，而非文书。

Sources

Talent Tax / 人才税收

The Greater Bay Area IIT Subsidy for Overseas Talent: Filing the 2025 Tax-Year Claim

  • On 21 August 2026 Dongguan opened its application window for the Greater Bay Area individual income tax (IIT) subsidy for overseas high-end talent, covering the 2025 tax year; applications run to 17:30 on 20 September 2026.
    2026 年 8 月 21 日，东莞市开放粤港澳大湾区个人所得税优惠政策财政补贴申报（面向 2025 纳税年度），受理截止至 2026 年 9 月 20 日 17:30。
  • Eligible overseas high-end and urgently-needed talent working in the nine Pearl River Delta cities can recover, via a local fiscal subsidy, the portion of their IIT that exceeds 15% of taxable income; the subsidy itself is IIT-exempt and capped at RMB 5 million per taxpayer per tax year.
    在珠三角九市工作的境外高端人才和紧缺人才，其已缴个税超过应纳税所得额 15% 计算税额的部分，由地方财政补贴返还；补贴免征个人所得税，每个纳税人每个纳税年度最高 500 万元。
  • The policy rests on Cai Shui [2023] No. 34, which runs through 31 December 2027, implemented locally through provincial and municipal implementation rules (e.g. Dongguan’s Dong Cai Gui [2026] No. 2).
    政策依据为财税〔2023〕34 号（执行至 2027 年 12 月 31 日），落地通过省级与市级实施细则（如东莞东财规〔2026〕2 号）。
  • The claim is filed online: first pull IIT data and obtain a query sequence number from the natural-person e-tax platform, then submit through the Guangdong Government Service Net; offline counters are also available.
    申报全程线上：先在自然人电子税务局查询个税数据并获取查询序列号，再到广东政务服务网提交；线下政务服务中心网办区亦可办理。
  • Applicants are disqualified if they have major tax violations in the past three years, falsified or misappropriated fiscal funds, or are listed as judgment debtors — and the employer’s own compliance record also matters.
    申请前 3 年内有重大税收违法失信、虚报冒领骗取挪用财政资金、被列为失信被执行人等情况不得申报；用人单位自身的合规记录同样关键。
  • For foreign companies, the practical takeaway is to calendar the September window, pre-check employee eligibility (Hong Kong, Macao, Taiwan residents and foreigners; local talent does not qualify), and prepare IIT data pulls ahead of the deadline.
    对外资企业的实操要点：把 9 月申报窗口排入日历、提前核验员工资格（港澳台居民与外国人适用，境内人才不适用）、并在截止前备好个税数据查询。

The Greater Bay Area IIT Subsidy for Overseas Talent: Filing the 2025 Tax-Year Claim | 大湾区境外人才个税补贴：申报 2025 纳税年度的操作指南

What the policy is

The Greater Bay Area (GBA) individual income tax (IIT) subsidy is one of the signature talent-attraction measures of the nine Pearl River Delta cities (Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing). Under the policy, overseas high-end and urgently-needed talent working in the region can recover, through a local fiscal subsidy, the portion of their IIT that exceeds 15% of their taxable income — effectively capping their effective tax rate at 15%. The subsidy itself is exempt from IIT. The scheme was extended by the Ministry of Finance and the State Taxation Administration (Cai Shui [2023] No. 34) through 31 December 2027, and each city implements it through its own rules; Dongguan’s current implementation measure is Dong Cai Gui [2026] No. 2. The ceiling is RMB 5 million per taxpayer per tax year, and the practical value is greatest for executives and specialists with annual incomes above roughly RMB 1 million.

Who qualifies — and who does not

The eligible group is defined as “overseas high-end talent and urgently-needed talent” — a combination of Hong Kong, Macao and Taiwan residents and foreigners who work in the region. Two boundaries matter in practice. First, the nationality/residency boundary: domestic (mainland) talent does not qualify, whatever their income level; the benefit is aimed at attracting cross-border professionals. Second, the employment boundary: applicants must genuinely work in the region and pay IIT there; the policy is administered per city, and an applicant files in the city where the qualifying income was earned. Employers should also note that the talent certification standards (industry, education, seniority thresholds) are set in each city’s implementation rules, so eligibility screening should start well before the filing window.

How to file: the Dongguan example

Dongguan opened its application window for the 2025 tax year on 21 August 2026, running until 17:30 on 20 September 2026. The process is fully online. Step one: the applicant logs into the natural-person e-tax platform (etax.chinatax.gov.cn), pulls their IIT data for the 2025 tax year and obtains a query sequence number. Step two: submit the claim through Guangdong Government Service Net, using the dedicated service item for the GBA IIT subsidy. Step three: where required, complete identity and talent-status verification. Offline support is available at government service centres, where staff can guide applicants through the online process. The system closes at the deadline; claims cannot be submitted after 17:30 on 20 September, so filings should not be left to the last day.

Disqualifications and compliance traps

The rules list situations where a claim must be rejected: major tax-related violation or dishonest conduct in the three years before filing; falsified, fraudulent or misappropriated fiscal-fund claims; being listed as a judgment debtor; and — importantly — a claim where the applicant’s employer has been subject to serious administrative penalties (e.g. restriction of operations, ordered suspension, revocation of licences) and the applicant personally received an administrative fine of RMB 5,000 or more as a result. This last condition means the employer’s compliance record is part of the applicant’s eligibility picture. Applicants must also repay the subsidy if later found ineligible, with interest, and repeat violations can trigger recovery and exclusion from future rounds.

Practical guidance for foreign companies

Foreign companies with expatriate executives in the GBA should take four steps. (1) Calendar the window: most GBA cities run claims in the August–September period for the prior tax year; Dongguan’s 2025-tax-year window closes on 20 September 2026, and other cities follow similar schedules. (2) Pre-screen eligibility: identify Hong Kong, Macao and Taiwan residents and foreigners on the payroll, check the city’s talent criteria and confirm the applicant’s IIT was paid in that city. (3) Prepare the data in advance: ask employees to pull their IIT records and query sequence numbers from the e-tax platform before the deadline — the sequence number is a prerequisite for the claim. (4) Watch the employer-side conditions: keep the company’s own tax and penalty record clean, because a serious penalty on the employer can disqualify the employee’s claim. The 15% effective-rate cap is one of the most valuable elements of the GBA package for foreign employers — but it is only captured by a timely, well-prepared filing.

Sources

大湾区境外人才个税补贴：申报 2025 纳税年度的操作指南

政策是什么

粤港澳大湾区个人所得税补贴是珠三角九市（广州、深圳、珠海、佛山、惠州、东莞、中山、江门、肇庆）吸引人才的标志性措施之一。依该政策，在区域内工作的境外高端人才和紧缺人才，其已缴个税超过应纳税所得额 15% 计算税额的部分，由地方财政补贴返还——相当于把实际税负封顶在 15%，补贴本身免征个税。政策由财政部、税务总局以财税〔2023〕34 号延续至 2027 年 12 月 31 日，各市通过本地细则落地（东莞现行实施办法为东财规〔2026〕2 号）。上限为每个纳税人每个纳税年度 500 万元，对年薪百万以上的高管与专家价值最大。

谁符合、谁不符合

适用人群是”境外高端人才和紧缺人才”——涵盖在大湾区工作的港澳台居民和外国人。实操中有两条边界要分清。其一，身份边界：境内人才不论收入多高都不适用，政策目标是吸引跨境专业人才。其二，就业边界：申请人必须真实在区域内工作并在当地缴纳个税；政策按市属地管理，在哪个市取得符合条件的收入就在哪个市申报。用人单位还应注意，人才认定标准（行业、学历、资历门槛）由各市实施细则设定，资格筛查应远早于申报窗口启动。

怎么申报：以东莞为例

东莞市于 2026 年 8 月 21 日开放 2025 纳税年度申报，截止至 9 月 20 日 17:30。流程全程线上。第一步：申请人登录自然人电子税务局（etax.chinatax.gov.cn），查询 2025 纳税年度个税数据，获取查询序列号。第二步：通过广东政务服务网，选择大湾区个税补贴专项事项提交申报。第三步：按要求完成身份与人才资格核验。线下支持在政务服务中心网办区提供，工作人员可指导线上操作。系统到点关闭，9 月 20 日 17:30 后无法提交，申报不应拖到最后一天。

不得申报的情形与合规陷阱

规则列明了必须拒绝的情形：申报前 3 年内有重大税收违法失信行为；虚报、冒领、骗取、挪用财政资金等不诚信行为；被列为失信被执行人；以及——重要的一条——申请人所在单位受到限制开展生产经营、责令停产停业、责令关闭、限制从业、降低资质等级、吊销许可证件等行政处罚，且申请人因此受到 5000 元以上罚款等重大违法记录的。最后一条意味着用人单位的合规记录是申请人资格的一部分。申请人若事后被认定不符合条件，须退还补贴并加计利息；屡次违规可触发追缴与未来批次排除。

给外资企业的实操建议

在大湾区有外派高管的外资企业应落实四步。（1）排好申报日历：多数大湾区城市在上年度后的 8–9 月开放申报；东莞 2025 纳税年度窗口 2026 年 9 月 20 日关闭，其他城市节奏类似。（2）提前筛查资格：识别在册的港澳台居民与外国人，核对所在城市人才标准，确认申请人在当地缴纳个税。（3）提前备数据：让员工在截止前从电子税务局拉取个税记录与查询序列号——序列号是申报的前提。（4）盯住用人单位侧条件：保持公司自身税务与处罚记录干净，因为用人单位受重罚可能直接拖累员工的申报资格。15% 实际税负封顶是大湾区政策包中对外资雇主最有价值的红利之一——但只有及时、充分的申报才能把它拿到手。

Sources

Trademark / 商标

China’s Crackdown on Deceptive “Trick Trademarks”: What It Means for Foreign Brand Owners

  • China’s trademark office has been invalidating deceptive “trick trademarks” on its own motion in batches: by late August 2026 more than 1,980 marks — including “One Bucket Half” instant noodles, “Tu Zhu” (free-range) pork and “Hong Kong Big Pharmacy” — had been declared invalid without any complaint being filed.
    国家知识产权局商标局正依职权批量宣告无效”心机商标”：截至 2026 年 8 月底已有超过 1980 件标志被无效——包括”一桶半”方便面、”土猪”猪肉、”香港大药房”等，全程无需任何人投诉举报。
  • A mark is deceptive when its words lead consumers to a wrong conclusion about the quality, process, ingredients or origin of the goods; the classic test is whether the wording is a description that consumers would take at face value.
    判断欺骗性的关键是：标志文字是否会让消费者对商品的质量、工艺、原料或产地等产生误认；典型的判断标准是消费者会不会把这几个字当真理解。
  • “Tu Zha” (traditional cold-pressed), “Gu Fa” (ancient method) and similar process-suggesting words have been added to the office’s pre-application interception database, so such filings are rejected at the examination stage before they can ever register.
    “土榨””古法”等易引发工艺误认的词汇已被列入商标注册前置拦截词库，在审查阶段即被直接驳回，根本走不到注册环节。
  • The fully revised Trademark Law, adopted on 26 June 2026 and effective 1 January 2027, codifies the rule that deceptive signs cannot be registered or used and that already-registered deceptive marks may be invalidated.
    全面修订后的《商标法》（2026 年 6 月 26 日通过、2027 年 1 月 1 日施行）将”带有欺骗性的标志不得注册和使用，已注册的可依法宣告无效”写入法条。
  • For foreign brand owners the practical takeaway is that an existing registration is no longer a permanent shield: brand names built on descriptive or quality-suggesting wording should be audited now, and new product names should avoid descriptive claims.
    对外资品牌方的实操启示是：已有注册不再是一劳永逸的护身符——基于描述性或品质暗示性词汇的品牌名称应尽快审计，新产品命名应避免描述性宣称。
  • Enforcement is shifting from complaint-driven to proactive, full-lifecycle governance: batch ex officio invalidations, a pre-filing interception database and cross-agency checks on how marks are actually used on packaging and in advertising.
    商标监管正从”不告不理”转向主动的全链条治理：批量依职权无效、申请前置拦截词库，以及对包装与广告中商标实际使用情况的跨部门核查。

China’s Crackdown on Deceptive “Trick Trademarks”: What It Means for Foreign Brand Owners | 中国”心机商标”治理加码：对外资品牌方的合规启示

What a “trick trademark” is

In Chinese market regulation, a “trick trademark” (xin ji shang biao) is a mark that packages marketing buzzwords as registered trademarks. The operator registers a descriptive or quality-suggesting term — a cooking method, an ingredient, a size claim, an origin hint — and then prints it prominently on the packaging, often with a tiny “®” beside it, so consumers believe the product has been officially certified for that quality. Classic cases invalidated by the China National Intellectual Property Administration (CNIPA) trademark office include “Yi Tong Ban” (one bucket and a half) instant noodles, which suggests a larger portion than the actual product, “Tu Zhu” (free-range pig) pork, which implies a particular farming method, and “Xiang Gang Da Yao Fang” (Hong Kong Big Pharmacy), which creates the impression of a long-established Hong Kong pharmacy. The line is drawn at deception: a mark is invalidated if its wording leads the public to form a wrong view about the quality, main raw materials, function, weight, quantity, origin or other characteristics of the goods.

The scale of the campaign

The trademark office has been publishing invalidations on its own motion in its “trick trademark” governance column. The cumulative count has climbed steadily through 2026: around 1,596 marks were listed by late July, roughly 1,782 by mid-August, and more than 1,980 by 28 August 2026. The latest published batch alone covered 105 marks. The affected categories are concentrated where consumers are most sensitive to claims — food, agricultural products, beverages, daily chemicals and health products. Two well-known examples from August 2026: the “Hu Ji Hua Gu Fa Tu Zha” (traditional cold-pressed) and “Jin Long Yu Tu Zha Feng Wei” marks used on cooking oil were invalidated ex officio just weeks after new national standards for edible oils took effect, and Colgate’s “Jin Bai” (bright white) teeth-whitening series was among the earlier batches.

How the system is changing

Three mechanisms are turning the campaign from one-off cleanups into a durable regime. First, pre-application interception: words that easily cause process or quality misconceptions — “Tu Zha” (traditional cold-pressed), “Gu Fa” (ancient method), “Shou Gong” (handmade) and similar — have been added to an interception database used by the intelligent examination system, so new applications containing them are rejected before registration. Second, retroactive clean-up: the office reviews existing registrations and invalidates deceptive marks ex officio, without waiting for a complaint or an opposition, and the exercise now covers marks registered years ago. Third, cross-agency enforcement: regulators check how marks are actually used on packaging and in advertising, closing the gap between what is registered and what is presented to consumers. Under the fully revised Trademark Law, effective 1 January 2027, deceptive signs are explicitly barred from registration and use, and already-registered deceptive marks may be declared invalid — giving the crackdown a firmer statutory footing.

What this means for foreign brand owners

For foreign companies selling in China, the practical consequences are real. A registered trademark is no longer a permanent shield: marks built on descriptive or quality-suggesting wording — a product feature, a raw material, a claim of authenticity — are the exact targets of the campaign and can be invalidated years after registration. Second, invalidation has teeth: once a mark is declared invalid, its exclusive right is deemed never to have existed, the mark must stop being used, and packaging and advertising that rely on it must be changed. Third, the wording rules matter at the naming stage: a product name that merely describes an attribute (e.g. “zero sugar”, “handmade”, “free-range”) may be refused registration as lacking distinctiveness or barred outright as deceptive, so foreign brand owners should build names that are distinctive rather than descriptive, and verify the Chinese-language rendering of their brands against the interception vocabulary before filing.

A practical compliance checklist

Foreign brand owners should take five steps. (1) Audit the existing portfolio: identify any Chinese-language marks containing descriptive, quality-suggesting or process-suggesting words, and assess invalidation risk under the new law. (2) Review packaging and advertising: where a mark has already been invalidated, stop using it immediately and plan the packaging change; where a mark is still registered but descriptive, weigh a voluntary phase-out. (3) Rethink new product naming: choose coined or arbitrary marks with clear distinctiveness, and check the interception vocabulary before filing. (4) Tighten agent and distributor contracts: require brand users to follow CNIPA decisions and to change packaging promptly if a mark is invalidated, and allocate the cost of re-branding clearly. (5) Calendar the transition: the revised Trademark Law takes effect on 1 January 2027, and the window between now and then is the right time to clean up the portfolio, plan refilings and adjust the brand architecture. The campaign is not aimed at foreign brands in particular — it targets deceptive use of the trademark system — but foreign companies that have relied on descriptive Chinese names are among those most exposed.

Sources

中国”心机商标”治理加码：对外资品牌方的合规启示

什么是”心机商标”

在市场治理语境中，”心机商标”指把营销话术包装成注册商标的做法：经营者把描述性或暗示品质的词汇——一种工艺、一种原料、一个分量承诺、一个产地暗示——注册成商标，再放大印在包装上，旁边缀一个不起眼的”®”，让消费者误以为该品质已获官方认证。已被国家知识产权局商标局宣告无效的典型案例包括：”一桶半”方便面（暗示分量更大）、”土猪”猪肉（暗示特定养殖方式）、”香港大药房”（营造香港百年老店的印象）。判断界限在于欺骗性：标志文字如果会使公众对商品的质量、主要原料、功能、重量、数量、产地及其他特点产生误认，即构成无效理由。

治理的规模

商标局在其”心机商标”治理专栏持续公示依职权宣告无效的名单。2026 年累计数量一路攀升：7 月底约 1596 件，8 月中旬约 1782 件，截至 8 月 28 日已超过 1980 枚；最新一批公示即达 105 件。涉及品类集中在消费者对宣称最敏感的领域——食品、农产品、饮料、日化与保健品。两个 8 月的知名案例：食用油”胡姬花古法土榨””金龙鱼土榨风味”两枚商标在食用油四项新国标落地数周后即被依职权宣告无效；高露洁”劲白”美白系列也在此前批次之列。

监管机制正在升级

三套机制使治理从一次性清理转为长效机制。其一，申请前置拦截：易引发工艺或品质误认的词汇——”土榨””古法””手工”等——已进入智能审查系统使用的拦截词库，含此类词汇的新申请在注册前即被驳回。其二，存量回溯清理：商标局依职权复查存量注册并宣告欺骗性商标无效，无需等待投诉或异议，清理范围已覆盖多年前注册的标志。其三，跨部门联动：监管部门核查包装与广告中商标的实际使用情况，堵住”注册归注册、宣传归宣传”的漏洞。2027 年 1 月 1 日施行的新《商标法》更明确”带有欺骗性的标志不得注册和使用，已注册的可依法宣告无效”，为治理提供了更坚实的法律依据。

对外资品牌方的意义

对外资品牌方而言，实际影响非常具体。其一，注册商标不再是永久护身符：基于描述性或品质暗示性词汇的品牌——一个产品卖点、一种原料、一句”正宗”宣称——正是本轮治理的目标，可能在注册多年后被宣告无效。其二，无效后果有实打实的约束力：商标被无效后，专用权自始不存在，标志必须停止使用，依赖它的包装与广告都要更换。其三，命名阶段就要守规则：直接描述属性的产品名（如”零糖””手工””散养”）可能因缺乏显著性被驳回，或因欺骗性被直接禁止，因此应构建显著性强的臆造词品牌，并在申请前把中文译名对照拦截词库核查一遍。

实操合规清单

外资品牌方建议落实五步。（1）审计现有商标组合：找出含描述性、品质暗示或工艺暗示文字的中文商标，按新法评估无效风险。（2）审查包装与广告：商标已被无效的立即停用并规划换装；仍在注册期但属描述性的，权衡主动退市。（3）重构新品命名：优先选择臆造词或任意词以确保显著性，申请前核查拦截词库。（4）收紧代理与经销商合同：要求品牌使用者遵从商标局决定、商标被无效后及时更换包装，并明确重新包装的费用承担。（5）排好过渡日历：新《商标法》2027 年 1 月 1 日施行，从现在到年底正是清理组合、规划重新申请、调整品牌架构的窗口期。本轮治理并非针对外资品牌，而是打击对商标制度的欺骗性利用——但依赖描述性中文名称的外资企业，恰恰暴露度最高。

Sources

FTZ Setup / 自贸区落地

Lingang’s 15th Five-Year Plan: Offshore Business Goes Full-Scenario

  • On 21 August 2026 the Lingang Special Area (Shanghai FTZ) published its 15th Five-Year Plan (2026–2030), making offshore business the centrepiece of the area’s next-stage opening.
    2026 年 8 月 21 日，《中国（上海）自由贸易试验区临港新片区发展”十五五”规划》正式发布，离岸业务成为新片区下一阶段开放的核心内容。
  • The plan calls for expanding the offshore-trade financial-services pilot from the single “offshore trade” scenario to full-scenario “offshore business” — covering offshore service outsourcing, offshore treasury management and offshore investment and financing — through “specialised companies plus open first line, controlled second line” design.
    规划提出推进离岸贸易金融服务综合改革试点扩围，通过”专营公司+一线放开、二线管住”的制度设计，把试点从单一的”离岸贸易”场景升级为覆盖离岸服务外包、离岸资金管理、离岸投融资等的全场景”离岸业务”。
  • Multinationals’ product distribution centres, commodity traders and global production processors are encouraged to set up offshore-business specialised companies in Lingang, with banks providing payment, settlement and financing support and offshore-trade stamp-duty relief available.
    规划支持跨国集团产品分销中心、大宗商品贸易商、全球生产加工企业等在临港设立离岸业务专营公司，鼓励区内金融机构提供资金支付、结算、融资服务，并可用足离岸贸易印花税优惠政策。
  • The pilot already has results: Lingang’s offshore-trade volume reached USD 32.7 billion in 2025 (+32.1%) and USD 19.4 billion in H1 2026 (+29.1%), under the “no document review, settle on instruction, settle in seconds” model.
    试点已有成绩：在”免审单、凭指令、秒结算”模式下，2025 年新片区离岸贸易规模达 327.37 亿美元（+32.1%），2026 年上半年 194.13 亿美元（+29.08%）。
  • A first corporate free-trade-zone offshore bond was issued on 13 August 2026 (Shanghai Electric’s offshore subsidiary, RMB 1.5 billion), bringing cumulative offshore-bond issuance to 17 tranches of about RMB 7.1 billion.
    2026 年 8 月 13 日，上海电气境外子公司发行 15 亿元自贸离岸债——全市场首单企业类自贸离岸债——自贸离岸债累计发行达 17 笔、规模约 71 亿元。
  • For foreign companies, the practical angle is a gateway to run global order, treasury and trade settlement from China: an offshore-business entity in Lingang can centralise cross-border treasury, financing and service-fee settlement with fast, instruction-based money flows.
    对外资企业，实操价值在于获得了”在中国境内运营全球订单、财资与贸易结算”的门户：在临港设立离岸业务主体，可依托按指令即付的资金流转集中处理跨境财资、融资与服务费结算。

Lingang’s 15th Five-Year Plan: Offshore Business Goes Full-Scenario | 临港”十五五”规划：离岸业务走向全场景

The plan and its headline direction

On 21 August 2026, the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone released its 15th Five-Year Development Plan (2026–2030). The plan is organised around deepening higher-level opening-up with cross-border and offshore business as the focus. Its headline direction is the expansion of the offshore-trade financial-services pilot from the single “offshore trade” scenario to full-scenario “offshore business”: through a design of “specialised companies plus an open first line and a controlled second line”, the area will first develop offshore-trade financial services built on an existing base such as commodity trading, and then extend the model to more trade scenarios. Multinationals’ product distribution centres, commodity traders and global production processors are explicitly invited to establish offshore-business specialised companies in Lingang to participate in global production, sales and service activities, with onshore banks encouraged to provide payment, settlement and financing for their offshore operations, improving the free-flow convenience of funds coming from and going outside China. The offshore-trade stamp-duty relief remains available.

The offshore-finance agenda

The plan also maps a broader offshore-finance agenda: steadily exploring offshore-finance pilot business, accelerating the landing and ecosystem-building of the expanded offshore-business financial-services pilot, optimising offshore-trade financial services, developing free-trade-zone offshore bonds at a high quality, developing offshore reinsurance in an orderly way, and actively advancing treasury-centre construction. It calls for accelerating the construction of the Shanghai international reinsurance centre, using the policy convenience for investing cross-border reinsurance inflow premiums abroad, and steadily expanding the scale of non-resident M&A lending. The preferred approach is “physical agglomeration, subject restriction and account isolation” — concentrating offshore business in designated areas and entities with separated accounts, so that global financial resources can be gathered without blurring the onshore-offshore boundary.

What the pilot has already delivered

The expansion builds on a running pilot. Lingang launched the offshore-trade financial-services comprehensive reform pilot in June 2025, pioneering an offshore fund-management model of “no document review, settle on instruction, settle in seconds” — settlement that used to take three days now takes three seconds. At the 2026 Lujiazui Forum the expansion plan was announced: the pilot moves from the single offshore-trade scenario to full-scenario offshore business, covering offshore service outsourcing, offshore treasury management and offshore investment and financing, and four banks (ICBC, Bank of China, SPDB and HSBC) were licensed as the first batch of expanded-pilot offshore-business financial institutions. The numbers show the traction: offshore-trade volume in the area reached USD 32.7 billion in 2025, up 32.1%, and USD 19.4 billion in the first half of 2026, up 29.08%. On the debt side, free-trade-zone offshore bonds have accelerated: on 13 August 2026 Shanghai Electric’s offshore subsidiary issued RMB 1.5 billion of FTZ offshore bonds — the first corporate FTZ offshore bond in the market — taking cumulative issuance to 17 tranches of about RMB 7.1 billion, with banks innovating on dual-tenor structures and rolling issuance plans.

Why this matters for foreign companies

For foreign companies, the significance is a practical one: China is offering a credible location to run global treasury and trade operations from inside its borders. A multinational that sets up an offshore-business specialised company in Lingang can consolidate cross-border treasury collection, offshore M&A financing and cross-border service-fee settlement in one vehicle, with instruction-based, near-instant money movement. A global trading house can use Lingang as the booking and settlement centre for orders executed worldwide, matching the efficiency of Singapore or Hong Kong treasury hubs while keeping the China operation inside the FTZ framework. The plan’s “specialised company” concept means the vehicle is distinct from the regular onshore operating entity — it is designed for offshore activity, with the account isolation giving both sides a clear boundary.

Practical steps for interested companies

Foreign companies should weigh five steps. (1) Assess fit: the model suits multinationals with global order management, cross-border procurement or commodity trading that currently route settlement through Hong Kong or Singapore. (2) Review the vehicle design: an offshore-business specialised company in Lingang (wholly foreign-owned is permitted) with clear offshore-activity scope, and the appropriate account structure under the FTU framework. (3) Engage the licensed banks early: the four expanded-pilot banks offer the “settle on instruction” flow, and bank onboarding determines how quickly the model works. (4) Model the tax and duty picture: offshore-trade stamp-duty relief, the plan’s encouragement of treasury-centre construction and the broader FTZ incentives should be modelled together. (5) Watch the implementation notices: the 15th Five-Year Plan sets direction, but the operating rules — application conditions for specialised-company status, eligible activity lists, settlement procedures — will be detailed in implementing measures that follow; companies that position early can shape their structures as the rules land.

Sources

临港”十五五”规划：离岸业务走向全场景

规划与主攻方向

2026 年 8 月 21 日，中国（上海）自由贸易试验区临港新片区发布《发展”十五五”规划》（2026–2030）。规划以跨境和离岸为重点，深化更高水平对外开放，主攻方向是推进离岸贸易金融服务综合改革试点扩围：通过”专营公司+一线放开、二线管住”的制度设计，先发展基于大宗商品交易等既有基础的离岸贸易金融服务，再适时把管理模式扩至更多贸易场景。规划明确支持跨国集团产品分销中心、大宗商品贸易商、全球生产加工企业在临港设立离岸业务专营公司，深度参与全球性生产、销售、服务等活动；鼓励区内金融机构为其提供资金支付、结算、融资等金融服务，提升外来外去资金进出自由便利度；并继续用好离岸贸易印花税优惠政策。

离岸金融议程

规划同时勾画了更宽的离岸金融路线图：稳步探索离岸金融试点业务，加快离岸业务金融服务综合改革试点扩围场景落地与生态拓展，优化离岸贸易金融服务，高质量发展自贸离岸债，有序发展离岸再保险，积极推进财资中心建设；加快上海国际再保险中心建设，用好跨境再保险分入业务收入境外投资便利化政策，稳步扩大非居民并购贷款业务规模。实现路径是”物理集聚、主体限定、账户隔离”——把离岸业务集中在指定区域与主体、以账户隔离运行，在集聚全球优质金融要素的同时守住在岸与离岸的边界。

试点已交出的成绩单

扩围建立在已运行的试点之上。临港 2025 年 6 月率先启动离岸贸易金融服务综合改革试点，首创”免审单、凭指令、秒结算”离岸资金管理模式——过去需要三天的结算现在三秒完成。2026 年陆家嘴论坛上宣布扩围：试点由”离岸贸易”单一场景升级为全场景”离岸业务”，覆盖离岸服务外包、离岸资金管理、离岸投融资等，工商银行、中国银行、浦发银行、汇丰银行四家试点银行获授牌成为扩围后首批离岸业务金融服务机构。数据印证动能：2025 年新片区离岸贸易规模 327.37 亿美元、同比增长 32.1%；2026 年上半年 194.13 亿美元、增长 29.08%。债务端，自贸离岸债明显提速：8 月 13 日上海电气境外子公司发行 15 亿元自贸离岸债——全市场首单企业类自贸离岸债——累计发行达 17 笔、规模约 71 亿元，银行还在双期限结构、滚动发行计划上持续创新。

为什么对外资企业重要

对外资企业，意义在于一个实打实的选择：中国开始提供可信的”在中国境内运营全球财资与贸易”的落点。跨国公司在临港设立离岸业务专营公司，可在一个主体内集中处理跨境财资归集、海外并购融资与跨境技术服务费结算，资金按指令近乎实时流动。全球贸易商可以把临港作为全球订单的记账与结算中心，在保持中国业务处于自贸区框架内的同时，匹配新加坡或香港财资枢纽的效率。规划中的”专营公司”概念意味着这个载体与常规在岸经营主体相区分——专为离岸活动而设，账户隔离让两边边界清晰。

给有意企业的实操步骤

外资企业可从五步入手。（1）评估匹配度：该模式适合目前经香港或新加坡结算的全球订单管理、跨境采购或大宗商品贸易企业。（2）设计载体：在临港设立离岸业务专营公司（外资独资可行），明确离岸业务范围，并按自贸区分账核算单元（FTU）框架搭建账户结构。（3）尽早对接持牌银行：四家扩围试点银行提供”凭指令结算”流程，银行接入速度决定模式跑起来多快。（4）测算税负与成本：离岸贸易印花税优惠、规划对财资中心建设的鼓励，以及自贸区既有激励应一起建模。（5）盯住配套细则：规划定方向，但运行规则——专营公司认定条件、可开展业务清单、结算程序——将在后续实施细则中明确；提前卡位的企业可以在规则落地时按自己的结构去适配。

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