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Deregistration / 注销清算, Setup Process / 设立流程

China’s 2026 Registration Document Rules: Real-name Filing, One-Stop Cross-Province Migration and Agent Disclosure

  • The State Administration for Market Regulation revised and issued the Business Entity Registration Document Standards (2026 Edition) and the Registration Submission Material Standards (2026 Edition), in force from 1 May 2026, systematically updated on the basis of the newly amended Company Law and the Regulation on the Administration of Market Entity Registration.
    市场监管总局修订发布《经营主体登记文书规范（2026年版）》《经营主体登记提交材料规范（2026年版）》，自2026年5月1日起施行，依据新修订《公司法》《市场主体登记管理条例》等系统修订。
  • The revision has six official priorities: implementing the amended Company Law on capital-contribution deadlines and corporate governance, standardising real-name registration confirmation, optimising the migration procedure, strengthening intermediary-agency management, improving online archiving, and streamlining review documents.
    修订重点有六个方面：落实新《公司法》关于注册资本认缴期限与公司治理的要求、规范实名登记确认程序、优化迁移登记程序、加强中介代理机构及人员管理、优化线上登记信息存储归档、精简登记机关审核文书。
  • Real-name confirmation now leaves a paper trail: a new confirmation form records the applicant’s confirmation of identity and of the relevance and consistency of the registration matter, with ID numbers, residence and mobile numbers placed on a separate page.
    实名登记确认现已留痕：新增实名登记确认表格，记录申请人对身份及登记业务关联性、一致性的确认情况；身份证件号码、住所、移动电话等敏感信息单独列页。
  • Cross-province migration becomes a single application: the destination registration authority sends the archive-transfer letter to the outgoing authority, so the entity no longer has to return to the transferring locality, and change-registration content is folded into the migration step.
    跨省迁移改为”一次办”：由迁入地登记机关向迁出地发送调档函，经营主体无需再跑迁出地；迁移环节增加变更登记内容，可一并办理。
  • Registration agents must declare who they are: implementing the Measures on Company Registration Administration and the Measures on Business Entity Registration Applications and Agency Conduct, agency institutions and personnel must state their agency identity in the documents, with added information collection and credit commitments.
    登记代理须”亮身份”：落实《公司登记管理实施办法》《经营主体登记申请及代理行为管理办法》，代理机构及人员须在文书中表明代理身份，增加信息采集与信用承诺内容。
  • The 2026 rules are the next upgrade of a reform running since 1 March 2022, when standardised business-scope registration moved nationwide from self-written wording to picking standard entries from one national catalogue; Beijing’s local practice now adds theme packages and featured-item display.
    2026年新规是自2022年3月1日以来经营范围登记改革的又一次升级——登记由”申请人自行拟写文字表述”改为”从全国统一规范目录中点选标准条目”；北京的地方实践进一步加入主题套餐与特色项目展示。

China’s 2026 Registration Document Rules: Real-name Filing, One-Stop Cross-Province Migration and Agent Disclosure | 2026 年版经营主体登记文书规范：实名确认、迁移一网办与中介亮身份

Overview

Two instruments now set the paperwork standard for every registration at China’s market-regulation authorities: the Business Entity Registration Document Standards (2026 Edition) and the Business Entity Registration Submission Material Standards (2026 Edition) (《经营主体登记文书规范（2026年版）》《经营主体登记提交材料规范（2026年版）》). They were revised and issued by the State Administration for Market Regulation (SAMR) and apply to registrations from 1 May 2026. The revision was carried out systematically on the basis of the newly amended Company Law, the Regulation on the Administration of Market Entity Registration and related rules.

For foreign-invested enterprises, the practical reach is broad: how a new company is papered, how changes are filed, how a deregistration is lodged, how an entity is moved across provinces, and what a paid registration agent must disclose when it acts for the group.

The business-scope reform behind the 2026 rules

The 2026 rules sit on top of a reform that has been running for several years. Since the Regulation on the Administration of Market Entity Registration took effect on 1 March 2022, standardised business-scope registration has been rolled out nationwide: instead of the applicant drafting its own free-text description of what it does, the business scope is now selected from a single nationwide standardised catalogue of entries. The 2026 rules, in force from 1 May 2026, are the next upgrade of that reform — tightening the identity, migration and agency layers that surround the same standardised scope. Reporting by *China Market Regulation News* (《中国市场监管报》) on 18 September 2026 traces the reform’s progression and the direction of travel.

Six revision priorities

SAMR’s own description of the revision lists six priorities:

  1. Capital and governance. Implement the amended Company Law’s requirements on adjusting the registered-capital contribution deadline and improving corporate governance: the document standards add collection of shareholders’ capital-contribution deadline information, and the material standards supplement materials for changes such as shareholder forfeiture of rights (股东失权) and capital reduction to cover losses (弥补亏损减资).
  2. Real-name confirmation. Standardise the real-name registration confirmation procedure to prevent false or impersonated registration.
  3. Migration. Optimise the procedure for the migration registration of business entities.
  4. Agency management. Strengthen the management of intermediary agency institutions and their personnel.
  5. Online archiving. Optimise the storage and archiving of registration information collected online.
  6. Streamlined review. Simplify the registration authority’s own review documents.

Three changes that matter most to foreign investors

Real-name confirmation, now on the record

The Document Standards add a real-name registration confirmation form. It records the applicant’s confirmation of identity and of the relevance and consistency between the person and the registration matter. Sensitive personal information — ID document numbers, residence, mobile phone numbers — is placed on a separate page, strengthening personal-information protection. For a foreign-invested group, this means every signatory on a filing will pass a real-name confirmation step, and the confirmation is itself a document of record.

Migration as a single application

Previously, an entity migrating across districts often had to travel between the outgoing and incoming localities to handle the transfer of its registration file. The new rules make clear that the destination registration authority sends the archive-transfer letter to the outgoing authority — the business entity no longer needs to go to the outgoing locality. In addition, change-registration content is added into the migration step, so a migration and the related changes can be handled together rather than in two separate rounds.

Agents must show who they are

Implementing the Measures for the Administration of Company Registration and the Measures for the Administration of Business Entity Registration Applications and Agency Conduct, the standards require agency institutions and their personnel to declare their agency identity in the registration documents. Information-collection items for agencies and agents are added, credit-commitment content is added, and the notice of legal liability is made clearer. The intent is transparency: an authority reviewing a filing can see who actually prepared it.

What foreign-invested enterprises should prepare

New establishment

Because the document standards now capture shareholders’ capital-contribution deadline information, a new foreign-invested company should decide its capital-contribution schedule before the filing is drafted, not after. The subscribed amount and the deadline now travel together through the registration paperwork, so the capital plan and the incorporation documents should be prepared as one package.

Change registration

Where a change touches capital — for example a mechanism tied to shareholder forfeiture of rights or a capital reduction to cover losses — the material standards define the additional materials to be submitted. Company secretaries should treat the 2026 material standards as the controlling checklist for capital-change filings rather than relying on older templates.

Deregistration

Deregistration filings remain part of the same document system. The practical point for a foreign-invested group is identity: every signatory on the deregistration filing will pass real-name confirmation, so the identity documentation of the liquidation group and authorised signatories should be assembled early in the exit process.

Cross-province migration

A group consolidating registered addresses, or moving an entity between provinces, now files with the destination authority only. Because change-registration content can be handled within the migration step, a migration can be combined with the related changes in one procedure — worth planning as a single project rather than two sequential ones.

Capital-contribution deadlines and registered-capital planning

The new collection of shareholders’ capital-contribution deadline information links the registration paperwork directly to the group’s capital strategy. A foreign investor structuring a new China company should align the contribution timetable with the funding plan, since the deadline now appears in the registration documents themselves. Where the amended Company Law’s forfeiture and loss-coverage mechanisms are used later, the corresponding material sets apply.

Instructing a registration agent

When a group engages a paid agent, the agent must now declare its agency identity in the documents, and the paperwork carries credit commitments and a clearer legal-liability notice. A foreign-invested group should confirm that its agent is prepared to file on this basis, and keep the agency documentation with the group’s own records.

Local practice: Beijing’s theme packages

Local practice shows how the standardised-scope system can be extended. Beijing’s market-regulation authority has introduced 40 theme packages around emerging and future industries, plus 17 artificial-intelligence OPC theme packages, covering more than 600 standardised expressions. It has also built a catalogue of featured business-item expressions with a regular update mechanism: more than 29,000 featured items are on file, covering 18 categories of the national economy, and can be displayed as a subdivided business line on the electronic business licence’s “enterprise code” (企业码).

This is a local practice, not a nationwide rule, but it illustrates the direction: standardised scope plus thematic packaging plus featured-item display, so that a new-technology company can register a business scope that reflects what it actually does.

Sources

  • 《中国市场监管报》— 市场监管部门推进经营范围登记改革纪实（2026年9月18日）: http://pc.cmrnn.com.cn/shtml/zggsb/20260918/155156.html
  • 北青网 — 北京套餐化登记、特色公示破解新兴科技企业经营范围登记难题（2026年9月20日）: https://www.toutiao.com/article/7687443508789838363/
  • 国家市场监督管理总局: https://www.samr.gov.cn/
  • 国家企业信用信息公示系统: https://www.gsxt.gov.cn/index.html

2026 年版经营主体登记文书规范：实名确认、迁移一网办与中介亮身份

概述

两份文件现已设定中国市场监管部门各类登记的纸面标准：《经营主体登记文书规范（2026年版）》与《经营主体登记提交材料规范（2026年版）》。二者由市场监管总局修订发布，自2026年5月1日起适用于各类登记，并依据新修订《公司法》《市场主体登记管理条例》等系统修订。

对外资企业而言，其实际覆盖面很广：新设公司如何制作文书、变更如何申报、注销如何提交、主体如何跨省迁移，以及营利性登记代理机构在为集团代办时须披露什么。

2026年新规背后的经营范围改革

2026年新规建立在一项已推进数年的改革之上。自《市场主体登记管理条例》于2022年3月1日施行起，经营范围规范化登记在全国全面推开：登记不再由申请人自行拟写文字表述，而是从全国统一规范目录中点选标准条目。此举统一了企业经营活动的描述方式，并使这些描述在登记系统中可机读。

2026年5月1日起施行的新规，是这一改革的又一次升级——在既有的规范经营范围之上，收紧身份、迁移与代理三层规则。《中国市场监管报》2026年9月18日的纪实报道梳理了改革的推进脉络与方向。

六个方面的修订重点

市场监管总局对本次修订的描述列出六个重点：

  1. 资本与治理。 落实新修订《公司法》关于调整注册资本认缴期限、完善公司治理的要求：文书规范增加股东出资期限信息采集；材料规范补充股东失权、弥补亏损减资等变更登记的材料。
  2. 实名确认。 规范实名登记确认程序，防范虚假冒名登记。
  3. 迁移。 优化经营主体迁移登记程序。
  4. 代理管理。 加强对中介代理机构和人员的管理。
  5. 线上归档。 优化线上登记信息存储归档。
  6. 精简审核。 精简登记机关审核文书。

对外国投资者最相关的三处变化

实名登记确认，现已留痕

文书规范新增实名登记确认表格，记录申请人对身份以及其与登记业务之间关联性、一致性的确认情况。敏感个人信息——身份证件号码、住所、移动电话——单独列页，强化个人信息保护。对外资集团而言，这意味着每一项登记业务上的签字人都将经过实名确认步骤，而该确认本身即构成存档文书。

迁移登记”一次办”

以往，跨区迁移的经营主体常须在迁出地、迁入地之间往返办理登记档案调取。新规明确：由迁入地登记机关向迁出地发送调档函——经营主体无需再跑迁出地。此外，迁移环节增加变更登记内容，迁移与相关变更可一并办理，而无需分两轮。

中介机构须”亮身份”

落实《公司登记管理实施办法》《经营主体登记申请及代理行为管理办法》，文书规范要求代理机构及人员须在文书中表明代理身份。文书增加对中介机构及人员的信息采集项目，增加信用承诺内容，并强化法律责任告知。其用意是透明化：审核登记的机关可以看到申报材料实际由谁制作。

外资企业应做哪些准备

新设登记

由于文书规范现已采集股东出资期限信息，新设外资公司应在起草申报文书之前确定出资时间表，而非之后。认缴金额与出资期限现已在登记文书中一并流转，故资本安排与设立文书应作为一个整体准备。

变更登记

当变更涉及资本——例如适用股东失权或弥补亏损减资机制时——材料规范规定了应另行提交的材料。公司秘书应以2026年版材料规范作为资本变更申报的准绳清单，而非沿用旧模板。

注销登记

注销申报同属这一文书体系。对外资集团而言，实操要点在于身份：注销文件上的每一位签字人都将经过实名确认，故清算组与授权签字人的身份材料应在退出流程早期备齐。

跨省迁移

集团整合注册地址、或在省际迁移主体时，现只需向迁入地登记机关申请。由于变更登记内容可在迁移环节一并办理，迁移可与相关变更合并为一个程序——宜作为单一项目规划，而非两个先后步骤。

股东出资期限与注册资本安排

新增的股东出资期限信息采集，把登记文书直接接到集团的资本策略上。外国投资者在架构新的中国公司时，应使出资时间表与资金安排相互对齐，因为出资期限现会出现在登记文书本身之中。日后若使用新《公司法》的股东失权、弥补亏损减资机制，则适用相应的材料清单。

委托登记代理机构

集团聘请营利性代理机构时，该机构现须在文书中表明代理身份，且文书承载信用承诺与更清晰的法律责任告知。外资集团应确认其代理机构已按此基础准备申报，并将代理相关文件与集团自身记录一并留存。

地方实践：北京的套餐化登记

地方实践显示了规范经营范围体系可以如何延伸。北京市市场监管部门围绕新兴产业和未来产业推出40个主题套餐，另加17个人工智能 OPC 主题套餐，覆盖600余条标准表述。同时建立特色经营项目表述目录及常态化更新机制：已有2.9万余条特色项目入库，覆盖国民经济18个门类，可在电子营业执照”企业码”上展示细分业务。

这是地方做法，而非全国规定，但它显示了方向：规范经营范围，加上主题化套餐，加上特色项目展示，使新技术企业能够登记出真正反映其业务的经营范围。

来源

  • 《中国市场监管报》— 市场监管部门推进经营范围登记改革纪实（2026年9月18日）: http://pc.cmrnn.com.cn/shtml/zggsb/20260918/155156.html
  • 北青网 — 北京套餐化登记、特色公示破解新兴科技企业经营范围登记难题（2026年9月20日）: https://www.toutiao.com/article/7687443508789838363/
  • 国家市场监督管理总局: https://www.samr.gov.cn/
  • 国家企业信用信息公示系统: https://www.gsxt.gov.cn/index.html

相关阅读

  • 见：企业注销指引与清算程序（enterprise-deregistration-guidelines）
  • 见：新公司法下的注册资本制度（registered-capital-new-company-law）
Financial License / 金融牌照

China’s 15th Five-Year Plan for a Financial Powerhouse: What It Changes for Foreign Financial Institutions

  • On 10 September 2026 the State Council Information Office held a press conference where the PBC, the NFRA, the CSRC and SAFE introduced the newly issued 15th Five-Year Plan for building a financial powerhouse.
    2026 年 9 月 10 日，国务院新闻办公室举行新闻发布会，中国人民银行、金融监管总局、中国证监会、国家外汇管理局介绍了已正式出台的《金融强国建设”十五五”规划》。
  • The Plan’s overall objective is to form the general framework of a Chinese-characteristic modern financial system by 2030, with 2035 as the date to basically build such a system.
    规划的总体目标是到 2030 年形成中国特色现代金融体系的总体框架，并以 2035 年基本建成该体系为远期目标。
  • On capital-account opening, direct investment is already essentially convertible; cross-border securities investment rests on an institutional-investor system, connectivity mechanisms and direct market access; and cross-border financing is under full-caliber macro-prudential management.
    在资本项目开放上，直接投资项下已实现基本可兑换；跨境证券投资形成以机构投资者制度、互联互通机制、境外投资者直接入市为主的制度安排；跨境融资实施全口径宏观审慎管理。
  • The next step is framed as “four deepens”: from channel opening to institutional opening, from business convenience to entity convenience, from foreign-exchange management to CNY-FX coordination, and from the exchange step to full-chain management services.
    下一步概括为”四个深化”：从渠道开放向制度型开放深化、从业务便利向主体便利深化、从外汇管理向本外币协同深化、从汇兑环节向全链条管理服务深化。
  • In direct investment, the administration will simplify FDI registration, shrink the negative list for fund use, raise FX convenience for cross-border investment, and roll out new cross-border investment facilitation measures.
    在直接投资领域，将简化外商直接投资登记流程、缩减资金使用负面清单、提高跨境投资资金汇兑便利，并将陆续出台新的跨境投资便利化措施。
  • In cross-border financing and securities, the authorities will expand tech-enterprise cross-border financing facilitation, broaden the green foreign-debt FX pilot, upgrade the multinational CNY-FX integrated cash-pool policy, and raise the openness of securities issuance and trading markets.
    在跨境融资与跨境证券领域，将拓展科技企业跨境融资便利化、扩大绿色外债外汇便利化试点、升级跨国公司本外币一体化资金池政策，并提升证券发行与交易市场的开放度。
  • The NFRA is soliciting public comments on a draft Disclosure Management Measures for Banking and Insurance Institutions from 4 September 2026; the draft is a consultation text, not yet in force, covering 23 types of institutions with the chairman as first responsible person.
    金融监管总局自 2026 年 9 月 4 日起就《银行保险机构信息披露管理办法（征求意见稿）》公开征求意见；该稿为征求意见稿、尚未生效，覆盖 23 类机构，明确董事长为信息披露管理第一责任人。

China’s 15th Five-Year Plan for a Financial Powerhouse: What It Changes for Foreign Financial Institutions | 中国金融强国建设”十五五”规划：对外资金融机构意味着什么

Overview

On 10 September 2026, the State Council Information Office convened a press conference in its “Getting the 15th Five-Year Plan off to a Good Start” series, with the People’s Bank of China (PBC), the National Financial Regulatory Administration (NFRA), the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange (SAFE) presenting how the financial sector will implement the 15th Five-Year Plan and advance the building of a financial powerhouse. The centerpiece is the newly issued *15th Five-Year Plan for Building a Financial Powerhouse*, formulated by the Office of the Central Financial Commission together with the financial institutions under its unified deployment.

For foreign financial institutions weighing entry or expansion in China, the Plan is less about a single new licence and more about the direction of the policy environment: steadier capital-account opening and a shift from channel-based to institution-based convenience. This article distils the parts of the Plan that bear most directly on foreign-invested financial institutions.

The Plan and its objectives

The Plan adheres to the working主线 of “preventing risks, strengthening supervision and promoting high-quality development.” Its overall objective is to form the general framework of a Chinese-characteristic modern financial system by 2030 — with effective policy coordination, a rational and optimised system structure, rigorous supervision, precise risk prevention, a complete legal system, steadily broadened high-level opening, and rising international influence. By 2035, the objective is to basically build a modern financial system with a high degree of adaptability, competitiveness and inclusiveness.

The PBC has issued its own 15th Five-Year reform and development plan together with nine supporting action plans, covering the monetary-policy and macro-prudential “twin pillars,” the “five articles” of financial services (technology, green, inclusive, pension and digital finance), an open and inclusive financial market, high-level financial opening, and optimised financial infrastructure.

Capital-account opening: the established direction

In the press conference, SAFE set out the established shape of capital-account opening. Of the three main components — direct investment, securities investment and cross-border financing — direct investment is already essentially convertible. Cross-border securities investment has taken shape as an arrangement centred on an institutional-investor system, connectivity mechanisms and direct market access by overseas investors. Cross-border financing is administered under full-caliber macro-prudential management.

On this base, SAFE described the next step as “four deepens”:

  1. From channel opening to institutional opening — moving beyond discrete access channels toward rules-based, system-level openness.
  2. From business convenience to entity convenience — extending facilitation from individual transactions to the qualifying entity as a whole.
  3. From foreign-exchange management to CNY-FX coordination — aligning renminbi and foreign-exchange policy so one rule set serves both.
  4. From the exchange step to full-chain management services — covering the whole cross-border flow rather than only the conversion moment.

This framing signals that future liberalisation will be structural and predictable rather than deal-by-deal.

Direct-investment facilitation

Within the direct-investment component, SAFE announced concrete steps that matter directly to foreign-invested enterprises and their investors:

  • Simplify the foreign-invested-enterprise (FDI) registration process and make it easier to handle.
  • Shrink the negative list for the use of funds raised through foreign investment, giving invested enterprises more freedom over legitimate capital use.
  • Raise the convenience of foreign-exchange settlement and conversion for cross-border investment, so that “bringing in” and “going out” develop in coordination.
  • Roll out new cross-border investment facilitation measures in the next phase in response to enterprise demand.

For a foreign financial institution establishing or capitalising a China subsidiary, these measures bear on how quickly and flexibly capital can be registered, moved and used. The emphasis on coordinating “bringing in” and “going out” also supports institutions that use a China platform both to serve inbound investors and to back outbound activity.

Cross-border financing and securities

Cross-border financing. SAFE will expand the cross-border financing facilitation policy for technology enterprises, broaden the pilot scope of foreign-exchange facilitation for green foreign debt, and advance the iterative upgrade of the multinational enterprise CNY-FX integrated cash-pool policy. The cash-pool upgrade is of particular interest to foreign groups operating China treasury centres, as it bears on how a China entity can concentrate and manage cross-border funds within a unified, regulated pool.

Cross-border securities. The authorities will raise the openness of the securities issuance market, align the opening rules of securities trading markets with international norms, and advance the integration of opening channels, optimisation of institutions and unification of rules, lifting the two-way openness of the financial market. The CSRC committed to optimising the qualified foreign-investor and connectivity mechanisms and supporting enterprises in using both onshore and offshore markets and resources.

The combined message is a steady widening of both the funding side (debt, foreign-exchange, cash pooling) and the market-access side (issuance, trading, connectivity) for foreign participants.

Institution-side: unified disclosure draft

Complementing the opening agenda, the NFRA on 4 September 2026 began soliciting public comments on the Draft Disclosure Management Measures for Banking and Insurance Institutions (征求意见稿). The draft is explicitly a consultation text and is not yet in force; the comment period runs to 3 October 2026.

The draft consolidates earlier separate disclosure rules for banks, insurers and trusts into a single set of standards and extends the scope to the various types of banking and insurance institutions supervised by the NFRA — reported to cover 23 categories of institutions, including financial holding companies, nationwide commercial banks, foreign-invested banks, trust companies, wealth-management companies, life and property insurers, and reinsurers. It strengthens disclosure-management requirements, requires institutions to establish a disclosure-management system, and clarifies that the chairman of the board is the first responsible person for disclosure management. It also sets out the supervisory framework — regulatory evaluation, on-site and off-site supervision, supervisory inquiries, supervisory measures and administrative penalties — with differentiated disclosure requirements by institution type.

Because the text is a draft, institutions should treat it as a forward-looking compliance input rather than a change to current obligations.

Practical guidance for foreign institutions

  1. Read the Plan as a direction, not a permit. The 15th Five-Year Plan sets the policy trajectory; individual licences and qualifications still follow the sector-specific application routes.
  2. Map the entry route by sub-sector. Banking (foreign-invested bank subsidiary or branch), securities/fund/futures, insurance and reinsurance, private fund management, and payment each have distinct application paths and capital, shareholder and prudential requirements.
  3. Use QFLP and QFII where they fit. The qualified foreign-limited-partner and qualified foreign-investor channels remain practical on-ramps for investment and market access, within the broader connectivity and direct-access architecture described at the press conference.
  4. Plan the cross-border cash pool early. For groups running a China treasury centre, the upgraded CNY-FX integrated cash-pool policy is the structure to model for intra-group cross-border fund management.
  5. Prepare for unified disclosure. Foreign-invested banks and insurers should track the disclosure draft and ready board-level ownership of disclosure management, even though the measures are not yet effective.
  6. Watch the FDI-registration and fund-use changes. Simplified FDI registration and a shorter negative list for fund use will affect how a China subsidiary is capitalised and how its funds are deployed.

Sources

中国金融强国建设”十五五”规划：对外资金融机构意味着什么

概述

2026 年 9 月 10 日，国务院新闻办公室举行”开局起步’十五五'”系列主题新闻发布会，中国人民银行、金融监管总局、中国证监会、国家外汇管理局介绍金融领域如何贯彻落实”十五五”规划、推动金融强国建设。核心文件是已正式出台的《金融强国建设”十五五”规划》，由中央金融办会同各金融单位制定，在中央金融委统一部署下推出。

对考量进入或扩张在华业务的外资金融机构而言，这份规划的重点不在一个新牌照，而在政策环境的方向：更稳健的资本项目开放、从渠道便利向主体便利的转轨。本文梳理规划中与外资金融机构最直接相关的部分。

规划及其目标

规划坚持”防风险、强监管、促高质量发展”的工作主线。其总体目标是到 2030 年形成中国特色现代金融体系的总体框架——政策协同有效、体系结构合理优化、监管严密有力、风险防控精准高效、法治体系完备、高水平开放稳步扩大、国际影响力和竞争力持续提高。到 2035 年，基本建成具有高度适应性、竞争力、普惠性的现代金融体系，为金融强国建设奠定坚实基础。

中国人民银行配套印发了本行的”十五五”改革发展规划及九份行动方案，覆盖货币政策与宏观审慎”双支柱”、金融”五篇大文章”（科技、绿色、普惠、养老、数字金融）、开放包容的金融市场、金融高水平开放与优化的金融基础设施。

资本项目开放：既定方向

发布会上，外汇局阐述了资本项目开放的既有形态。在直接投资、证券投资、跨境融资三大组成部分中，直接投资项下已实现基本可兑换；跨境证券投资形成以机构投资者制度、互联互通机制、境外投资者直接入市为主的制度安排；跨境融资实施全口径宏观审慎管理。

在此基础之上，外汇局将下一步概括为”四个深化”：

  1. 从渠道开放向制度型开放深化——超越离散的准入通道，走向规则层面的制度性开放。
  2. 从业务便利向主体便利深化——把便利从单笔交易扩展到合格主体整体。
  3. 从外汇管理向本外币协同深化——统筹人民币与外汇政策，用一套规则服务两类业务。
  4. 从汇兑环节向全链条管理服务深化——覆盖整条跨境资金流，而非仅兑换环节。

这一表述对外资机构意义重大，因为它表明未来的开放将是结构性、可预期的，而非逐笔个案。

直接投资领域便利化

在直接投资组成部分内，外汇局宣布了与外商投资企业和其投资者直接相关的具体举措：

  • 简化外商直接投资登记办理流程，提升办理便利度。
  • 缩减资金使用负面清单，给予被投资企业更多合法使用资金的自由。
  • 提高跨境投资资金汇兑便利，促进”引进来”和”走出去”协同发展。
  • 下一阶段陆续出台新的跨境投资便利化措施，回应企业诉求。

对设立或在华注资子公司的外资金融机构而言，这些措施关系资本登记、调拨与使用的速度与灵活度。强调”引进来”与”走出去”协同，也支持那些以中国平台同时服务入境投资者与支撑出境活动的机构。

跨境融资与跨境证券

跨境融资。 外汇局将拓展科技企业跨境融资便利化政策，扩大绿色外债外汇便利化试点范围，并推进跨国公司本外币一体化资金池政策迭代升级。资金池升级对运营中国财资集团的外资机构尤为关键，关系中国实体如何在统一、受监管的池内归集与管理跨境资金。

跨境证券。 监管将提升证券发行市场开放度，推动证券交易市场开放规则与国际基本接轨，推进开放渠道整合、制度优化与规则统一，提升金融市场双向开放水平。证监会亦表示将优化合格境外投资者与互联互通等制度机制，支持企业用好境内境外两个市场、两种资源。

综合信息是：对外参与者而言，资金端（外债、外汇、资金池）与市场准入端（发行、交易、互联互通）都在稳步拓宽。

机构端：统一披露征求意见稿

与开放议程相配套，金融监管总局自 2026 年 9 月 4 日起就《银行保险机构信息披露管理办法（征求意见稿）》公开征求意见。该稿明确为征求意见稿、尚未生效，意见反馈截止时间为 2026 年 10 月 3 日。

征求意见稿整合了此前银行、保险、信托各自分散的信息披露规定，形成统一标准，并将适用范围拓展至金融监管总局监管的各类型银行保险机构——据披露覆盖 23 类机构，包括金融控股公司、全国性商业银行、外资银行、信托公司、理财公司、人身保险公司、财产保险公司、再保险公司等。它强化了信息披露管理要求，要求机构建立信息披露管理制度，并明确董事长为信息披露管理第一责任人。同时规定了监管评价、现场检查与非现场监管、监管问询、监管措施、行政处罚等监管框架，并按机构类型明确差异化披露要求。

由于该文本为征求意见稿，机构应将其视为前瞻性合规输入，而非对现行义务的变更。

给外资机构的实操建议

  1. 把规划读作方向而非许可。 “十五五”规划确立政策轨迹；具体的牌照与资质仍依各细分行业的申请路径办理。
  2. 按子行业梳理准入路径。 银行（外资银行法人或分行）、证券基金期货、保险与再保险、私募基金管理、支付各有不同的申请路径及资本、股东与审慎要求。
  3. 在适用处用好 QFLP 与 QFII。 合格境外有限合伙人（QFLP）与合格境外投资者（QFII）渠道仍是投资与准入的实用入口，处于发布会所描述的互联互通与直接入市总体架构之内。
  4. 尽早规划跨境资金池。 对运营中国财资集团的机构，升级后的本外币一体化资金池政策是集团内跨境资金管理应建模的结构。
  5. 为统一披露做准备。 外资银行与保险公司应跟踪披露征求意见稿，并备好董事会层面的披露管理责任，尽管办法尚未生效。
  6. 关注 FDI 登记与资金使用变化。 简化的外商直接投资登记与缩短的资金使用负面清单，将影响中国子公司的注资方式与资金使用安排。

来源

Financial License / 金融牌照, Greater Bay Area / 大湾区

Aircraft Leasing in Hengqin: Inside the 2026 Guangdong-Macao Support Measures

  • On 9 September 2026, the Hengqin Guangdong-Macao In-Depth Cooperation Zone issued the Measures supporting high-quality development of the aircraft-leasing industry through Guangdong-Macao linkage, effective from 30 September 2026 and running to 31 December 2030.
    2026 年 9 月 9 日，横琴粤澳深度合作区印发《琴澳联动支持飞机租赁产业高质量发展扶持办法》，自 2026 年 9 月 30 日起施行，有效期至 2030 年 12 月 31 日。
  • The scheme covers a broad definition of aircraft-leasing objects — airframes, engines, landing gear, auxiliary power units, flight simulators and eVTOL aircraft above set thresholds — and treats both direct/finance leases and operating leases.
    办法对飞机租赁标的物作了宽泛界定，涵盖飞机整机、发动机、起落架、辅助动力系统、飞行模拟器以及达到规定门槛的电动垂直起降无人驾驶航空器，并将直租与回租、融资租赁与经营租赁一并纳入。
  • A “business landing + sustained operation” double incentive rewards bonded direct leasing and bonded sub-leasing by reference to actual rent collected: a 1.6% landing award per year and a half-month rent award for each 12 months of lease term.
    “业务落地 + 持续经营”双重扶持按实收租金对飞机保税直租与保税转租赁给予奖励：业务落地奖励按每年实收租金（不含税）的 1.6% 计算，持续经营奖励按租期每满 12 个月奖励半个月实收租金。
  • Four types of bonded operating-lease business receive a further 0.5‰ per annum award on the asset value on top of the base standard, encouraging cross-border aircraft-asset circulation and life extension.
    四类飞机保税经营租赁业务可在基础扶持标准之上按租赁标的物资产价值、根据租期每年给予万分之五的额外奖励，鼓励航空资产跨境流转与盘活。
  • Macao-linked leases are specially supported: a 0.5% per-year award for leases to Macao lessees, and a one-off RMB 150,000 per aircraft for qualifying Macao-delivered deals, with a dedicated incentive for two-way Hengqin-Macao sub-leasing.
    涉澳租赁获专项扶持：面向澳门承租人的租赁按租期每年给予实收租金千分之五奖励，符合条件且在澳门完成交割的交易按每架飞机给予 15 万元一次性补贴，并对澳琴双向联动转租赁设专项扶持。
  • Domestic aircraft leasing and the aviation aftermarket are encouraged, with dedicated support for leasing domestically made civil aircraft and for dismantling, modifying and reselling used aircraft and parts bought into the zone.
    办法鼓励国产飞机租赁与航空后市场发展，对国产民航客机租赁给予专项扶持，并对在区内购置老旧飞机整机开展拆解、改装、二手航材销售业务予以扶持。
  • Support is claim-based and retrospective: the financial-development authority runs one central application round each year for the prior year’s qualifying activities, with foreign-currency amounts converted at the year-end central parity rate.
    扶持属事后补贴：金融发展局每年度组织一次集中受理，申报上一年度相关扶持资金，外币计价按申报所属年度最后一个自然日的人民币汇率中间价折算。

Aircraft Leasing in Hengqin: Inside the 2026 Guangdong-Macao Support Measures | 横琴飞机租赁扶持新政：2026 年粤澳联动支持措施解读

Overview

On 9 September 2026, the Financial Development Bureau of the Hengqin Guangdong-Macao In-Depth Cooperation Zone issued the Measures on Supporting the High-Quality Development of the Aircraft-Leasing Industry through Guangdong-Macao Linkage (Financial Development Bureau Normative Document No. 1/2026). The scheme takes effect on 30 September 2026 and remains valid through 31 December 2030. It comprises fifteen articles in three parts and is the zone’s instrument for cultivating an aircraft-leasing cluster, deepening the lease-finance linkage between Hengqin and Macao, and extending the chain toward domestic aircraft and aviation aftermarket services.

The policy sits within a wider stack of Hengqin incentives — the 15% corporate income tax for encouraged industries, duty-free imports of self-use equipment, and customs facilitation measures — and is positioned as a sector-specific add-on that lowers the unit economics of parking aircraft-leasing business in the zone. For foreign lessors, aircraft-trading houses and aviation-finance special-purpose vehicles, the practical question is how the cash incentives line up with the保税 (bonded) customs regime and the Macao platform.

Scope and defined business types

The Measures define aircraft-leasing business by reference to the leased object. The covered objects are aircraft as a whole — civil passenger aircraft, freighters, helicopters, business jets, trainer and other general-aviation aircraft — and, above a set threshold, electric vertical take-off and landing (eVTOL) unmanned aircraft that carry persons or cargo with a maximum take-off weight above 150 kilograms or a single-transaction value above RMB 10 million. Engines, landing gear, auxiliary power units and flight simulators, as aviation-specific equipment, are also covered leasing objects.

By transaction structure, the business splits into direct leasing and leaseback. By accounting treatment, it splits into finance leases and operating leases. The Measures further reference bonded leasing and bonded sub-leasing, whose definitions follow the General Administration of Customs rules on leased bonded goods. This definitional breadth means a single lessor can structure several qualifying products — a bonded direct lease to a domestic lessee, a bonded sub-lease of a leased-back aircraft, or an operating lease of a second-hand imported aircraft — and potentially stack incentives across them.

The support measures in detail

The core incentive for bonded direct leasing and bonded sub-leasing is a “business landing + sustained operation” double award calculated on actual rent collected (excluding tax).

  • Business-landing award. For qualifying lessors, the landing reward is computed at 1.6% of the annual actual rent collected (excluding tax). The brief expressly encourages operators in the zone to conduct bonded direct leases to domestic lessees with a lease term of not less than 24 months.
  • Sustained-operation award. For each 12 months of lease term reached, the lessor receives a reward equal to half a month of actual rent collected (excluding tax); a final period of less than 12 months is rewarded on a pro-rata basis.
  • Sub-lease parity. A transferee that acquires an aircraft by leaseback and conducts a bonded sub-lease may be rewarded under the same standards.

On top of the base standard, four types of bonded operating-lease business receive a further award of 0.5‰ per annum on the asset value of the leased object, by reference to the lease term: (i) an overseas aircraft-leasing asset traded into the mainland with the lease continued; (ii) introduction of a second-hand overseas aircraft under operating lease; (iii) re-lease of an originally bonded mainland aircraft with a changed lease; and (iv) operating lease of a “passenger-to-freighter” (P2F) converted aircraft. The extra award is designed to enrich the zone’s business mix and accelerate aircraft-asset circulation and life extension.

Macao and Hengqin linkage support

The Measures give dedicated support to Macao-linked leases, reflecting the zone’s mandate to help diversify Macao’s economy.

  • Leases to Macao lessees. For lessors conducting aircraft-leasing business for a Macao lessee, a reward of 0.5% of actual rent collected (excluding tax) per year of lease term is available.
  • Macao-delivered deals. Where a lease in the zone has a term of not less than 24 months, a single aircraft purchased at a value above RMB 80 million, and actual delivery completed in Macao, the qualifying lessor receives a one-off subsidy of RMB 150,000 per aircraft.
  • Two-way Hengqin-Macao sub-leasing. The Measures set a dedicated incentive for two-way linked sub-leasing between Hengqin and Macao, encouraging exploration of transaction architectures that use Macao’s international window and the zone’s cross-border finance strengths.

The linkage logic is consistent with the zone’s broader “Macao + Hengqin” industrial-integration strategy: aircraft-leasing business landed in Hengqin is meant to help Macao raise its airport-service capacity and plug into the global aircraft-asset allocation system.

Domestic aircraft and aviation aftermarket

The scheme reaches beyond leasing into two strategic extensions.

  • Domestic aircraft. Leasing of domestically made civil passenger aircraft receives dedicated support, aligned with the national strategy of promoting home-built large aircraft.
  • Aviation aftermarket. Operators are encouraged to achieve full-life-cycle management of aircraft assets in the zone. Buying an entire aged aircraft directly and conducting dismantling, modification and used-aircraft-parts sales business within the zone is supported, pulling together leasing, trading, maintenance, dismantling and parts circulation as a coordinated set of activities.

These provisions broaden the zone’s ambition from being a leasing domicile to being an aircraft-asset management and aftermarket hub.

Application mechanism

The support is retrospective and claim-based. The Cooperation Zone’s Financial Development Bureau organises one central application round each year. The various supports are ex-post subsidies: in a given year, an applicant applies for the support funds relating to the prior year’s qualifying activities. The Bureau will, in due course, formulate an application guide and publish it through the official website and the official WeChat account.

For items denominated in foreign currency, conversion uses the central parity rate of the RMB published by the China Foreign Exchange Trade System under the authorization of the People’s Bank of China on the last calendar day of the application year. Applicants should therefore keep per-lease records — lease contracts, rent-receipt evidence and, where relevant, delivery and customs documents — because the awards are computed on actual rent collected and are auditable.

Practical considerations for foreign lessors and SPV

The Measures are a cash-incentive layer; they do not by themselves change the underlying regulatory perimeter. Foreign lessors and aviation-finance vehicles weighing a Hengqin footprint should note several practical points.

  • Entity and tax framing. The awards are computed on rent collected in the zone, so the location of the leasing entity, the lease documentation and the rent-flow booking matter. The zone’s 15% CIT rate for encouraged industries and duty-free self-use-equipment rules are separate levers that should be modelled together with the leasing awards.
  • Bonded customs interface. Because the headline incentives attach to bonded direct leasing and bonded sub-leasing, the structuring must sit cleanly inside the customs bonded-leasing framework. The definitions track the General Administration of Customs rules on leased bonded goods, so customs classification and the import/transfer mechanics of the aircraft need to be settled with the customs authority before rent accrues.
  • Macao-linkage path. The Macao premiums reward real Macao nexus — a Macao lessee, or delivery completed in Macao. Deals should document that nexus (lessee residency, delivery evidence) to qualify for the higher rates and the per-aircraft subsidy.
  • Aftermarket build-out. The aged-aircraft dismantling and parts-resale support rewards actual in-zone activity, not passive holding; operators should plan the physical presence, licences and qualified-personnel footprint needed for dismantling and parts trading.
  • Timing and documentation. With one annual round and ex-post settlement, the discipline is to capture qualifying rent and supporting documents continuously and to watch the published application guide for windows and formats.

Sources

  • 横琴粤澳深度合作区（政策解读）：《琴澳联动支持飞机租赁产业高质量发展扶持办法》解读：https://www.hengqin.gov.cn/macao2022/content/preview.html?id=3939361
  • 粤港澳大湾区门户网（办法全文）：《横琴粤澳深度合作区琴澳联动支持飞机租赁产业高质量发展扶持办法》：https://www.cnbayarea.org.cn/policy/policyrelease/policies/content/post_1338147.html
  • 横琴粤澳深度合作区官网（动态新闻：给力！横琴出台新政，扶持飞机租赁产业）：https://www.hengqin.gov.cn/macao_zh_hans/hzqgl/dtyw/dtxx/content/post_3939599.html
  • 横琴粤澳深度合作区官网（政策与信息公开入口）：https://www.hengqin.gov.cn/
  • 海关总署（保税货物租赁相关规定）：http://www.customs.gov.cn/

横琴飞机租赁扶持新政：2026 年粤澳联动支持措施解读

概述

2026 年 9 月 9 日，横琴粤澳深度合作区金融发展局印发《横琴粤澳深度合作区琴澳联动支持飞机租赁产业高质量发展扶持办法》（第 1/2026 号金融发展局规范性文件）。办法自 2026 年 9 月 30 日起施行，有效期至 2030 年 12 月 31 日。全文共十五条，分三部分，是合作区培育飞机租赁产业集聚、深化琴澳融资租赁联动、并向国产飞机与航空后市场延伸产业链的政策工具。

该政策位于横琴一揽子优惠之上——即鼓励类产业 15% 企业所得税、自用设备进口免税、海关便利化措施——是降低在区内落地飞机租赁业务单位经济性的专项叠加。对境外租赁公司、飞机贸易商与航空金融特殊目的载体而言，实务问题在于：现金奖励如何与保税海关监管、澳门平台相衔接。

界定范围与业务类型

办法以租赁标的物界定飞机租赁业务。覆盖的标的物包括飞机整机——民航客机、货机、直升机、公务机、教练机等通用航空飞机——以及达到规定门槛的电动垂直起降无人驾驶航空器：最大起飞重量超过 150 千克或单笔金额超过 1000 万元的载人或载货机型。发动机、起落架、辅助动力系统、飞行模拟器等航空专用设备，同样属于覆盖的租赁标的物。

按交易结构划分，业务分为直租与回租；按会计核算划分，分为融资租赁与经营租赁。办法另参照海关总署关于保税货物租赁的相关规定，界定保税租赁与保税转租赁。这一宽泛的定义意味着，同一家出租人可以设计多种符合条件的产品——面向境内承租人的保税直租、对回租取得飞机开展的保税转租赁，或对进口二手飞机开展经营租赁——并可能在多项业务上叠加享受扶持。

扶持内容详解

对飞机保税直租与保税转租赁的核心扶持，是按实收租金（不含税）给予的”业务落地 + 持续经营”双重奖励。

  • 业务落地奖励。 对符合条件的出租人，按每年实收租金（不含税）的 1.6% 计算落地奖励。办法明确鼓励区内各类经营主体面向境内承租人开展租期不少于 24 个月的飞机保税直租业务。
  • 持续经营奖励。 租期每达到 12 个月，出租人获得相当于半个月实收租金（不含税）的奖励；末期不满 12 个月的，按等比例给予。
  • 转租赁同标。 以回租方式取得飞机、再开展飞机保税转租赁的转租人，可按前述标准获得奖励。

在基础扶持标准之上，四类飞机保税经营租赁业务可根据租期每年按租赁标的物资产价值的万分之五给予额外奖励：其一，境外飞机租赁资产交易至境内延续租约；其二，境外二手飞机经营租赁引进；其三，原境内保税飞机再租变更租约；其四，”客改货”飞机经营租赁。该额外奖励意在丰富合作区业务类型、加快航空资产跨境流转与盘活。

涉澳与澳琴联动扶持

办法对涉澳租赁给予专项扶持，契合合作区促进澳门经济适度多元的使命。

  • 面向澳门承租人的租赁。 对符合条件的出租人面向澳门承租人开展飞机租赁业务的，按租期每年给予实收租金（不含税）千分之五的奖励。
  • 在澳门完成交割的交易。 对在合作区开展、租期不少于 24 个月、单架飞机购入价值超过 8000 万元且实际在澳门完成交割的飞机租赁业务，对符合条件的出租人按每架飞机给予 15 万元一次性补贴。
  • 澳琴双向联动转租赁。 办法对澳琴双向联动转租赁业务设置专项扶持，鼓励探索发挥澳门国际窗口功能与合作区跨境金融优势的交易架构创新。

联动逻辑与合作区”澳门+横琴”产业一体化战略一致：在横琴落地的飞机租赁业务，意在助力澳门提升空港服务能力、融入全球航空资产配置体系。

国产飞机与航空后市场

办法将扶持从租赁延伸至两项战略延展。

  • 国产飞机。 对国产民航客机租赁业务给予专项扶持，与推动国产大飞机战略相衔接。
  • 航空后市场。 鼓励在合作区实现飞机资产全生命周期管理。对直接购置老旧飞机整机并在区内开展拆解、改装、二手航材销售业务的，予以扶持，将租赁、交易、维修、拆解及航材流通带动为协同业态。

这些规定将合作区的目标由”租赁注册地”拓展为”飞机资产管理与后市场枢纽”。

申报机制

扶持属事后补贴。合作区金融发展局每年度组织一次集中受理。各类扶持为事后补贴性质：当年申报上一年度相关扶持资金。金融发展局将适时制定申报指南，并通过官方网站和微信公众号发布。

以外币计价的，按申报所属年度最后一个自然日中国人民银行授权中国外汇交易中心公布的人民币汇率中间价折算。申请人因此应留存逐笔租赁记录——租赁合同、租金收取凭证，以及交割与海关单证（如涉及）——因为奖励以实收租金为计算基础，且可接受审计。

对境外租赁公司与特殊目的载体的实务提示

办法是一层现金激励，本身不改变底层监管边界。衡量在横琴落地的境外租赁公司与航空金融载体，应注意以下实务要点。

  • 主体与税务架构。 奖励以区内收取的租金为计算基础，因此租赁主体的所在地、租赁文件的签署地与租金流的记账地均很重要。合作区鼓励类产业 15% 企业所得税、自用设备进口免税属另一类杠杆，应与租赁奖励一并测算。
  • 保税海关衔接。 由于头部奖励附着于保税直租与保税转租赁，交易架构须干净地落在海关保税租赁框架内。相关定义参照海关总署关于保税货物租赁的规定，故飞机的海关归类及进口、转关 mechanics 须在租金产生前与海关确定。
  • 涉澳路径。 涉澳加成奖励真实的澳门关联——澳门承租人或澳门完成交割。交易应留存该关联证据（承租人居民身份、交割证明），以适用更高比例及每架补贴。
  • 后市场布局。 老旧飞机拆解与航材销售扶持奖励区内真实经营活动，而非被动持有；经营者应规划拆解与航材交易所需的实体存在、许可与专业人员配置。
  • 时点与留档。 每年一轮、事后结算，纪律在于持续抓取符合条件的租金与佐证材料，并关注发布的申报指南以确定受理窗口与材料格式。

来源

  • 横琴粤澳深度合作区（政策解读）：《琴澳联动支持飞机租赁产业高质量发展扶持办法》解读：https://www.hengqin.gov.cn/macao2022/content/preview.html?id=3939361
  • 粤港澳大湾区门户网（办法全文）：《横琴粤澳深度合作区琴澳联动支持飞机租赁产业高质量发展扶持办法》：https://www.cnbayarea.org.cn/policy/policyrelease/policies/content/post_1338147.html
  • 横琴粤澳深度合作区官网（动态新闻：给力！横琴出台新政，扶持飞机租赁产业）：https://www.hengqin.gov.cn/macao_zh_hans/hzqgl/dtyw/dtxx/content/post_3939599.html
  • 横琴粤澳深度合作区官网（政策与信息公开入口）：https://www.hengqin.gov.cn/
  • 海关总署（保税货物租赁相关规定）：http://www.customs.gov.cn/
Patent / 专利, Trademark / 商标

AI-Related Inventions and Trademark Evidence in China: The September 2026 Examination Standards

  • China’s new Patent Examination Guidelines, in force since 1 January 2026, require that the inventor be a natural person and that an artificial-intelligence system may not be named as an inventor; the guidelines also establish a “holistic determination” approach to assessing patentable subject matter.
    自2026年1月1日施行的新版《专利审查指南》要求发明人必须是自然人，请求书中不得填写人工智能名称，并确立了判断专利保护客体的”整体判断”原则。
  • The Supreme People’s Court’s Opinion on adjudicating artificial-intelligence-related disputes, issued on 7 September 2026, provides in Article 14 that an AI-related invention which “adopts technical means that follow the laws of nature, solves a technical problem and achieves a technical effect consistent with the laws of nature” is protected as a patent-eligible subject matter; the protection is for human creativity, not machine output.
    最高人民法院于2026年9月7日发布的《关于依法审理涉人工智能纠纷案件的意见》第14条明确：涉人工智能发明创造”采用遵循自然规律的技术手段，解决了技术问题，实现了符合自然规律的技术效果的”，依法认定为专利法所保护的客体；专利保护的是人的创造性，而非机器的产出。
  • The administrative rules and the judicial rules now converge for the first time on the question of AI inventions: both insist that patent protection attaches to human inventiveness, while leaving the door open for AI-assisted technical solutions that meet the three-element test of means, problem and effect.
    行政审查规则与司法裁判规则在人工智能发明创造问题上首次形成呼应：二者均强调专利保护指向人的创造性，同时为满足”手段—问题—效果”三要素的人工智能辅助技术方案保留通道。
  • The 15th Five-Year Plan for intellectual-property protection and utilisation calls for improving the protection rules for algorithms, artificial-intelligence-generated outputs and matters related to platform-economy development, signalling a forward-looking policy direction for AI-related IP.
    《知识产权保护和运用”十五五”规划》提出”完善算法、人工智能生成物以及与平台经济发展相关的知识产权保护规则”，为人工智能相关知识产权指明了前瞻性政策方向。
  • The revised Measures for the Prioritised Examination of Patents (Order No. 85) took effect on 1 September 2026, steering fast-track resources toward emerging industries, future industries and key-core-technology breakthroughs; a 26 August 2026 implementation notice clarifies the transition between the old and new regimes.
    新修订《专利优先审查管理办法》（局令第85号）自2026年9月1日起施行，优先审查资源向新兴产业、未来产业和关键核心技术攻关倾斜；2026年8月26日的实施工作通知明确了新旧办法的衔接安排。
  • In trademark practice, the “three-year non-use cancellation” procedure is placing greater weight on electronically admissible evidence that forms a traceable, mutually corroborating chain — contracts, orders, payments, logistics, platform pages and promotional records — narrowing the room for fabricated transaction invoices or formalistic orders to manufacture a veneer of use.
    商标审查中的”连续三年不使用撤销”程序更加重视可采信的电子证据，强调形成可追溯、相互印证的完整链条（合同、订单、付款、物流、平台页面、宣传记录），压缩了以虚假交易发票或形式化订单制造”使用痕迹”的空间。
  • Practical compliance for foreign innovators and brand owners means documenting the human contribution in AI-assisted filings, retaining R&D and data-source trail, preparing a use-evidence archive per mark, and building a defensible evidence chain before any cancellation challenge arises.
    对境外创新主体与品牌权利人而言，实务合规意味着在人工智能辅助申请中记录人的贡献、留存研发与数据来源痕迹、为核心商标建立使用证据档案，并在面临撤销挑战前构建可抗辩的证据链。

AI-Related Inventions and Trademark Evidence in China: The September 2026 Examination Standards | 人工智能相关发明创造的专利确权边界与商标使用证据要求（2026年9月）/ AI-Related Inventions and Trademark Evidence in China

Overview

September 2026 is a notable moment for intellectual-property protection in China: within the same year, the administrative and judicial branches have both drawn the boundary around artificial-intelligence-related creations so as to protect human inventiveness while accommodating AI-assisted technical solutions. The revised Patent Examination Guidelines in force since 1 January 2026 set out who may be named as an inventor and how patentable subject matter is assessed. The Supreme People’s Court’s Opinion on adjudicating AI-related disputes, released on 7 September 2026, gives courts a dedicated rule — Article 14 — on when an AI-related invention is patent-eligible. Around this core, the 15th Five-Year Plan for IP protection (state document No. 30 of 2026) sets a forward-looking direction, the revised Measures for the Prioritised Examination of Patents (Order No. 85) took effect on 1 September 2026, and trademark use-evidence standards are tightening in practice. The combined message for foreign filers: protect and prove human creativity, and keep the documentary trail that demonstrates it.

Administrative examination: the inventor must be human

The revised Patent Examination Guidelines, effective from 1 January 2026, address artificial intelligence directly. First, the inventor must be a natural person; the request form may not list an AI system as an inventor. The legal status of “inventor” is reserved for human beings, and an AI tool is treated as an instrument of the human inventor. Second, the guidelines establish a “holistic determination” (整体判断) principle: the examiner weighs the invention as a whole against the statutory criteria rather than isolating a single feature. This matters for AI-related applications, where the contribution may lie in how a model, algorithm or data pipeline is applied to a concrete technical problem. Applicants should present the solution as an integrated technical whole, not as a bare claim to an abstract idea or to a machine’s output, and should ensure the named inventors are identifiable natural persons.

Judicial stance: the Supreme People’s Court Opinion of September 2026

On 7 September 2026, the Supreme People’s Court issued the Opinion on Adjudicating Cases Involving Disputes over Artificial Intelligence, the first judicial adjudication rule document on AI issued by the country’s highest judicial organ. Its Part Three (Articles 12–16) deals specifically with IP disputes, covering infringement liability, open-source software, patent grant and validity, technology-contract performance and data-use norms.

Article 14 is the provision most directly relevant to patents. It provides that an AI-related invention which “adopts technical means that follow the laws of nature, solves a technical problem and achieves a technical effect consistent with the laws of nature” is, pursuant to law, a subject matter protected by the patent law. The test is the familiar three-element inquiry — technical means, technical problem, technical effect — applied to AI-related subject matter, and the Opinion makes explicit that the patent system protects human creativity, not machine output. This aligns the judicial threshold with the administrative “holistic determination” principle, gives courts a stable published rule, and closes the gap that had existed between how examiners and judges might treat AI-assisted inventions.

Policy layer and prioritised examination

The 15th Five-Year Plan for the Protection and Utilisation of Intellectual Property (State Council document No. 30 of 2026, issued on 27 July 2026) calls for improving protection rules for algorithms, AI-generated outputs and platform-economy matters, and for continuously improving patent-related legal systems. It signals that AI-related IP rules are still being built, on a trajectory of clearer, more purposive protection rather than exclusion.

The revised Measures for the Prioritised Examination of Patents (Order No. 85), effective from 1 September 2026, replace the 2017 version and steer fast-track resources toward high-value applications — those involving emerging industries, future industries or key-core-technology breakthroughs, or industries encouraged by provincial or city-level governments, among other grounds — while imposing sanctions for conduct violating the principle of good faith. A 26 August 2026 implementation notice clarifies the transition: requests submitted from 1 September 2026 follow the new Measures, earlier ones follow the original; re-examination or invalidation prioritised-examination requests are filed online via the “patent事务服务” module of the patent business-processing system; and the new Prioritised Examination Request form applies from 1 September 2026.

Trademark side: use evidence and the three-year non-use cancellation

On the trademark front, the “three-year non-use cancellation” procedure (撤三) is where evidentiary discipline is tightening most visibly. A registered mark not genuinely used for three consecutive years without proper reason may be cancelled on petition, and examination now places greater weight on electronically admissible materials that form a traceable, mutually corroborating chain: a contract, its order, the payment record, the logistics proof, the platform listing and the promotional record should each corroborate the others. An isolated invoice is no longer enough; fabricated transaction invoices, formalistic orders lacking real performance, or defensive “affiliation” arrangements meant merely to manufacture a semblance of use are being squeezed out.

This direction is reinforced by the revised Trademark Law, adopted on 26 June 2026 and taking effect on 1 January 2027 — the first comprehensive amendment since 1983. It writes the principle of good faith into the statute, tightens the registration gate against hoarding and squatting, and strengthens supervision of trademark agencies. For foreign brand owners, stricter use-evidence expectations plus a good-faith statutory regime mean documented, genuine commercial use is the safest way both to keep a mark alive and to defeat a non-use cancellation petition.

Practical steps for applicants

For AI-related patent filings: (1) record the human contribution — ensure named inventors are natural persons and keep internal logs of who directed and performed the inventive work; (2) draft to the three-element test, articulating technical means, problem and effect as an integrated solution; (3) retain the R&D and data-source trail, documenting provenance and licences of any training data; (4) prepare office-action responses early, assembling search reports and prior-art material to show, holistically, why the solution is a lawful technical contribution.

For trademark protection: (1) build a use-evidence archive per core mark, keeping dated contracts, orders, payments, logistics, platform listings and promotional materials; (2) make the chain self-corroborating with independent sources such as platform pages or customs records; (3) tie defensive registrations to real commercial plans, since filings beyond normal business needs carry rejection and bad-faith risk; (4) prepare the cancellation-defence package in advance rather than waiting for a 撤三 petition.

Related reading

  • The revised Patent Examination Guidelines (effective 1 January 2026) on inventor status and subject-matter assessment.
  • The Supreme People’s Court Opinion on adjudicating AI-related disputes (7 September 2026), Part Three on IP disputes.
  • The 15th Five-Year Plan for the Protection and Utilisation of Intellectual Property (State Council document No. 30 of 2026).
  • The revised Measures for the Prioritised Examination of Patents (Order No. 85, effective 1 September 2026).

Sources

  • 国家知识产权局（官网）: https://www.cnipa.gov.cn/
  • 林州市人民政府（新版《专利优先审查管理办法》全文转载）: https://www.linzhou.gov.cn/2026/09-07/3658810.html
  • 浙江省市场监督管理局（浙江省知识产权局）《关于做好〈专利优先审查管理办法〉有关实施工作的通知》转载: https://zjamr.zj.gov.cn/col/col1229094027/art/2026/art_c86f0eda26b8439d806be9a748519f47.html
  • 最高人民法院（官网）: https://www.court.gov.cn/
  • 最高人民法院知识产权法庭《以人为本 智能向善——聚焦〈最高人民法院关于依法审理涉人工智能纠纷案件的意见〉》: https://ipc.court.gov.cn/zh-cn/news/view-6036.html
  • 国家知识产权局《国务院关于印发〈知识产权保护和运用”十五五”规划〉的通知》（国发〔2026〕30号）: https://www.cnipa.gov.cn/art/2026/7/31/art_3693_207456.html

人工智能相关发明创造的专利确权边界与商标使用证据要求（2026年9月）/ AI-Related Inventions and Trademark Evidence in China

概述

2026年9月对中国知识产权保护是一个值得关注的节点：行政与司法两个层面在同一年内就人工智能相关创造的边界作出呼应——既保护人的创造性，又为人工智能辅助的技术方案留出空间。自2026年1月1日施行的新版《专利审查指南》明确了谁可被列为发明人，以及如何判断专利保护客体。最高人民法院于2026年9月7日发布的《关于依法审理涉人工智能纠纷案件的意见》首次为法院提供专门规则——第14条，界定涉人工智能发明创造何时构成专利法所保护的客体。围绕这一核心，《知识产权保护和运用”十五五”规划》（国发〔2026〕30号）指明前瞻方向，新修订《专利优先审查管理办法》（局令第85号）自2026年9月1日起施行，商标使用证据标准在实践中持续收紧。对在华提交申请的外国申请人而言，综合信号很明确：保护并证明人的创造性，并保留能够证明这一点的文档痕迹。

行政审查：发明人必须是人

自2026年1月1日施行的新版《专利审查指南》正面回应人工智能问题。第一，发明人必须是自然人，请求书中不得填写人工智能系统作为发明人——”发明人”的法律地位专属于自然人，无论多先进的人工智能工具都只是人类发明人的器具。第二，指南确立”整体判断”原则：审查员将发明作为一个整体与法定要件衡量，而非孤立看待单一特征。这一点对人工智能相关申请尤为关键，其贡献可能体现在模型、算法或数据管线如何被应用于具体技术问题。申请人应将方案作为一体化技术整体呈现，而非对抽象思想或机器产出的简单主张，并确保列名发明人为可识别的自然人。

司法立场：最高人民法院2026年9月意见

2026年9月7日，最高人民法院发布《关于依法审理涉人工智能纠纷案件的意见》，是国家最高审判机关发布的首部涉人工智能司法裁判规则文件。其第三部分（第12至16条）专述知识产权纠纷，涵盖侵权责任认定、开源软件法律责任、专利授权确权、技术合同履行及数据使用规范。

第14条是与专利关系最直接的条款，明确：涉人工智能发明创造”采用遵循自然规律的技术手段，解决了技术问题，实现了符合自然规律的技术效果的”，依法认定为专利法所保护的客体。适用的仍是熟悉的三要素检验——技术手段、技术问题、技术效果——并应用于人工智能相关客体；意见同时明确，专利制度保护的是人的创造性，而非机器的产出。这使司法门槛与行政”整体判断”原则对齐，为法院提供稳定、公开的裁判规则，并弥合了审查员与法官在对待人工智能辅助发明上可能存在的分歧。

政策层与优先审查

《知识产权保护和运用”十五五”规划》（国发〔2026〕30号，2026年7月27日印发）提出”完善算法、人工智能生成物以及与平台经济发展相关的知识产权保护规则”，并承诺持续完善专利相关法律制度。它释放出信号：人工智能相关知识产权的规则仍在构建之中，走向是更清晰、更有针对性的保护，而非简单排斥。

新修订《专利优先审查管理办法》（局令第85号）自2026年9月1日起施行，取代2017年版，将快车道资源导向高价值申请——涉及新兴产业、未来产业或关键核心技术攻关，或省级、设区的市级人民政府重点鼓励产业等情形——并对违反诚信原则的行为设定罚则。2026年8月26日的实施工作通知明确衔接：自9月1日起提交的优先审查请求按新办法办理，此前已提交的按原办法办理；复审或无效宣告案件的优先审查请求通过”专利业务办理系统”的”专利事务服务”模块线上办理；自9月1日起适用新版《专利优先审查请求书》表格。

商标侧：使用证据与”连续三年不使用撤销”

商标领域，”连续三年不使用撤销”（”撤三”）程序的证据纪律收紧得最为明显。注册商标无正当理由连续三年未真实使用的，可经请求被撤销；审查如今更重视可采信的电子材料，强调形成可追溯、相互印证的完整链条：一份合同、对应订单、付款记录、物流凭证、平台在售页面与宣传记录应彼此印证。一张孤立发票已不足够；虚假交易发票、缺乏真实履行的形式化订单，或仅为制造”使用痕迹”而设的防御性挂靠安排，正被持续挤出。

这一方向得到新修订《商标法》的强化。该法于2026年6月26日通过，自2027年1月1日起施行，是1983年施行以来的首次全面修订。修订将诚实信用原则写入法律文本，收紧注册入口以遏制囤积与抢注，并强化对商标代理机构的监管。对境外品牌权利人而言，更严格的使用证据期待叠加诚信法定原则，意味着有据可查的真实商业使用，是维持商标存续、击退”撤三”请求最稳妥的方式。

申请人实务要点

人工智能相关专利申请：一是记录人的贡献——确保列名发明人为自然人，并保留谁主导、谁完成创造性工作的内部记录；二是围绕三要素撰写，将技术手段、问题与效果作为一体化方案阐明；三是留存研发与数据来源痕迹，记录训练数据的来源与授权；四是提前备妥审查意见答复材料，用检索报告与现有技术材料从整体上说明方案为何构成合法技术贡献。

商标保护：一是为核心商标建立使用证据档案，保存带日期的合同、订单、付款、物流、平台在售信息与宣传材料；二是以平台页面、海关记录等独立来源使证据链自我印证；三是将防御性注册与实际商业规划挂钩，明显超出正常经营需要的申请有驳回与恶意认定风险；四是提前备好撤销答辩材料，而非待”撤三”请求来临才着手。

相关阅读

  • 新版《专利审查指南》（2026年1月1日施行）关于发明人地位与客体判断的规定。
  • 最高人民法院《关于依法审理涉人工智能纠纷案件的意见》（2026年9月7日），第三部分专述知识产权纠纷。
  • 《知识产权保护和运用”十五五”规划》（国发〔2026〕30号）。
  • 新修订《专利优先审查管理办法》（局令第85号，2026年9月1日施行）。

来源

  • 国家知识产权局（官网）：https://www.cnipa.gov.cn/
  • 林州市人民政府（新版《专利优先审查管理办法》全文转载）：https://www.linzhou.gov.cn/2026/09-07/3658810.html
  • 浙江省市场监督管理局（浙江省知识产权局）《关于做好〈专利优先审查管理办法〉有关实施工作的通知》转载：https://zjamr.zj.gov.cn/col/col1229094027/art/2026/art_c86f0eda26b8439d806be9a748519f47.html
  • 最高人民法院（官网）：https://www.court.gov.cn/
  • 最高人民法院知识产权法庭《以人为本 智能向善——聚焦〈最高人民法院关于依法审理涉人工智能纠纷案件的意见〉》：https://ipc.court.gov.cn/zh-cn/news/view-6036.html
  • 国家知识产权局《国务院关于印发〈知识产权保护和运用”十五五”规划〉的通知》（国发〔2026〕30号）：https://www.cnipa.gov.cn/art/2026/7/31/art_3693_207456.html
Negative List / 负面清单, Policy Updates / 政策动态

China’s Foreign Investment Negative List in 2026: Sector Opening, Encouraged Catalogue and Market Access in Practice

  • China’s national foreign-investment negative list stands at 29 items and the free-trade-zone version at 27 items, with all manufacturing access restrictions eliminated — including the removal of the “publication printing must be Chinese-controlled” and “prohibition on Chinese medicine decoction-piece processing technology” limits.
    全国版外资准入负面清单为 29 条，自由贸易试验区版为 27 条，制造业领域外资准入限制措施已全部清零——包括取消”出版物印刷须由中方控股”与”禁止投资中药饮片炮制技术”等限制。
  • The 15th Five-Year Plan commits to expanding market access with services as the focus, promoting the orderly opening of telecom, internet, education, culture and healthcare, and piloting value-added telecom, biotechnology and wholly foreign-owned hospital regimes.
    “十五五”规划纲要以服务业为重点扩大市场准入，推动电信、互联网、教育、文化、医疗等领域有序扩大开放，稳妥实施增值电信、生物技术、外商独资医院等开放试点。
  • At the September 2026 NDRC roundtable with multinational firms, authorities signalled continued services opening, higher investment convenience, optimised cross-border data flows, the profit-reinvestment tax preference, and a push to make foreign firms both “admitted and operable” by clearing inconsistent local rules and unblocking post-access bottlenecks.
    在 2026 年 9 月国家发展改革委与跨国企业高层圆桌会上，主管部门释放持续扩大服务业开放、提升投资便利度、优化数据跨境流动、落实利润再投资税收优惠，并通过清理不符文件、打通准营堵点落实外资企业”准入又准营”的信号。
  • The negative list answers “can you enter”; the Catalogue of Encouraged Industries (2025 edition, NDRC and MOFCOM Order No. 37, effective 1 February 2026) answers “what support you get once in” — the two instruments are applied in combination, not in isolation.
    负面清单管”能不能进”，《鼓励外商投资产业目录（2025 年版）》（国家发展改革委、商务部第 37 号令，2026 年 2 月 1 日施行）管”进了有什么支持”，二者叠加使用而非各自孤立。
  • The binding constraint is shifting from access to operation permission: sector licences, product registration, government procurement and standards participation now do much of the screening, so pre-investment screening must pair the list check with a catalogue and a post-access bottleneck map.
    约束重心正从准入转向准营：行业许可、产品注册、政府采购与标准参与承担了大部分筛选，故投资前筛查须将清单核查与鼓励目录、准营堵点地图并列推进。
  • Practical steps: screen the business scope against the current list and the FTZ list, use standardised business-scope wording, distinguish filing from approval, and pre-empt post-access blockages in licensing, procurement and standards.
    实操步骤：将经营范围对照现行全国与自贸试验区清单，使用规范经营范围表述，区分备案制与核准制，并预先应对许可、政府采购、标准制定等准营堵点。

China’s Foreign Investment Negative List in 2026: Sector Opening, Encouraged Catalogue and Market Access in Practice | 2026 年中国外资准入负面清单：行业开放、鼓励目录与准入实操

Overview

The foreign-investment negative list is the gateway instrument of China’s market-access system: outside the listed items, foreign investors are treated on a par with domestic ones under the pre-establishment national-treatment-plus-negative-list regime. In 2026 the list is stable in length but active in meaning — 29 national items, 27 in the free-trade zones, manufacturing fully cleared — with the year’s policy energy directed at services and at the post-access journey where licences and standards do the screening. This article maps the list landscape, the 15th Five-Year Plan, the September 2026 NDRC roundtable signals, and how the list interacts with the Catalogue of Encouraged Industries (2025 edition), then sets out a screening method and common post-access bottlenecks.

The current negative-list landscape

The operative national negative list is the 2024 edition (NDRC and MOFCOM Order No. 23), in force since 1 November 2024, with 29 items — the shortest in the instrument’s history. Through 2026 no new national edition has been published. The free-trade-zone negative list stands at 27 items. Manufacturing access restrictions have been fully “zeroed out”: compared with the 2021 edition, the 2024 national list deleted the last two manufacturing limits — “publication printing must be Chinese-controlled” and “prohibition on investment in the application of Chinese medicine decoction-piece processing techniques such as steaming, frying, roasting and calcining, and in the production of products with confidential traditional Chinese medicine prescriptions” — leaving manufacturing without foreign-access restrictions.

What remains concentrates on a narrow set of security- and sensitivity-related sectors: news and publishing, culture, education, telecom, mining and agricultural breeding. Strategically, the list is now a stable floor; the next movement is expected in services, via pilots and mechanism-building rather than a single full revision.

The 15th Five-Year Plan deployment

The 15th Five-Year Plan outline frames the opening agenda. It commits to expanding market access with services as the priority and opening more fields, attracting foreign investment. It names telecom, internet, education, culture and healthcare as the sectors for orderly further opening, and it tasks the authorities with piloting value-added telecom, biotechnology and wholly foreign-owned hospital regimes, while advancing comprehensive pilots and demonstrations of services-sector opening. The plan’s logic is that, with manufacturing largely open, the marginal liberalisation that matters to foreign investors sits in services and in the operating environment after entry.

The September 2026 NDRC roundtable: the post-access signal

On 10–11 September 2026, the NDRC held a high-level roundtable with multinational firms in Beijing under the theme of embracing the 15th Five-Year Plan. The signals most relevant to market access were concrete and forward-looking.

On opening: officials stated that during the 15th Five-Year Plan period, on the basis of fully assessing existing pilots, China will continue to promote the orderly opening of telecom, internet, education, culture and healthcare, and prudently implement pilots in value-added telecom, biotechnology and wholly foreign-owned hospitals; it will steadily expand financial-market connectivity, optimise the qualified foreign-investor regime and broaden investable products, and orderly advance eligible enterprises’ cross-border two-way direct financing.

On the business environment: officials pledged to further raise the convenience of foreign investment, optimise cross-border data-flow management, and implement the tax preference for overseas investors’ direct investment with distributed profits. On the core post-access agenda, the NDRC’s foreign-investment department stated that a key task is to deliver foreign firms being “both admitted and operable” — supervising local governments to continuously clear documents and rules inconsistent with the Foreign Investment Law, unblocking the bottlenecks that foreign firms hit after admission, and prudently advancing value-added-telecom, biotechnology and foreign-invested-hospital pilots in relevant localities. It also committed to introducing optimisation measures and fully implementing national treatment for foreign firms.

The takeaway for investors is that the 2026 agenda is less about shrinking the list’s item count and more about making the remaining items operable, and about removing the local rules and licensing frictions that sit behind the list.

Negative list meets encouraged catalogue: a combined method

The negative list and the Catalogue of Encouraged Industries answer different questions. The negative list sets the ceiling — what is prohibited or capped. The Catalogue of Encouraged Industries (2025 edition, NDRC and MOFCOM Order No. 37, effective 1 February 2026) sets the floor of support — what is encouraged and what benefits follow. The 2025 catalogue has 1,679 entries in total: a national catalogue of 619 entries and a regional catalogue of 1,060 entries for central-west, northeast and Hainan, guiding foreign investment into advanced manufacturing, modern services, high-tech, energy conservation and environmental protection, and into central-west and northeast regions.

The method applies the two in combination. Step one: confirm the target sector is not on the negative list (or, if capped, design a compliant ownership structure). Step two: check whether the sector or a sub-item appears in the encouraged catalogue — if so, the project may qualify for import, land and tax support at national and local levels. Step three: note that encouragement does not override the list — a sector can be both encouraged and, in a specific sub-activity, still restricted, so the two must be read together. The Action Plan for Stabilising and Optimizing Foreign Investment (Shangzi Fa [2026] No. 97) is the operational bridge: it opens services pilots and steers support to encouraged activities, so the list, the catalogue and the action plan should be consulted together.

Pre-investment screening in practice

  1. Screen the business scope against the list. Map the proposed activity to the 29-item national list and, if entering a pilot zone, to the 27-item FTZ list; confirm whether the activity is prohibited, capped (e.g., equity ratio) or free.
  2. Use standardised business-scope wording. Register the business scope with the standardised expressions from the national business-scope registration system; vague or non-standard wording is a frequent cause of downstream licensing friction.
  3. Distinguish filing from approval. Most post-access items are record-filing (备案); a smaller set requires administrative approval (核准) or a sector licence. Identify which applies before committing capital, because approval items carry a harder gate than filing.
  4. Read the encouraged catalogue in parallel. Check the national and regional catalogues for the sector; if present, build the incentive case (imports, land, tax) into the investment model from day one.
  5. Draw a post-access bottleneck map. List the licences, product registrations, procurement qualifications and standards bodies the venture will need, and assess each as a gate before signing.

Common post-access bottlenecks and responses

The “admitted but not operable” problem recurs in three places. First, licensing: a cleared entry still needs the sector licence (medical, telecom or education), with its own timetable — start it with incorporation. Second, government procurement and subsidies: eligibility often turns on domestic standards, local presence and compliance records; assemble evidence early. Third, standards: the ability to sell may depend on conformity with mandatory and recommended standards and on a voice in standard-setting; track the technical committees and conformity pathways.

Treat the negative list as the first checkbox, not the last. Pair it with the encouraged catalogue for support and with a candid post-access map for execution.

Sources

  • 中国政府网《中国”十五五”规划，为世界提供新机遇》: https://www.gov.cn/yaowen/liebiao/202609/content_7081427.htm
  • 中国政府网 政策解读《2024 年版全国外资准入负面清单发布 制造业领域外资准入限制措施”清零”》（29 条、制造业清零、出版物印刷与中药饮片条目取消）: https://www.gov.cn/zhengce/202409/content_6973149.htm
  • 国家发展改革委 答记者问《外商投资准入特别管理措施（负面清单）（2024 年版）》（全国版 29 条、自贸试验区版 27 条、制造业清零）: https://www.ndrc.gov.cn/xxgk/jd/jd/202409/t20240907_1392877.html
  • 国家发展改革委《鼓励外商投资产业目录（2025 年版）》解读（第 37 号令，2026 年 2 月 1 日施行，总条目 1679 条）: https://www.ndrc.gov.cn/xxgk/jd/jd/202512/t20251224_1402574.html
  • 中国新闻网《苹果、霍尼韦尔、康宁等在华美企面对面提问国家发改委》（2026 年 9 月圆桌会、”准入又准营”、清理不符文件、打通准营堵点）: https://www.chinanews.com.cn/cj/2026/09-10/10694229.shtml
  • 商务部《利用外资固稳促优行动方案》（商资发〔2026〕97 号）: https://www.mofcom.gov.cn/zcfb/wgtzgl/art/2026/art_0cfe31a63f9c4bd3869517bc10908c10.html
  • 国家发展改革委: https://www.ndrc.gov.cn/
  • 商务部: https://www.mofcom.gov.cn/

2026 年中国外资准入负面清单：行业开放、鼓励目录与准入实操

概述

外资准入负面清单是中国市场准入体系的闸口工具：清单之外，外国投资者在准入前国民待遇加负面清单管理体制下与内资一视同仁。2026 年清单篇幅稳定但意涵活跃——全国版 29 条、自贸试验区版 27 条、制造业限制全部清零，政策能量投向”准入到准营”这段由行业许可与标准承担实质筛选的旅程。本文勾勒现行清单格局、”十五五”部署、2026 年 9 月发改委圆桌会信号，并说明负面清单如何与《鼓励外商投资产业目录（2025 年版）》衔接，最后给出投资前筛查方法与常见准营堵点。

现行负面清单格局

现行有效的全国版清单是 2024 年版（国家发展改革委、商务部第 23 号令），自 2024 年 11 月 1 日起施行，共 29 条——为制度设立以来最短版本。2026 年全年尚未发布新版全国清单。自由贸易试验区版清单为 27 条。制造业准入限制已全面”清零”：相比 2021 年版，2024 年全国版删除了制造业仅剩的两条限制——”出版物印刷须由中方控股”与”禁止投资中药饮片的蒸、炒、炙、煅等炮制技术的应用及中成药保密处方产品的生产”——制造业已无外资准入限制。

清单剩余条目集中于少数安全与敏感领域：新闻出版、文化、教育、电信、采矿、农业育种等。战略上清单已成”稳定的地板”，下一步动作预计出现在服务业，通过试点与机制建设推进，而非一次全盘修订。

“十五五”规划部署

“十五五”规划纲要框定了开放议程。它以服务业为重点扩大市场准入、拓展开放领域，吸引外资；点名电信、互联网、教育、文化、医疗为有序扩大开放的领域，并部署稳妥实施增值电信、生物技术、外商独资医院等开放试点，推进服务业扩大开放综合试点示范。其逻辑是：制造业基本放开后，对外国投资者真正重要的边际开放落在服务业与进入后的经营环境。

2026 年 9 月发改委圆桌会：准营端信号

2026 年 9 月 10 日至 11 日，国家发展改革委以”拥抱’十五五'”为主题在北京召开与跨国企业高层圆桌会。与准入最相关的信号具体且前瞻。

开放方面：有关负责人表示，”十五五”时期将在充分评估现有试点基础上，持续推动电信、互联网、教育、文化、医疗等领域有序扩大开放，稳妥实施增值电信、生物技术、外商独资医院等开放试点；稳慎拓展金融市场互联互通，优化合格境外投资者制度、扩大可投资品种范围，有序推进符合条件的企业跨境双向直接融资。

营商环境方面：将进一步提升外商投资便利度、优化数据跨境流动管理、落实境外投资者以分配利润直接投资税收优惠政策。在准营核心议程上，国家发展改革委外资司表示，外资领域一项重点工作就是落实好外资企业”准入又准营”——督导各地持续清理与外商投资法不符的文件法规，打通外资企业准营的堵点卡点，同时稳妥推动有关地方开展增值电信、生物技术、外商投资医院等试点，并推动出台优化措施、全面落实外资企业国民待遇。

对投资者的要义是：2026 年议程的重点不在于压缩清单条数，而在于让剩余条目”可运营”，并清除清单背后的地方文件与许可摩擦。

负面清单衔接鼓励目录：叠加方法

负面清单与鼓励目录回答不同问题。负面清单设定上限——什么禁止或受限；鼓励目录（2025 年版，国家发展改革委、商务部第 37 号令，2026 年 2 月 1 日施行）设定支持的底线——什么受鼓励、进入后享有什么利好。2025 年版鼓励目录共 1679 条：全国目录 619 条，中西部等地区外商投资优势产业目录 1060 条，引导外资投向先进制造业、现代服务业、高新技术、节能环保及中西部、东北地区。

方法是二者叠加使用。第一步：确认目标行业不在负面清单上（若受限，则设计合规的股权结构）。第二步：核查该行业或其具体条目是否出现在鼓励目录——若在，项目可适用进口、用地、税收等支持政策。第三步：注意鼓励不凌驾于限制，某一行业可同时”受鼓励”又在某项具体活动上”仍受限”，故二者须对照阅读，不能假定互斥。《利用外资固稳促优行动方案》（商务部、国家发展改革委、财政部印发，商资发〔2026〕97 号，经国务院同意）是操作桥梁：既开放服务业试点，又将支持导向鼓励类活动，故清单、目录与行动方案应一并查阅。

投资前筛查实操

  1. 对照清单筛查经营范围。将拟议活动映射到 29 条全国版清单；进入试点区域的，再对照 27 条自贸试验区版；确认属于禁止、受限（如股比）或自由。
  2. 使用规范经营范围表述。通过全国统一经营范围规范表述系统登记经营范围；表述模糊或非标准，是下游许可摩擦的常见诱因。
  3. 区分备案制与核准制。多数准营事项为备案；少数须行政审批或行业许可。注资前识别适用类别，因核准事项门槛硬于备案。
  4. 并行查阅鼓励目录。核查全国与地区目录是否含该行业；若含，自第一天起将进口、用地、税收等激励纳入投资模型。
  5. 绘制准营堵点地图。列出企业将需要的许可、产品注册、采购资质与标准机构，在签约前将每一项评估为关卡。

常见准营堵点与应对

“准入不准营”集中出现在三处。其一，许可：清单已放行的项目仍需行业许可（如医疗、电信、教育牌照），且许可申请自有时间表与实质要求——应与设立并行启动。其二，政府采购与补贴：资格常取决于是否符合国内标准、本地存在与合规记录，尽早备齐证据包。其三，标准参与：能否销售可能取决于是否符合强制性与推荐性标准、能否参与标准制定，跟踪相关技术委员会与合格评定路径。

建设性姿态是把负面清单当作第一个勾选项而非最后一个，与鼓励目录搭配获支持、与准营地图搭配落地执行。2026 年 9 月信号表明，通过外资企业圆桌会与一站式窗口提出准营堵点问题，是被认可的渠道。

来源

  • 中国政府网《中国”十五五”规划，为世界提供新机遇》：https://www.gov.cn/yaowen/liebiao/202609/content_7081427.htm
  • 中国政府网 政策解读《2024 年版全国外资准入负面清单发布 制造业领域外资准入限制措施”清零”》（29 条、制造业清零、出版物印刷与中药饮片条目取消）：https://www.gov.cn/zhengce/202409/content_6973149.htm
  • 国家发展改革委 答记者问《外商投资准入特别管理措施（负面清单）（2024 年版）》（全国版 29 条、自贸试验区版 27 条、制造业清零）：https://www.ndrc.gov.cn/xxgk/jd/jd/202409/t20240907_1392877.html
  • 国家发展改革委《鼓励外商投资产业目录（2025 年版）》解读（第 37 号令，2026 年 2 月 1 日施行，总条目 1679 条）：https://www.ndrc.gov.cn/xxgk/jd/jd/202512/t20251224_1402574.html
  • 中国新闻网《苹果、霍尼韦尔、康宁等在华美企面对面提问国家发改委》（2026 年 9 月圆桌会、”准入又准营”、清理不符文件、打通准营堵点）：https://www.chinanews.com.cn/cj/2026/09-10/10694229.shtml
  • 商务部《利用外资固稳促优行动方案》（商资发〔2026〕97 号）：https://www.mofcom.gov.cn/zcfb/wgtzgl/art/2026/art_0cfe31a63f9c4bd3869517bc10908c10.html
  • 国家发展改革委：https://www.ndrc.gov.cn/
  • 商务部：https://www.mofcom.gov.cn/
Security Review / 安全审查

Foreign Investment Security Review in China: September 2026 Filing Practice and Local Support Mechanisms

  • On 14 September 2026, the China (Hebei) Pilot Free Trade Zone Zhengding Area released a Filing Guide for Foreign-Investment Security Review that establishes a four-tier process: enterprise filing, zone service, hierarchical verification, and national final review.
    2026 年 9 月 14 日，中国（河北）自由贸易试验区正定片区发布《外商投资安全审查申报指引》，确立”企业申报、片区服务、逐级核验、国家终审”四级流程。
  • The guide creates a “foreign-investment security-review service officer” system and a dedicated “security-review service window” (co-located with the foreign-investor complaint office); the investment-service bureau gives a preliminary assessment feedback within five working days of receiving an enquiry or initial materials.
    指引建立”外商投资安全审查服务官”制度与”安全审查服务专窗”（与外商投诉服务办公室合署）；投资服务局在收到咨询或初步材料后 5 个工作日内给予初步研判反馈。
  • The filing basis is the Foreign Investment Law and its implementing regulations, together with the Security Review Measures (NDRC & MOFCOM Order No. 37 of 2020). This article covers the service mechanism and recent practice, not the thresholds and timelines already detailed in the site’s general security-review guide.
    申报依据为《外商投资法》及其实施条例，以及《外商投资安全审查办法》（国家发展改革委、商务部令 2020 年第 37 号）。本文聚焦申报服务机制与近期实操口径，不重复站内安全审查总论已详述的门槛与时限。
  • A publicly documented case — the 27 April 2026 prohibition decision by the foreign-investment security-review working mechanism office (housed at the NDRC) on the foreign acquisition of the Manus project — illustrates the review’s scope and the “substance-over-form” piercing principle.
    一例公开案件——2026 年 4 月 27 日外商投资安全审查工作机制办公室（设在国家发展改革委）就外资收购 Manus 项目作出的禁止投资决定——体现了审查范围与”实质重于形式”的穿透原则。
  • Outcomes fall into three categories — approval, approval with conditions, or prohibition — and non-compliance can lead to orders to divest equity or assets, restoration of the pre-investment state, and adverse credit records.
    审查结论分三类——通过、附条件通过、禁止投资——违规可能导致限期处分股权或资产、恢复投资前状态及不良信用记录。
  • Practical readiness means using pre-filing consultation, preparing materials early, leveraging local coaching and pre-review, embedding conditions precedent in deal documents, and budgeting realistic timeline expectations.
    实操准备意味着善用申报前咨询、尽早备齐材料、借力地方辅导与预审、在交易文件中嵌入先决条件，并对时间轴作出务实预期。

Foreign Investment Security Review in China: September 2026 Filing Practice and Local Support Mechanisms | 中国外商投资安全审查：2026 年 9 月申报实操与地方服务机制

Overview

China’s foreign-investment security review is the gate that no sizeable inbound transaction can structure around. The operative rules — the Security Review Measures (NDRC & MOFCOM Order No. 37 of 2020, effective January 2021) — set the reporting scope, the two-stage review timeline and the three possible outcomes. Those structural elements are set out in our general security-review guide and are not repeated here.

This article instead focuses on two developments from 2026 that change how foreign investors actually experience the filing: a concrete local filing-support mechanism published by the Zhengding pilot zone in September 2026, and a publicly documented prohibition decision that clarifies the review’s reach. The emphasis throughout is practical — how to engage the system efficiently and what to build into a transaction’s documentation.

The Zhengding pilot-zone filing guide (14 September 2026)

On 14 September 2026, the Management Committee of the China (Hebei) Pilot Free Trade Zone Zhengding Area published the *Filing Guide for Foreign-Investment Security Review in the Zhengding Area*. The guide’s stated purpose is to implement the Foreign Investment Law and its implementing regulations and the Security Review Measures, to standardise security-review filing within the zone, and to facilitate enterprises’ compliant filing while preventing and resolving national-security risks in the foreign-investment field.

Basis and scope. The guide cites as its basis: the Foreign Investment Law and its implementing regulations; the Security Review Measures (NDRC & MOFCOM Order No. 37); the Overall Plan for the China (Hebei) Pilot Free Trade Zone and related strategic upgrading documents; and the zone’s own implementation plans for aligning with international high-standard economic and trade rules and strengthening the security-review mechanism. It applies to foreign investors and relevant domestic parties within the zone whose investment falls within the scope of the Security Review Measures and requires filing with the national security-review working-mechanism office.

The four-tier principle. The guide organises the review work around the principle of “enterprise filing, zone service, hierarchical verification, and national final review.” The first two tiers are described in operational detail:

  1. *Zone coaching and pre-review.* The zone’s Investment Service Bureau acts as the lead service department. It establishes a “foreign-investment security-review service officer” system to provide guidance to key enterprises, and sets up a dedicated “security-review service window” (co-located with the zone’s foreign-investor complaint office) offering policy consultation, materials pre-review and process guidance as a one-stop service. Upon receiving an enterprise’s enquiry or initial materials, the Investment Service Bureau gives a preliminary assessment feedback within five working days and coaches the enterprise to complete its filing materials.
  2. *Municipal preliminary compliance verification.* The enterprise submits the complete filing materials to the municipal-level competent departments — the Shijiazhuang Development and Reform Commission and the Municipal Commerce Bureau. Those departments perform a preliminary compliance verification of the completeness and standardisation of the materials.

The upper tiers — hierarchical verification and national final review — follow the working-mechanism office’s statutory process under Order No. 37. The guide’s contribution is to make the local front-end service explicit and time-bound, so that enterprises in the zone have a named contact and a defined feedback clock before materials reach the national office.

A documented prohibition decision: the Manus project

The reach of the security review is illustrated by a publicly documented case. On 27 April 2026, the foreign-investment security-review working-mechanism office (housed at the National Development and Reform Commission) issued, in accordance with laws and regulations, a decision prohibiting foreign investment in the acquisition of the Manus project and ordered the parties to revoke the acquisition transaction. The decision was published on the NDRC government-information-disclosure page.

Two points from this case are relevant to transaction planning. First, the review scope explicitly covers important information-technology and internet products and services, as well as key technologies — sectors that frequently sit at the centre of cross-border technology and AI deals. Second, the case reflects the “substance-over-form” piercing principle: a transaction structured so that the underlying assets, technology or data originate within China may still fall within the review’s jurisdiction regardless of where the entities are incorporated. The working-mechanism office’s decision is a final decision under the Foreign Investment Law, and the three possible outcomes of any review are approval, approval with conditions, or prohibition.

This article states the case as a matter of public record and does not attach any value judgement to the parties or the commercial context. The point for practitioners is operational: the security-review gate applies to sensitive-sector control transactions wherever they are booked, and the piercing principle means entity location is not a reliable shield.

Practical filing playbook

1. Use pre-filing consultation early. The Security Review Measures expressly permit parties to consult the working-mechanism office before filing. For borderline transactions, this consultation should happen during structuring, not after a term sheet is signed.

2. Prepare the core materials. A filing requires a filing statement, an investment plan, a statement on whether the investment affects national security, and any other materials the office prescribes. The filing statement should set out the foreign investor’s name, domicile, business scope and the basic facts of the investment. Build the national-security-impact statement during due diligence, not at closing.

3. Leverage local coaching and pre-review. Where a zone such as Zhengding offers a service-officer system and a dedicated window with a five-working-day feedback clock, use it to de-risk the materials before they reach the municipal and national levels. Local pre-review reduces the risk of a defective filing that triggers delays.

4. Budget the timeline realistically. Under Order No. 37, the office decides within 15 working days whether a review is needed; a general review completes within 30 working days; a special review within 60 working days (extendable in exceptional cases). The investment may not be implemented during the review. Treat these as hard clocks when sequencing a deal.

5. Embed conditions precedent in deal documents. Where a sector is sensitive but potentially approvable, anticipate conditional approval and embed the necessary regulatory filings — including the security review — as conditions precedent to closing, with clear long-stop dates and termination rights.

6. Respect the consequences of non-compliance. Failing to file an in-scope investment, providing false materials, or breaching attached conditions can lead to orders to file, to divest equity or assets, to restore the pre-investment state, and to recording in the national credit-information system with joint disciplinary measures. These outcomes are enforceable and should be reflected in the deal’s risk allocation.

Related reading

  • Our general security-review guide, which details the reporting scope, the control definition, the statutory timeline and the outcomes.
  • The Security Review Measures (NDRC & MOFCOM Order No. 37 of 2020), the operative regulation.
  • The Foreign Investment Law (2020), which establishes the security review at law level.

Sources

  • 中国（河北）自由贸易试验区正定片区管理委员会《正定片区外商投资安全审查申报指引》（2026-09-14）：http://www.sjzzhbsq.gov.cn/columns/dc61a0a4-dd22-4dbc-a012-78b211e02b06/202609/14/d703655c-31b8-4189-ad9b-8e545f1cf4f0.html
  • 国家发展改革委政府信息公开《外商投资安全审查工作机制办公室（国家发展改革委）对外资收购 Manus 项目作出安全审查决定》（2026-04-27）：https://zfxxgk.ndrc.gov.cn/web/iteminfo.jsp?from=qcc&id=20623
  • 国家发展改革委：https://www.ndrc.gov.cn/
  • 中国政府网《外商投资安全审查办法》（国务院公报）：https://big5.www.gov.cn/gate/big5/www.gov.cn/gongbao/content/2021/content_5582626.htm
  • 商务部《外商投资安全审查办法》（国家发展改革委、商务部令第 37 号原文）：https://www.mofcom.gov.cn/dl/file/20211203230801.pdf

中国外商投资安全审查：2026 年 9 月申报实操与地方服务机制

概述

中国外商投资安全审查是任何规模化入境交易都无法绕开的闸门。现行操作规则——《外商投资安全审查办法》（国家发展改革委、商务部令 2020 年第 37 号，2021 年 1 月施行）——界定了申报范围、两阶段审查时限与三类审查结论。这些结构性要素已在本站点安全审查总论中详述，此处不再重复。

本文转而聚焦 2026 年改变外资实际申报体验的两项进展：正定片区于 2026 年 9 月发布的具体地方申报服务机制，以及一例厘清审查辐射范围的公开禁止投资决定。全文贯穿实操导向——如何高效对接制度，以及应在交易文件中嵌入什么。

正定片区申报指引（2026 年 9 月 14 日）

2026 年 9 月 14 日，中国（河北）自由贸易试验区正定片区管理委员会发布《正定片区外商投资安全审查申报指引》。指引载明的目的，是落实《外商投资法》及其实施条例与《外商投资安全审查办法》，规范片区内外商投资安全审查申报工作，便利和服务片区内外商投资企业依法依规办理安全审查申报，切实防范化解外商投资领域国家安全风险。

依据与范围。 指引列明的制定依据包括：《中华人民共和国外商投资法》及其实施条例；《外商投资安全审查办法》（国家发展改革委、商务部令第 37 号）；《中国（河北）自由贸易试验区总体方案》及相关战略提升文件；正定片区关于对接国际高标准经贸规则、强化安全审查机制的相关实施方案。指引适用于片区内投资行为属于《外商投资安全审查办法》规定范围、需向国家外商投资安全审查工作机制办公室申报安全审查的外国投资者及境内相关主体。

四级原则。 指引围绕”企业申报、片区服务、逐级核验、国家终审”的原则组织审查工作，并对前两级作出操作层面的细致描述：

  1. 片区辅导与预审。 正定片区投资服务局作为牵头服务部门，建立”外商投资安全审查服务官”制度，为重点企业提供指导服务；设立”安全审查服务专窗”（与正定片区外商投诉服务办公室合署办公），提供政策咨询、材料预审、流程指引等”一站式”服务。投资服务局在收到企业咨询或初步材料后，5 个工作日内给予初步研判反馈，辅导企业完善申报材料。
  2. 市级初步合规核验。 企业将完备的申报材料提交至石家庄市发展改革委、市商务局等市级主管部门。市级主管部门负责对申报材料的完整性、规范性进行初步合规核验。

更上级的逐级核验与国家终审，依第 37 号令下工作机制办公室的法定程序推进。指引的贡献在于，将地方前端服务明确化、时限化，使片区企业在材料送达国家办公室之前，即有具名对接人与明确的反馈时钟。

一例公开的禁止投资决定：Manus 项目

审查的辐射范围可由一例公开案件说明。2026 年 4 月 27 日，外商投资安全审查工作机制办公室（设在国家发展改革委）依法依规对外资收购 Manus 项目作出禁止投资决定，要求当事人撤销该收购交易。该决定已在国家发展改革委政府信息公开页发布。

本案有两点与交易规划相关。其一，审查范围明确覆盖重要信息技术和互联网产品与服务，以及关键技术——这类领域常处于跨境科技与人工智能交易的核心。其二，本案体现”实质重于形式”的穿透原则：一项交易即便实体注册在境外，只要其底层资产、技术或数据源自中国境内，仍可能落入审查管辖。工作机制办公室的决定依《外商投资法》为最终决定，任何审查的结论均为三类之一：通过、附条件通过、禁止投资。

本文仅将本案作为公开记录陈述，不对当事人或商业背景作任何价值判断。对实务者的操作意义在于：安全审查闸门适用于敏感行业控制权交易，无论交易在何处记账；穿透原则意味着注册地并非可靠的规避屏障。

申报实操手册

1. 尽早善用申报前咨询。 《外商投资安全审查办法》明确允许当事人在申报前就有关问题向工作机制办公室咨询。对边界交易，咨询应在结构设计阶段进行，而非签署条款清单之后。

2. 备齐核心材料。 申报须提交申报书、投资方案、外商投资是否影响国家安全的说明，以及工作机制办公室规定的其他材料。申报书应载明外国投资者的名称、住所、经营范围与投资基本情况。国家安全影响说明应在尽调期间起草，而非交割阶段补做。

3. 借力地方辅导与预审。 在设有服务官制度与具名专窗（如正定片区 5 个工作日反馈时钟）的片区，应善用其于材料送达市、国家层级前完成风险前置化解。地方预审可降低因材料瑕疵引发延误的风险。

4. 对时间轴作出务实预期。 依第 37 号令，办公室自收到完备材料起 15 个工作日内决定是否需审查；一般审查 30 个工作日内完成；特别审查 60 个工作日内完成（特殊情况可延长）。审查期间不得实施投资。安排交易顺序时，应将上述时限视为硬性时钟。

5. 在交易文件中嵌入先决条件。 对敏感但可能获批的行业，预判附条件通过，将包括安全审查在内的必要监管申报设为交割先决条件，并设定明确的截止日期与终止权。

6. 尊重违规后果。 属于申报范围而未申报、提供虚假材料或违反附加条件，可能导致责令限期申报、限期处分股权或资产、恢复投资前状态，并记入国家信用信息系统实施联合惩戒。这些后果可强制执行，应在交易的风险分配中予以体现。

相关阅读

  • 本站点安全审查总论，详述申报范围、控制权定义、法定时限与审查结论。
  • 《外商投资安全审查办法》（国家发展改革委、商务部令 2020 年第 37 号），现行操作规章。
  • 《外商投资法》（2020 年），在法律层面确立安全审查制度。

来源

  • 中国（河北）自由贸易试验区正定片区管理委员会《正定片区外商投资安全审查申报指引》（2026-09-14）：http://www.sjzzhbsq.gov.cn/columns/dc61a0a4-dd22-4dbc-a012-78b211e02b06/202609/14/d703655c-31b8-4189-ad9b-8e545f1cf4f0.html
  • 国家发展改革委政府信息公开《外商投资安全审查工作机制办公室（国家发展改革委）对外资收购 Manus 项目作出安全审查决定》（2026-04-27）：https://zfxxgk.ndrc.gov.cn/web/iteminfo.jsp?from=qcc&id=20623
  • 国家发展改革委：https://www.ndrc.gov.cn/
  • 中国政府网《外商投资安全审查办法》（国务院公报）：https://big5.www.gov.cn/gate/big5/www.gov.cn/gongbao/content/2021/content_5582626.htm
  • 商务部《外商投资安全审查办法》（国家发展改革委、商务部令第 37 号原文）：https://www.mofcom.gov.cn/dl/file/20211203230801.pdf
Foreign M&A / 外资并购, Policy Updates / 政策动态

Foreign M&A Rules in China: The 2026 Update and What It Means for Inbound Deals

  • China’s 2026 foreign-investment agenda puts foreign M&A management at the centre: the Action Plan (Shang Zi Fa [2026] No. 97) commits to revising the rules on foreign investors’ acquisition of domestic enterprises, streamlining the M&A process and consideration-payment requirements, and strengthening cross-departmental coordination.
    2026 年外资议程将外资并购管理置于核心：《利用外资固稳促优行动方案》（商资发〔2026〕97号）承诺修订外国投资者并购境内企业规定、优化并购流程与对价支付要求、强化部门协同。
  • At the 26th China International Fair for Investment and Trade (CIFIT) in Xiamen on 7 September 2026, MOFCOM’s Department of Foreign Investment delivered a systematic reading of the “bring in” and “go global” policies, while the Investment Promotion Agency outlined overseas service platforms and overseas industrial parks as promotion mechanisms.
    2026 年 9 月 7 日厦门第 26 届投洽会上，商务部外资司系统解读”引进来””走出去”政策，商务部投资促进事务局介绍出海服务平台与境外产业园等促进机制。
  • The 15th Five-Year Plan explicitly deploys “improving foreign M&A management and widening the channels for foreign capital to invest in the securities market,” embedding the M&A easing into the五年规划 framework.
    “十五五”规划明确部署”完善外资并购管理，拓宽外资投资证券市场渠道”，将并购便利化写入五年规划框架。
  • Every inbound deal should run three compliance screens in parallel — the negative-list admission test, the merger-control (concentration) filing, and the foreign-investment security review — rather than treating them as sequential steps.
    每笔入境交易应并行推进三重合规核查——负面清单准入、经营者集中申报、外商投资安全审查——而非视为先后步骤。
  • Practical readiness now centres on the due-diligence checklist, consideration-and-payment arrangements, deal-structure design and approval-timeline management, because the current 10-Order rules still govern deals signed before the revision is published.
    实操准备当下聚焦于尽调清单、对价支付安排、交易结构设计与审批时间轴预期管理，因为现行 10 号令规则仍约束修订版出台前签署的交易。
  • Services opening to Hong Kong and Macao under CEPA is being advanced first, giving the two special administrative regions a front-running role in the two-way cross-border investment corridor.
    内地与香港、澳门 CEPA 服务业率先开放正加快推进，使港澳在双向跨境投资通道中扮演先行角色。

Foreign M&A Rules in China: The 2026 Update and What It Means for Inbound Deals | 中国外资并购规则：2026 年更新与对入境交易的影响

Overview

Foreign M&A has re-emerged as a priority instrument of China’s inbound-investment strategy in 2026. After a cycle dominated by negative-list cuts and the full removal of manufacturing access restrictions, the policy centre of gravity is shifting from “what is open” to “how smoothly capital can enter, combine and grow.” Three developments in 2026 give foreign acquirers a clearer map than at any point in the past two years: a concrete Action Plan commitment to revise the foreign-M&A rulebook, a high-visibility policy briefing at the September CIFIT in Xiamen, and a formal 15th Five-Year Plan deployment to improve M&A management and widen securities-market access for foreign capital.

This article focuses on the September 2026 dynamics and the practical deal-execution steps, pointing to companion pieces for the Action Plan text and the security-review filing details.

The September 2026 policy moment: CIFIT in Xiamen

The 26th China International Fair for Investment and Trade (CIFIT) was held in Xiamen, Fujian, from 8 to 11 September 2026. On 7 September, ahead of the main fair, the “Gateway to the World, Linking the Globe” two-way cross-border investment exchange and promotion session — a “Invest in China” themed side event — took place in Xiamen, hosted by MOFCOM and organised by the Investment Promotion Agency of MOFCOM and the Xiamen Municipal Commerce Bureau.

Two messages from that session matter for foreign M&A. First, MOFCOM’s Department of Foreign Investment gave a systematic interpretation of the “bring in” and “go global” policies. On the “bring in” side, it reaffirmed the measures taken since 2025 to optimise the foreign-investment environment, including the June 2026 Action Plan and the upgrade of the Closer Economic Partnership Arrangement (CEPA) with Hong Kong and Macao to open the services sector to them first. On the “go global” side, it noted steady growth in outward investment and deeper mainland–Hong Kong cooperation.

Second, the Investment Promotion Agency outlined how it serves enterprises on both fronts: using the CIFIT national-level platform, relying on overseas industrial parks and other outbound-promotion mechanisms, and jointly building an outbound-service platform with leading clusters such as the Hong Kong International Business Hub in Shanghai, Suzhou Industrial Park and the Jimei district of Xiamen. The agency links Hong Kong’s financial, legal and professional-service strengths with the mainland’s projects, parks and enterprise resources, so that more foreign capital enters the mainland through Hong Kong and more mainland enterprises go global with Hong Kong’s support.

For foreign acquirers, the practical read is that the September 2026 policy narrative is explicitly two-way: inbound M&A is being eased and facilitated at the same time as outbound investment is being serviced through structured platforms.

The 15th Five-Year Plan deployment

The 15th Five-Year Plan, the first such plan of the 2026–2030 period, contains a dedicated passage on attracting and utilising foreign capital. Among its measures, it states the intent to “expand the ways of using foreign capital, improve foreign M&A management, and widen the channels for foreign capital to invest in the securities market.” It also calls for high-quality implementation of the foreign-investment security review and improvement of the full-calibre external-debt supervision system.

This language elevates foreign M&A from a transactional sub-topic to a plan-level commitment, pairs M&A management with securities-market access as a unified equity-investment channel, and — by placing the security review in the same paragraph — makes explicit that facilitation and gatekeeping advance together.

The Action Plan anchor for M&A modernisation

The Action Plan for Stabilising and Optimising Foreign Investment Utilisation (Shang Zi Fa [2026] No. 97), issued by MOFCOM, the NDRC and the Ministry of Finance with State Council approval on 16 June 2026, is the operative anchor for the M&A changes. Its M&A-relevant commitments are specific: accelerate the revision and promulgation of the rules on foreign investors’ acquisition of domestic enterprises, optimising the M&A management process and consideration-payment requirements; strengthen cross-departmental regulatory coordination on foreign M&A; and allow eligible foreign equity-investment institutions to participate, as strategic investors, in securities issuance by listed companies in industries unrelated to their own.

The first two commitments speak to the long-awaited revision of the 2006 Measures on M&A of Domestic Enterprises (the “10-Order”). The core frictions are well understood: obsolete ex-ante approval clauses that no longer apply after the Foreign Investment Law took effect in 2020, consideration and payment rules that need to operate without an approval gateway, and the interface between the 10-Order, the revised Strategic Investment Measures and the information-reporting regime. The 10-Order remains in force until the revised version is published, but the 2026 context reinforces the policy direction and gives deal teams a stable expectation.

Three compliance screens run in parallel

A recurring theme across the 2026 documents is that easing entry does not relax screening. Inbound M&A transactions should treat three checks as parallel workstreams from the earliest structuring stage:

  1. Negative-list admission test. Confirm whether the target sector is restricted or prohibited under the current negative list, including pilot negative lists in free-trade zones. A restricted sector may still be investable through a permitted structure, but the admission position must be cleared first.
  2. Merger-control (concentration) filing. Where the transaction meets the turnover or market-share notification thresholds under the Anti-Monopoly Law, a mandatory prior filing is required; plan it as a condition to closing.
  3. Foreign-investment security review. For investments in defence-related fields or in the ten categories of important sectors where the foreign investor would obtain actual control, a security-review filing may be mandatory before implementation.

These screens interact but are distinct. The negative list governs whether the sector is open; merger control governs competitive effects; the security review governs national-security effects. Running them in parallel prevents the common failure mode of discovering a blocking issue late in diligence. The detailed security-review filing practice — including the September 2026 local service mechanisms — is addressed in our companion article on the Zhengding pilot-zone filing guide.

Practical playbook for 2026 inbound deals

1. Build the due-diligence checklist around the three screens. Map the target against the negative list, the merger-control thresholds and the security-review scope before issuing a non-binding offer; flag any sector touching the ten important-sector categories or defence-related fields for early security-review screening.

2. Plan the consideration and payment structure. Under the current 10-Order, consideration may be cash, equity or a combination, subject to the pricing basis, payment period and valuation rules. Where a cross-border share swap is contemplated, confirm whether the consideration shares are of a listed or unlisted overseas company, because the 10-Order and the revised Strategic Investment Measures treat these differently. Do not assume the relaxed rules apply until the revision is published.

3. Design the deal structure for the right regime. A controlling acquisition of an unlisted domestic target, a strategic investment in a listed company, and a concentration filing may all be triggered by one transaction; determine which regime governs each leg and sequence the approvals accordingly.

4. Manage the approval timeline explicitly. Build a timeline reflecting information reporting (ongoing), merger-control filing (where thresholds are met) and security-review filing (where in scope). Treat the security-review period as a hard freeze during which the investment may not be implemented.

5. Use the strategic-investment channel where it fits. Eligible foreign equity-investment institutions may, under the Action Plan, participate as strategic investors in non-related-industry listed-company issuances; position around the qualification and lock-up conditions as the implementing rules mature.

6. Engage local service windows early. As the Zhengding pilot zone’s September 2026 guide illustrates, local investment-service bureaus increasingly offer pre-filing coaching and preliminary review, which can shorten the path to a complete, well-formed filing.

Related reading

  • The 2026 negative list and sector-restriction map.
  • The revised Strategic Investment Measures and the CSRC refinancing rules on strategic investors.
  • Our companion article on the September 2026 foreign-investment security-review filing practice and local support mechanisms.

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》（商资发〔2026〕97号）：https://www.mofcom.gov.cn/zcfb/wgtzgl/art/2026/art_0cfe31a63f9c4bd3869517bc10908c10.html
  • 商务部《第26届中国国际投资贸易洽谈会将于2026年9月8日至11日举办》：https://www.mofcom.gov.cn:8443/zwjg/sqfb/oy/art/2026/art_5268bb19fa5a4ad1a07056b791afb9d7.html
  • 中国政府网《中国”十五五”规划，为世界提供新机遇》：https://www.gov.cn/yaowen/liebiao/202609/content_7081427.htm
  • 国家发展改革委：https://www.ndrc.gov.cn/
  • 商务部：https://www.mofcom.gov.cn/

中国外资并购规则：2026 年更新与对入境交易的影响

概述

2026 年，外资并购重新成为外资流入战略的关键工具。在经历以负面清单缩减、制造业准入限制全面取消为主的周期之后，政策重心正从”开放什么”转向”资本如何顺畅进入、整合与成长”。2026 年的三件进展为外国收购方提供了过去两年来最清晰的路线图：修订外资并购规则的《行动方案》具体承诺、9 月厦门投洽会上的高规格政策宣讲，以及将完善外资并购管理与拓宽外资证券市场渠道写入”十五五”规划的正式部署。

本文聚焦 2026 年 9 月的新动态与交易落地的实操步骤。我们刻意不再重复 6 月《行动方案》文本与 2006 年并购规定修订机理（相关姊妹篇已详述），并将安全审查申报细节指向另一篇专文。

2026 年 9 月的政策时刻：厦门投洽会

第 26 届中国国际投资贸易洽谈会于 2026 年 9 月 8 日至 11 日在福建厦门举行。9 月 7 日，在主体展会之前，”港通天下，链接全球”双向跨境投资交流宣介会暨出海企业高质量国际化发展对接会——投洽会”投资中国”系列专场活动之一——在厦门举办，由商务部主办，商务部投资促进事务局与厦门市商务局承办。

该场活动释放的两条信息对外资并购至关重要。其一，商务部外资司就”引进来””走出去”政策进行系统解读：在”引进来”方面，重申自 2025 年以来优化营商环境的一系列举措，包括 2026 年 6 月《行动方案》，以及升级内地与香港、澳门 CEPA、在服务业领域对港澳投资者率先开放；在”走出去”方面，指出对外投资稳步增长、内地与香港投资合作更加紧密。

其二，商务部投资促进事务局介绍了服务双向企业的路径：用好投洽会这一国家级平台，依托境外产业园等出海促进机制，并与上海虹桥国际商务区、苏州工业园区、厦门市集美区等头部集聚区共建出海服务平台，将香港的金融、法律与专业服务优势同内地的项目、园区与企业资源相连接，使更多外资借道香港进入内地、更多内地企业借助香港走向全球。

对外国收购方而言，2026 年 9 月的政策叙事是明确的双向并行：在放宽并便利入境并购的同时，通过结构化平台服务对外投资。

“十五五”规划的部署

“十五五”规划是 2026—2030 年期的首个五年规划，其中单列了吸引和利用外资的专章。在相关举措中，规划明确提出”拓展利用外资方式，完善外资并购管理，拓宽外资投资证券市场渠道”，并强调高质量实施外商投资安全审查、完善全口径外债监管体系。

这一表述将外资并购从交易层面的细分议题提升为规划级承诺，将并购管理与证券市场准入并置为统一的股权投资通道，并借由将安全审查置于同一段落，表明便利与把关同步推进。

并购现代化的《行动方案》支点

《利用外资固稳促优行动方案》（商资发〔2026〕97号）由商务部、国家发展改革委、财政部经国务院同意于 2026 年 6 月 16 日联合印发，是并购变革的操作支点。其并购相关承诺具体明确：

  • 加快修订出台关于外国投资者并购境内企业的规定，优化并购管理流程和对价支付要求；
  • 强化外资并购监管的部门协同；
  • 允许符合条件的外资股权投资机构以战略投资者身份参与非相关行业上市公司证券发行。

前两项承诺指向市场期待已久的《关于外国投资者并购境内企业的规定》（”10 号令”，2006 年）修订。核心摩擦点已广为人知：2020 年《外商投资法》施行后已不再适用的部分事前审批条款；需要在无审批网关下运行的对价与支付规则；以及 10 号令、修订后的《战略投资管理办法》与信息报告制度之间的衔接。修订版出台前 10 号令仍然有效，但 2026 年的语境强化了政策方向，为交易团队提供了可稳定预期的依据。

三重合规核查并行推进

2026 年文件反复强调的主题是：放宽准入并不放松审查。入境并购交易应从最早的结构设计阶段起，将三项核查作为并行工作流：

  1. 负面清单准入测试。 确认标的行业在现行负面清单（含自贸区试点负面清单）下属于限制还是禁止。限制类行业仍可能通过合规结构投资，但准入立场须先予厘清。
  2. 经营者集中申报。 交易达到《反垄断法》营业额或市场份额申报门槛的，须履行强制事先申报，应将其设为交割先决条件。
  3. 外商投资安全审查。 对国防领域投资，或取得十类重要领域企业实际控制权的投资，可能须在实施前强制申报。

三项核查相互关联但彼此独立：负面清单管行业是否开放，经营者集中管竞争影响，安全审查管国家安全影响。并行推进可避免尽调后期才发现阻断性问题的常见失误。安全审查申报的详细实操——包括 2026 年 9 月的地方服务机制——见本站点关于正定片区申报指引的姊妹篇。

2026 年入境交易实操手册

1. 围绕三重核查构建尽调清单。 发出无约束力要约前，将标的对照负面清单、经营者集中门槛与安全审查范围逐一映射；凡触及十类重要领域或国防相关领域的，尽早启动安全审查筛查。

2. 规划对价与支付结构。 现行 10 号令下，对价可为现金、股权或二者组合，受定价依据、支付期限与评估规则约束。若考虑跨境换股，须确认对价股份是境外上市还是非上市公司股份，因 10 号令与修订后的《战略投资管理办法》处理不同。修订版出台前，切勿假设放宽规则已适用。

3. 为适用制度设计交易结构。 一笔交易可能同时触发未上市境内标的的控股式并购、上市公司战略投资与经营者集中申报；先判定各分支由哪套制度管辖，再安排审批顺序。

4. 显式管理审批时间轴。 构建涵盖信息报告（持续）、经营者集中申报（达标时）与安全审查申报（在范围内时）的时间轴。将安全审查期间视为硬性冻结期——审查期间不得实施投资。

5. 在契合处用足战略投资通道。 依《行动方案》，符合条件的外资股权投资机构可以战略投资者身份参与非相关行业上市公司证券发行；随实施规则成熟，围绕资格与锁定期条件提前布局。

6. 尽早对接地方服务专窗。 正如正定片区 2026 年 9 月指引所示，地方投资服务部门正越来越多地提供申报前辅导与初步预审，可缩短形成完整、规范申报材料的路径。

相关阅读

  • 2026 年负面清单与分行业限制地图。
  • 修订后的《战略投资管理办法》与证监会再融资战略投资者规则。
  • 本站点关于 2026 年 9 月外商投资安全审查申报实操与地方服务机制的姊妹篇。

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》（商资发〔2026〕97号）：https://www.mofcom.gov.cn/zcfb/wgtzgl/art/2026/art_0cfe31a63f9c4bd3869517bc10908c10.html
  • 商务部《第26届中国国际投资贸易洽谈会将于2026年9月8日至11日举办》：https://www.mofcom.gov.cn:8443/zwjg/sqfb/oy/art/2026/art_5268bb19fa5a4ad1a07056b791afb9d7.html
  • 中国政府网《中国”十五五”规划，为世界提供新机遇》：https://www.gov.cn/yaowen/liebiao/202609/content_7081427.htm
  • 国家发展改革委：https://www.ndrc.gov.cn/
  • 商务部：https://www.mofcom.gov.cn/
One-stop Window / 一站式窗口, Setup Process / 设立流程

Mutual Recognition of Foreign Investor Credentials: The Fengtai–Qingdao Pilot and Faster Cross-City FIE Setup

  • In September 2026, the Fengtai District (Beijing) and Qingdao market-regulation authorities issued the Interim Measures on Mutual Recognition of Foreign Investors’ Eligibility Documents, effective from 9 September 2026 and valid through September 2029.
    2026 年 9 月，北京市丰台区与青岛市市场监管部门印发《开展外国投资者主体资格文件互认办法（试行）》，自 2026 年 9 月 9 日起施行，有效期至 2029 年 9 月。
  • The mechanism lets a foreign investor that has once filed and verified its eligibility documents in either Fengtai or Qingdao reuse a file-department sealed copy for a later investment in the other city, removing the need to repeat notarisation and authentication.
    该机制允许已在丰台或青岛任一地提交并核验过主体资格文件原件的外国投资者，在另一地再投资时复用登记机关档案部门加盖档案证明章的复印件，无需重复办理公证认证。
  • It covers foreign natural persons, enterprises and other organisations whose foreign-invested market entities are registered in the two localities, but excludes foreign enterprises’ resident representative offices; Hong Kong, Macao and Taiwan investors are handled by reference.
    办法覆盖在两地登记机关登记的外商投资市场主体所对应的外国自然人、企业及其他组织，不含外国企业常驻代表机构；香港、澳门、台湾地区投资者参照执行。
  • Recognition extends beyond initial incorporation to changes, deregistration, filings, equity-pledge registration and foreign-investor merger-acquisition registration that require eligibility documents.
    互认不限于设立，还适用于外商投资市场主体变更、注销登记、备案、股权出质登记以及外资并购登记中需提交主体资格文件的情形。
  • Eligibility requires the original to be within its validity period, or — where no period is specified — the notarised and authenticated document to be within one year; the investor must confirm the copied information matches its current status.
    适用前提是原件在有效期内，或无明确有效期时公证认证文件在 1 年以内；投资者须确认复印件所记载信息与其当前情况一致。
  • Handling is online via Beijing’s enterprise e-window platform, with a statutory time limit of six working days and a committed time limit of zero working days; the consultation line is 010-63397070.
    办理通过北京市企业服务 e 窗通平台网上进行，法定办结时限 6 个工作日、承诺办结时限 0 个工作日；咨询电话 010-63397070。
  • The pilot builds on Fengtai’s 2025 mutual-recognition with Hangzhou and Foshan — which cut processing from about 15 days to as fast as one day — and extends the foreign-investment commercial-service network to cover the Beijing-Tianjin-Hebei core, the Yangtze River Delta, the Pearl River Delta and the Jiaodong coast.
    该试点建立在丰台 2025 年与杭州、佛山三地互认的基础之上——企业办事周期由约 15 天压缩至最快 1 天——并将外资商事服务协作网络拓展至覆盖京津冀核心、长三角、珠三角与胶东沿海。

Mutual Recognition of Foreign Investor Credentials: The Fengtai–Qingdao Pilot and Faster Cross-City FIE Setup | 外国投资者主体资格文件跨区域互认：丰台—青岛”一次核验、两地通用”机制

Overview

Cross-city investment by a foreign investor in China has long carried a hidden cost: every time the investor sets up or changes a foreign-invested enterprise (FIE) in a new city, it must re-submit its eligibility documents — the notarised and authenticated proof of legal status — often repeating notarisation, authentication and cross-border mailing. In September 2026, the Fengtai District Administration for Market Regulation (Beijing) and the Qingdao Administration for Market Regulation jointly issued the Interim Measures on Mutual Recognition of Documents Evidencing the Legal Status of Foreign Investors (Trial), creating a “verify once, use in both places” channel between the two cities. The Measures took effect on 9 September 2026 and are valid through September 2029.

The instrument is narrow but high-leverage: it does not change what an eligibility document must contain, nor exempt an investor from notarisation and authentication the first time around. It removes the repetition — the second-city filing relies on a sealed copy from the first city’s archive plus a mutual-recognition form, turning a weeks-long document cycle into a same-day internal step for a multi-city China footprint.

Who is covered

The Measures apply to foreign-invested market entities registered with the market-entity registration authorities in Fengtai District (Beijing) and in Qingdao. “Foreign investor” means a foreign natural person, enterprise or other organisation. Two boundaries matter.

  • Excluded. Foreign enterprises’ resident representative offices are not covered.
  • By reference. Investors from the Hong Kong Special Administrative Region, the Macao Special Administrative Region and the Taiwan Region are handled in accordance with the Measures.

The underlying logic is reciprocity within the two-city network: an investor that has cleared the document hurdle in one city should not clear it again in the other, provided the file is still good.

When recognition applies

Article 5 sets the trigger. Where a foreign investor has already established a foreign-invested market entity with either the Fengtai or the Qingdao registration authority and has submitted the original notarised and authenticated eligibility documents, and those documents remain within their validity period — or, where no validity period is specified, the notarised and authenticated documents were issued within one year — the investor may, when investing in the other locality, submit a photocopy of those documents bearing the archival seal of the registration authority where the existing entity was established, together with a completed Application for Mutual Recognition of Documents Evidencing the Legal Status of Foreign (Regional) Investors.

Two subtleties are worth noting. First, if the original eligibility document itself restricts its first use to a specific area, both localities recognise that restriction in the mutual-recognition step. Second, under Article 6 the investor submitting the photocopy must confirm that the information recorded on it is consistent with its current circumstances and is true and accurate — recognition does not waive the duty to keep the investor’s particulars current.

Article 7 widens the scope beyond incorporation. The Measures also apply where a foreign investor must submit eligibility documents in connection with the change of registration, cancellation of registration, filing, registration of equity pledge, or registration of foreign-investor merger and acquisition of a foreign-invested market entity. In practice, that means a recognised copy can serve a change, a deregistration, a filing, an equity-pledge registration or an inbound M&A filing in the partner city.

What counts as an eligibility document

  • For a foreign investor, the eligibility document is the proof of legal status notarised by the competent authority of the investor’s home country and authenticated by the Chinese embassy or consulate there; or notarised by a third country’s embassy or consulate in that country (with diplomatic ties to China) and authenticated by the Chinese embassy or consulate in that third country.
  • Where the investor’s home country is a party to the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents, the eligibility document is the home-country notarial certificate together with the apostille issued by the competent authority thereof.
  • For Hong Kong, Macao and Taiwan investors, the eligibility document is the notarial document issued by the relevant notarial authority of the region under the applicable special provisions or arrangements.

The Measures also track the State Administration for Market Regulation’s submission requirements: where those requirements change, the latest requirements prevail. This keeps the recognised document in step with any future national rule change.

Channel and timeline

Applications are handled online through Beijing’s enterprise e-window platform (the municipal one-stop enterprise service portal). The statutory time limit for completion is six working days; the committed time limit is zero working days. The consultation telephone is 010-63397070.

Institutional background

The Fengtai–Qingdao pilot is the latest expansion of a deliberate network. In 2025, Fengtai reached mutual-recognition arrangements with Hangzhou and Foshan — a three-city “verify once, use in three places” channel linking the Beijing-Tianjin-Hebei core, the Yangtze River Delta and the Pearl River Delta — which compressed the enterprise handling cycle from about 15 days to as fast as one day. In 2026, Fengtai extended the partner circle to Qingdao, an important foreign-investment cluster on the Jiaodong coast, leveraging the Beijing–Shanghai high-speed-rail corridor. The result is a foreign-investment commercial-service network spanning the Beijing-Tianjin-Hebei core, the Yangtze River Delta, the Pearl River Delta and the Jiaodong coast, with unified standards for accepting registration materials across administrative boundaries.

The legal basis is the Foreign Investment Law and its implementing regulations, together with Beijing’s market-regulation measures to promote high-quality development of market entities. The direction is clear: more cities, more standardised mutual acceptance, and a progressively lighter document burden for cross-city foreign investment.

Practical self-check for foreign investors

For a foreign group planning or running a multi-city China presence, the following points determine whether the mutual-recognition route applies.

  1. First-city footing. Have you already incorporated or registered a foreign-invested market entity in Fengtai or Qingdao, with the original notarised and authenticated eligibility documents on file? Without that first footprint, recognition cannot start.
  2. Validity clock. Is the original still within its stated validity period, or — if none is stated — was the notarisation and authentication issued within the last year? If the clock has run out, a fresh document is needed first.
  3. Information consistency. Does the copied file still reflect the investor’s current particulars — name, structure, authorised signatories? If the investor has since restructured, the copy may need updating before it can serve.
  4. Scope of use. Recognition covers not only a new incorporation but also changes, deregistration, filings, equity pledges and inbound M&A filings in the partner city.
  5. When re-notarisation is still required. If the original has expired or fallen outside the one-year window, or the investor’s legal status has materially changed, a fresh notarised and authenticated document (or apostille, for Convention parties) is required rather than a sealed copy.

Working with the Apostille route

The mutual-recognition mechanism and the Hague Apostille route are complementary, not substitutes. For investors from countries party to the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents, the first-time document is already lighter — a notarial certificate plus an apostille, instead of consular legalisation. Mutual recognition then removes the need to produce even that lighter package a second time within the two-city network. For investors from non-Convention countries, the consular-authentication route still applies for the first filing; mutual recognition then spares the repeat of that route in the partner city.

Sources

  • 北京市丰台区人民政府（办法通知原文）：《关于印发开展外国投资者主体资格文件互认办法（试行）的通知》：https://www.bjft.gov.cn/xxfb/ftzcwj/ftbmwj/202609/t20260907_224263.shtml
  • 北京市丰台区人民政府（文字解读）：《开展外国投资者主体资格文件互认办法（试行）》文字解读：https://www.bjft.gov.cn/xxfb/ftzcjd/202609/t20260907_224264.shtml
  • 北京市人民政府（起草说明）：《开展外国投资者主体资格文件互认办法（试行）（征求意见稿）》起草说明：https://www.beijing.gov.cn/hudong/gfxwjzj/qjzjxx/202607/P020260720593097897412.docx
  • 北京市企业服务 e 窗通平台（网上办理入口）：https://ect.scjgj.beijing.gov.cn
  • 国家市场监督管理总局（提交材料规范依据）：https://www.samr.gov.cn/
  • 北京市丰台区人民政府（动态新闻：一次核验，两地通用！丰台新政上线）：https://www.bjft.gov.cn/xwdt/jcdt/bmdt/202609/t20260911_224628.shtml
  • 北京市丰台区人民政府（英文版通知）：https://www.bjft.gov.cn/c100291/c100292/202609/t20260909_224506.shtml

外国投资者主体资格文件跨区域互认：丰台—青岛”一次核验、两地通用”机制

概述

外国投资者在中国跨城市投资，长期隐含一项成本：每次在新城市设立或变更外商投资企业，都须重新提交主体资格文件——经公证认证的主体资格证明——往往要重复办理公证、认证与跨境邮寄。2026 年 9 月，北京市丰台区市场监督管理局与青岛市市场监督管理局联合印发《开展外国投资者主体资格文件互认办法（试行）》，在两地之间开通”一次核验、两地通用”通道。办法自 2026 年 9 月 9 日起施行，有效期至 2029 年 9 月。

该工具范围窄但杠杆高：它不改变主体资格文件的内容要求，也不豁免投资者首次的公证认证义务，它消除的是”重复”——第二地的登记可凭第一地登记档案中加盖档案证明章的复印件、加一份互认申请书办理。对在中国多城市布局的外国投资集团而言，这把原本数周的文件周期压缩为当日即可完成的内部分步。

适用对象

办法适用于在北京市丰台区、青岛市市场主体登记机关登记的外商投资市场主体。所称”外国投资者”，指外国的自然人、企业或者其他组织。两条边界需注意。

  • 排除项。 外国企业常驻代表机构不在覆盖范围内。
  • 参照执行。 香港特别行政区、澳门特别行政区、台湾地区的投资者参照本办法执行。

其底层逻辑是两地网络内的对等：投资者在一地跨过文件门槛后，只要文件仍有效，不应在另一地再次跨过。

互认的适用情形

第五条设定触发条件。外国投资者已在丰台区或青岛市任一登记机关设立外商投资市场主体，并提交过经公证认证的主体资格文件原件，且文件在有效期内——或无明确有效期、公证认证文件在 1 年以内的——该外国投资者再向其他一地投资的，可提供由已设外商投资市场主体登记机关档案部门出具的、加盖档案证明章的主体资格文件复印件，并填写《外国（地区）投资者主体资格文件互认申请书》。

两点细节值得注意。其一，若主体资格文件原件首次限定了适用区域，两地在互认中均认可该限定。其二，依第六条，提交复印件的外国投资者应确认复印件所记载信息与其当前情况一致、真实准确——互认不免除投资者保持自身信息最新的义务。

第七条将范围由设立拓宽。外商投资市场主体变更、注销登记、备案、股权出质登记以及外资并购登记中需要外国投资者提交主体资格文件的，同样适用本办法。实践中这意味着，一份获认可的复印件可服务于合作城市的变更登记、注销登记、备案、股权出质登记或入境并购登记。

何为合格的主体资格文件

  • 对外国投资者，主体资格文件指经其本国主管机关公证、并送中国驻该国使（领）馆认证的文件；或送与中国有外交关系的第三国驻该国使（领）馆认证、再送我国驻该第三国使（领）馆认证的文件。
  • 投资者所属国为《取消外国公文书认证要求的公约》缔约国的，主体资格文件指其本国主管机关出具的公证文书，连同当地有权机关签发的附加证明书（Apostille）。
  • 香港、澳门、台湾地区投资者，按专项规定或协议依法提供当地公证机构出具的公证文件。

办法同时对接国家市场监督管理总局的提交材料规范：规范发生变化的，以最新要求为准。这使获认可的文件始终与可能的全国性规则变动保持一致。

办理渠道与时限

申请通过北京市企业服务 e 窗通平台网上办理（市级一站式企业服务平台）。法定办结时限 6 个工作日，承诺办结时限 0 个工作日。咨询电话 010-63397070。

制度背景

丰台—青岛试点是一张有意拓展的网络的最新一环。2025 年，丰台已与杭州、佛山达成三地互认，以”一次核验、三地通用”通道连通京津冀核心、长三角与珠三角，将企业办事周期由约 15 天压缩至最快 1 天。2026 年，丰台将伙伴圈拓展至胶东沿海重要外资集聚城市青岛，依托京沪高铁经济走廊形成高效通达的产业联动，由此形成覆盖京津冀核心、长三角、珠三角、胶东沿海的外资商事服务协作网络，打破行政区划壁垒、统一商事登记材料采信标准。

制定依据为《中华人民共和国外商投资法》及其实施条例，以及北京市自身促进市场主体高质量发展的登记工作措施。方向清晰：更多城市、更标准化的互认采信、对外资跨城投资逐步减轻的文件负担。

外国投资者适用条件自查清单

对计划或正在中国多城市布局的外国投资集团，以下要点可判断互认路径是否适用。

  1. 第一地基础。 是否已在丰台或青岛设立或登记过外商投资市场主体，并将经公证认证的主体资格文件原件归档？无此第一处落脚点，互认无从启动。
  2. 有效期时钟。 原件是否仍在载明有效期内；或虽无明确有效期，公证认证是否发生在最近一年内？时钟走完，须先换新文件再谈互认。
  3. 信息一致性。 复印件是否仍反映投资者当前情况——名称、架构、授权签字人？若投资者此后重组，复印件可能需更新方可使用。
  4. 使用范围。 互认不仅适用于新设，也适用于合作城市的变更登记、注销登记、备案、股权出质登记与入境并购登记。
  5. 仍须重新公证认证的情形。 若原件已过期或超出一年窗口，或投资者法律地位发生重大变化，须重新提交经公证认证的文件（缔约国则为附加证明书），而非档案复印件。

与海牙附加证明书路径的配合

互认机制与海牙附加证明书（Apostille）路径是互补而非替代。对来自《取消外国公文书认证要求的公约》缔约国的投资者，首次文件已较轻——公证文书加附加证明书，而非领事认证。互认机制进而免去在两地网络内第二次出具该较轻套装。对非缔约国投资者，首次仍走领事认证路径；互认机制则免去在合作城市的重复出具。

来源

  • 北京市丰台区人民政府（办法通知原文）：《关于印发开展外国投资者主体资格文件互认办法（试行）的通知》：https://www.bjft.gov.cn/xxfb/ftzcwj/ftbmwj/202609/t20260907_224263.shtml
  • 北京市丰台区人民政府（文字解读）：《开展外国投资者主体资格文件互认办法（试行）》文字解读：https://www.bjft.gov.cn/xxfb/ftzcjd/202609/t20260907_224264.shtml
  • 北京市人民政府（起草说明）：《开展外国投资者主体资格文件互认办法（试行）（征求意见稿）》起草说明：https://www.beijing.gov.cn/hudong/gfxwjzj/qjzjxx/202607/P020260720593097897412.docx
  • 北京市企业服务 e 窗通平台（网上办理入口）：https://ect.scjgj.beijing.gov.cn
  • 国家市场监督管理总局（提交材料规范依据）：https://www.samr.gov.cn/
  • 北京市丰台区人民政府（动态新闻：一次核验，两地通用！丰台新政上线）：https://www.bjft.gov.cn/xwdt/jcdt/bmdt/202609/t20260911_224628.shtml
  • 北京市丰台区人民政府（英文版通知）：https://www.bjft.gov.cn/c100291/c100292/202609/t20260909_224506.shtml
Policy Updates / 政策动态, VIE Structure / VIE架构

Red-Chip and VIE Structures in China: Substance-Over-Form Scrutiny and the 2026 Offshore Listing Filing Path

  • China applies a substance-over-form principle to red-chip and VIE structures: the architecture cannot be used to circumvent foreign-investment admission, technology-export control, data-export and outbound-investment requirements.
    中国对红筹与 VIE 架构适用实质重于形式的穿透原则：架构设计不得用于规避外商投资准入、技术出口管制、数据出境与对外投资管理的要求。
  • The Ministry of Commerce has publicly stated that enterprises engaged in outbound investment, technology export, data export and cross-border M&A must comply with Chinese laws and fulfil statutory procedures.
    商务部已公开表态，企业从事对外投资、技术出口、数据出境、跨境并购等活动，须符合中国法律法规并履行法定程序。
  • The CSRC offshore-listing filing regime covers both direct (H-share) and indirect (red-chip/VIE) issuers; the channel remains open in 2026.
    证监会境外上市备案制覆盖直接（H 股）与间接（红筹/VIE）发行人；2026 年通道保持开放。
  • On 4 September 2026 the CSRC published its filing-status table; on 18 September 2026 it issued the filing notice for Jiangsu Xinde Semiconductor’s Hong Kong IPO and full-circulation conversion.
    2026 年 9 月 4 日，证监会发布备案情况表；9 月 18 日发布江苏芯德半导体香港 IPO 及”全流通”备案通知书。
  • A filing notice confirms only the filing information, not the investment value or the truthfulness of the materials — a procedural acknowledgement, not a substantive endorsement.
    备案通知书仅确认备案信息，不代表对投资价值或备案材料真实性、准确性、完整性作出判断或保证，属于程序性确认而非实质性背书。
  • Architecture choice turns on red-chip (Cayman + Hong Kong + WFOE) versus H-share direct listing, the 37-Article SAFE registration path, the compliant boundary of VIE in restricted sectors, and the tax and FX effects of building or dismantling a structure.
    架构选择取决于红筹（开曼＋香港＋WFOE）与 H 股直接上市的比较、37 号文登记路径、VIE 在受限行业的合规边界，以及搭建或拆除架构的税务与外汇影响。
  • Practical readiness means a clean filing timeline, complete materials, ongoing major-event and post-listing reporting, and anticipation of look-through, data/algorithm and industry-admission inquiries.
    实操要点是清晰的备案时间轴、完整材料、持续的重大事项与上市后报告义务，并预判股权穿透、数据与算法合规、行业准入资质三类问询。

Red-Chip and VIE Structures in China: Substance-Over-Form Scrutiny and the 2026 Offshore Listing Filing Path | 红筹与 VIE 架构在中国：实质重于形式的穿透式监管与 2026 年境外上市备案路径

Overview

For two decades, red-chip and Variable Interest Entity (VIE) structures have been the main vehicles for China-based businesses to raise capital offshore while operating in foreign-investment-restricted sectors at home. The 2026 environment is neither a ban nor a free pass; it is a filing-based regime built on one idea: substance over form. A structure’s legal label does not alone determine how the business is treated for admission, export-control, data and outbound-investment purposes — what matters is where the assets, control, revenue and compliance obligations actually sit.

This article sets out the penetration principle across the four regulatory gates most relevant to red-chip and VIE planning — admission, technology export, data export and outbound investment — then walks through the CSRC filing path as it stands in September 2026, including the latest public filing instances and the methodology for choosing a compliant structure.

The substance-over-form penetration principle

The clearest official articulation came from the Ministry of Commerce. Its spokesperson stated that the Chinese government consistently supports enterprises in conducting mutually beneficial cross-border operations and international technology cooperation in accordance with law, and that enterprises engaged in outbound investment, technology export, data export and cross-border M&A must comply with Chinese laws and fulfil statutory procedures. The ministry added that it would, with relevant departments, assess a transaction’s consistency with export-control, technology import/export and outbound-investment rules.

That is a statement of method, not a single deal. For a red-chip or VIE group, the offshore layer is transparent to the four gates:

  • Foreign-investment admission. The negative list and its application guidance look through to the ultimate controller; a VIE does not convert a prohibited activity into a permitted one.
  • Technology export. Where the underlying assets or know-how are subject to technology-import/export administration, the offshore restructuring and any transfer of control must clear the applicable export-control and technology-transfer procedures.
  • Data export. Data-export security assessment, standard contracts and certification apply to the domestic operating entity regardless of how the group is held offshore; cybersecurity-review obligations for large user bases travel with the data.
  • Outbound investment. Corporate and individual outbound investments are administered under the State Council’s unified rules; the ODI filings and approvals sit underneath any offshore listing and cannot be designed around.

The CSRC offshore-listing filing regime

Since 31 March 2023, the CSRC has administered offshore securities offerings and listings by domestic enterprises through a unified filing system under the *Trial Measures for the Administration of Overseas Securities Offering and Listing by Domestic Companies*. It covers both direct listings (H-shares) and indirect listings (red-chip/VIE structures, where an offshore entity lists based on the assets, revenue or earnings of a domestic operating entity).

The indirect-listing test is itself substance-over-form: a domestic entity is deemed the issuer where, in the latest year, any of revenue, profit, total assets or net assets exceeds 50% of the consolidated figure and the main business is conducted in China. A domestic responsible person must be designated to file with the CSRC. For H-share issuers converting domestic unlisted shares into overseas-listed shares, the *Business Guideline for the “Full Circulation” of Unlisted Domestic Shares of H-share Companies* provides the framework. VIE is not prohibited; the CSRC grants filing where compliance is satisfied, and the channel has remained operational through 2026.

September 2026 filing snapshots

On 4 September 2026 the CSRC released its rolling IPO and full-circulation filing-status table as of that date; in it, the Hong Kong IPO filings of enterprises spanning cross-border logistics, new energy, high-end manufacturing, biomedicine and cultural-tourism consumption appeared in “received” (已接收) status, while one A-share company’s Hong Kong IPO filing appeared in “seeking comments” (征求意见) status.

On 18 September 2026 the CSRC’s International Department issued the filing notice for Jiangsu Xinde Semiconductor Technology Co., Ltd. concerning its overseas offering, listing and full-circulation of domestic unlisted shares (document reference 国合函〔2026〕2003号; dated 20 August 2026, published 18 September 2026):

  • No more than 367,640,500 overseas-listed ordinary shares to list on The Stock Exchange of Hong Kong.
  • 51 shareholders to convert an aggregate of 693,909,187 domestic unlisted shares into overseas-listed shares for trading on the Hong Kong exchange; names and quantities are attached.
  • Report material events through the CSRC filing management information system from the notice date until the offering concludes.
  • Report the listing particulars within 15 working days of completion, complying with both jurisdictions’ laws throughout.
  • If not completed within 12 months of the notice and intended to continue, update the filing materials.

The legal nature of the filing notice

A frequently misunderstood point is what the filing notice does and does not do. The CSRC’s notices state expressly that the notice only confirms the filing information. It does not indicate a substantive judgment or guarantee as to the investment value or investors’ returns, nor that the CSRC guarantees or recognises the truthfulness, accuracy or completeness of the enterprise’s filing materials.

In other words, the notice is a procedural acknowledgement, not a merit review and not a clean bill of health on the underlying business.

Architecture-choice methodology

Choosing between a red-chip structure and an H-share direct listing is a commercial and regulatory decision:

  • Red-chip (Cayman holding + Hong Kong intermediate + WFOE). The three-tier offshore structure raises capital offshore while the WFOE holds lawfully ownable licences and wraps the domestic operating entity in contractual control; its cost is the full evidence chain (37-Article SAFE, ODI and FDI foreign-exchange registration, and clean documentation for every capital reduction, buyback and transfer).
  • H-share direct listing. The domestic company lists directly overseas with its domestic shares converted where applicable under the full-circulation framework, avoiding the offshore holding layer and the associated ODI and 37-Article steps, but tying the listed vehicle to the domestic legal person.
  • The 37-Article registration path. Founders and employees holding offshore equity through special-purpose vehicles register with SAFE under the rules on foreign-exchange administration for overseas investment and financing by domestic residents; this is a recurring focus of pre-filing review.
  • The compliant boundary of VIE. In restricted (non-prohibited) sectors, a VIE may be acceptable where the structure and foreign-investment compliance are fully disclosed and approvals obtained; in prohibited sectors, a VIE cannot rescue the business. The negative-list status of the operating activity is therefore the first question.
  • Tax and FX effects of building or dismantling. Establishing or unwinding a structure can trigger valuation, pricing and tax consequences at the WFOE-OPCO interface and on cross-border payments; exchange-control documentation must be maintained and modelled before filing.

Practical steps for filers

  1. Map the negative-list and gate exposure first. Confirm whether the activity is prohibited, restricted or open, and which of the four gates apply.
  2. Choose the structure on the evidence chain. If red-chip, build the 37-Article, ODI and FDI registration trail before filing; if H-share, prepare the full-circulation conversion schedule.
  3. Prepare the filing materials. Disclose the control arrangement fully, designate a domestic responsible person, and align the materials with the substance-over-form test.
  4. Run the look-through before it is asked. Identify every 5%-plus shareholder, aggregate connected holdings, surface Chinese-natural-person investors behind offshore funds, and resolve nominee arrangements.
  5. Anticipate the three recurring inquiry themes: filers are routinely examined on equity-structure look-through, data and algorithm compliance, and industry-admission qualifications.
  6. Honour the ongoing obligations. Report material events during the pre-listing window, report the listing within 15 working days of completion, and update the filing if the 12-month validity lapses without completion.

Sources

红筹与 VIE 架构在中国：实质重于形式的穿透式监管与 2026 年境外上市备案路径

概述

二十年来，红筹架构与协议控制（VIE）架构一直是中国境内企业赴境外融资、同时运营受外资限制行业的主要载体。2026 年的监管环境既不禁止、也非放任，而是一套以”实质重于形式”为内核的备案制框架：结构的法律标签本身并不单独决定业务在准入、出口管制、数据出境与对外投资等维度上如何被对待，真正决定待遇的是资产、控制、收入与合规义务的实际所在。

本文先阐明与红筹和 VIE 规划最密切的四道监管闸门所共同遵循的穿透原则——外商投资准入、技术出口、数据出境与对外投资，再梳理截至 2026 年 9 月的证监会境外上市备案路径，包括最新公开的备案实例与选择合规架构的方法论。

实质重于形式的穿透原则

对跨境架构穿透原则最明确的官方表述来自商务部。商务部新闻发言人表示，中国政府一贯支持企业依法依规开展互利共赢的跨国经营与国际技术合作，并说明企业从事对外投资、技术出口、数据出境、跨境并购等活动，须符合中国法律法规，履行法定程序；商务部将会同相关部门对交易与出口管制、技术进出口、对外投资等相关法律法规的一致性开展评估调查。

这一表态针对的是方法，而非单一交易。对红筹或 VIE 集团而言，其含义是离岸层级在四道闸门的监管者面前是透明的：

  • 外商投资准入。 负面清单及其适用指引穿透至最终实际控制人；VIE 无法把禁止类业务变成允许类。
  • 技术出口。 当底层资产或技术受技术进出口管理时，离岸重组及任何控制权转移都须完成相应的出口管制与技术进出口程序。
  • 数据出境。 数据出境安全评估、标准合同与认证适用于境内运营实体，与集团在离岸如何持股无关；对大规模用户群体的网络安全审查义务随数据走。
  • 对外投资。 企业与个人的对外投资依国务院统一规则管理；ODI 备案与核准位于任何境外上市之下，不得以架构设计绕开。

证监会境外上市备案制度

自 2023 年 3 月 31 日起，中国证监会对境内企业境外发行证券和上市统一实行备案制，依据《境内企业境外发行证券和上市管理试行办法》。该制度覆盖直接上市（H 股）与间接上市（红筹/VIE 架构，由境外主体基于境内运营实体的资产、收入或收益上市）。

间接上市测试本身就是实质重于形式的测试：境内实体若最近一会计年度营业收入、利润总额、总资产或净资产任一指标超过合并报表相应数据的 50%，且主要业务在境内开展，则认定为发行人；并须指定境内责任人向证监会备案。对拟将境内未上市股份转为境外上市股份的 H 股发行人，《H 股公司境内未上市股份申请”全流通”业务指引》提供了框架。VIE 未被禁止；证监会在满足合规要求时予以备案，2026 年通道保持运转。

2026 年 9 月备案实例

证监会 2026 年 9 月 4 日发布的截至当日首次公开发行及全流通备案情况表中，覆盖跨境物流、新能源、高端制造、生物医药、文旅消费等赛道的众多企业香港 IPO 备案状态为”已接收”，一家 A 股上市公司的香港 IPO 备案状态为”征求意见”。

2026 年 9 月 18 日，证监会国际合作司发布关于江苏芯德半导体科技股份有限公司境外发行上市及境内未上市股份”全流通”的备案通知书（国合函〔2026〕2003 号；落款 2026 年 8 月 20 日，2026 年 9 月 18 日公示）：

  • 拟发行不超过 367,640,500 股境外上市普通股，并在香港联合交易所上市。
  • 51 名股东拟将所持合计 693,909,187 股境内未上市股份转为境外上市股份，在香港联合交易所上市流通；股东名称及转换数量附后。
  • 自本备案通知书出具之日起至本次境外发行上市结束前，如发生重大事项，应通过中国证监会备案管理信息系统报告。
  • 完成境外发行上市后 15 个工作日内，应通过该备案管理信息系统报告发行上市情况，并在过程中严格遵守境内外有关法律、法规和规则。
  • 自备案通知书出具之日起 12 个月内未完成境外发行上市及股份转换、拟继续推进的，应当更新备案材料。

备案通知书的法律性质

首次申报者常误解备案通知书的作用范围。证监会通知书明确声明，仅对企业境外发行上市及”全流通”备案信息予以确认，不表明证监会对该企业证券的投资价值或者投资者的收益作出实质性判断或者保证，也不表明对备案材料的真实性、准确性、完整性作出保证或者认定。

换言之，通知书是对备案的程序性确认，而非价值判断，也不构成对底层业务的合规背书。

架构选择方法论

在红筹架构与 H 股直接上市之间取舍，是商业与监管并重的决策：

  • 红筹架构（开曼控股＋香港中间公司＋WFOE）。 三层离岸架构在境外募资，WFOE 持有外资可合法拥有的牌照，并以合同控制包裹境内运营实体。其代价是完整的证据链：创始人的离岸特殊目的公司须办理 37 号文外汇登记，企业投资者须办理 ODI 备案，返程 WFOE 须办理 FDI 外汇登记，且历次减资、回购与转让均须文件清晰。
  • H 股直接上市。 境内企业直接在境外交易所上市，并在全流通框架下视情况转换境内股份，免去了离岸控股层及相应的 ODI 与 37 号文步骤，但将上市主体绑定于境内法人。
  • 37 号文登记路径。 通过特殊目的公司持有离岸权益的创始人与员工，依境内居民境外投融资外汇管理规定在外汇局办理登记；该登记是备案前审查的反复重点。
  • VIE 的合规边界。 在限制类（非禁止类）行业，在架构与外资合规充分披露并取得相应审批后，VIE 或可被接受；在禁止类行业，VIE 无法拯救业务。因此运营活动的负面清单属性是首要问题。
  • 搭建或拆除的税务与外汇影响。 设立或拆解架构可能在 WFOE 与运营实体的接口及跨境支付环节触发估值、定价与税务后果；须持续维护外汇监管文件，并在申报前建模测算。

申报企业实操步骤

  1. 先梳理负面清单与闸门暴露面。 确认运营活动属禁止、限制还是开放，并识别四道闸门中哪些适用。
  2. 按证据链选择架构。 若选红筹路径，在申报前备齐 37 号文、ODI 与 FDI 登记轨迹；若选 H 股路径，备好全流通转换时间表。
  3. 准备备案材料。 完整披露控制安排，指定境内责任人，并使材料契合实质重于形式测试。
  4. 主动做穿透自查。 摸清每个 5% 以上股东，合并计算关联持股，识别境外基金背后的中国籍自然人，清理代持安排。
  5. 预判三类反复出现的问询主题： 申报企业通常被审查股权结构穿透、数据与算法合规、行业准入资质。
  6. 履行持续义务。 在上市前窗口内报告重大事项，于完成后 15 个工作日内报告上市情况，若 12 个月有效期届满仍未完成则更新备案材料。

来源

Living Guide / 来华生活指南

Inbound Travel and Departure Tax Refunds in China: The September 2026 Facilitation Update

  • From 1 September 2026, China’s departure-tax-refund service moved from paper-based verification to online review: tax-refund shops can upload the foreign visitor’s identity document when issuing an “instant refund” application, and the agency at the point of purchase completes the review online, while the agency at the departure point verifies identity and finalises the refund.
    自2026年9月1日起，中国离境退税服务由”纸质核验”转向”线上审核”：退税商店开具”即买即退”申请单时可上传境外旅客有效身份证件，开单地代理机构在线完成资料审核，离境地代理机构核对身份并办结退税。
  • As of September 2026, China applies unilateral visa-free entry to 50 countries and the 240-hour transit visa-free policy to 57 countries; the number of eligible ports for the 240-hour transit scheme has risen from 60 to 65, and Hainan’s 30-day visa-free entry now covers 61 countries.
    截至2026年9月，中国对50个国家实施单方面免签，对57个国家实施240小时过境免签；240小时过境免签适用口岸由60个增至65个，海南30天入境免签适用国家增至61个。
  • On 20 August 2026, nationals of Kyrgyzstan and Viet Nam became eligible for the 240-hour transit visa-free policy and Hainan’s 30-day visa-free entry, raising the eligible country counts to 57 and 61 respectively.
    2026年8月20日起，吉尔吉斯斯坦、越南公民可适用240小时过境免签与海南30天入境免签政策，两项政策的适用国家分别增至57国与61国。
  • Inbound travel is growing sharply: in the first half of 2026, foreign arrivals reached 22.914 million, up 20.4% year on year, of which visa-free entries were 17.815 million, up 30.6%; for January–August 2026, visa-free entries reached 23.72 million, 77.6% of all foreign arrivals, up 26.8%.
    入境游快速增长：2026年上半年入境外国人达2291.4万人次，同比增长20.4%，其中免签入境1781.5万人次，同比增长30.6%；2026年1至8月免签入境2372万人次，占入境外国人的77.6%，同比增长26.8%。
  • The business-traveller distinction matters: visa-free transit covers tourism, business, visits and family visits for up to 240 hours, but work, study and journalism still require an advance visa; the M (business) visa remains the route for longer or employment-related stays.
    商务人士需分清边界：免签过境覆盖旅游、商贸、访问、探亲等不超过240小时的短期活动，但工作、学习、新闻采访仍须提前办妥签证；M字（商务）签证仍是较长或涉就业停留的路径。
  • Refund eligibility hinges on documentation: buy from designated refund shops, keep the tax-refund invoice and eligible goods intact, and meet the minimum-purchase and departure-window rules; “instant refund” returns the tax at purchase but still requires identity verification at departure.
    退税资格取决于凭证：在指定退税商店购物，保留退税发票与所购物品完好，并满足最低消费额与离境时限要求；”即买即退”在购物点返还税款，但离境时仍需核验身份。
  • Practical readiness means preparing valid documents and a confirmed onward ticket, knowing the 240-hour and area limits, distinguishing visa-free from the M visa, planning the refund steps, and carrying a payment-and-transport checklist to avoid friction on arrival.
    境外访客的实务准备包括：备妥有效证件与确认联程客票、知晓240小时与区域限制、分清免签与M字签证、规划退税步骤，并携带支付与交通出行清单，以减少入境摩擦。

Inbound Travel and Departure Tax Refunds in China: The September 2026 Facilitation Update | 入境消费便利化：离境退税服务优化与免签政策扩容（2026年9月）/ Inbound Travel and Departure Tax Refunds in China

Overview

China’s inbound-travel facilitation moved to a higher gear in the second half of 2026 through two instruments. First, the departure-tax-refund service was optimised from 1 September 2026, shifting from paper-based verification to an online, data-driven review. Second, the visa-free landscape has widened, and as of September 2026 China applies unilateral visa-free entry to 50 countries and the 240-hour transit visa-free policy to 57 countries, with the transit-scheme port count raised to 65 and Hainan’s 30-day visa-free entry now covering 61 countries.

The direction is consistent with the broader effort to make China easier to visit for business and leisure. For foreign-invested enterprises, the benefit is lower friction for short trips — supplier meetings, inspections, trade fairs and client visits within the visa-free window — plus a smoother shopping-and-refund experience. This article focuses on the tax-refund optimisation, the current visa-free scope and port list, and a business-traveller readiness checklist, rather than on payment tools, which are covered elsewhere.

Departure tax refund: from paper to online

The notice on optimising departure-tax-refund services (document No. 37 of 2026, State Taxation Administration, in force from 1 September 2026) restructures processing from physical document checking to electronic information flowing online. Under the optimised model, the refund shop can issue an electronic application form and an electronic sales invoice for the refund goods. At the purchase stage, the shop may upload the foreign visitor’s valid identity document when issuing an “instant refund” (即买即退) application, and the agency at the point of purchase completes the refund document review online. At departure, the agency at the departure point verifies the visitor’s identity and finalises the refund. Where the system flags verification is needed, customs may conduct an online check using the identity document, the goods and the electronic data; where it indicates no verification is needed, customs need not check.

The notice also advances three supporting moves: paperless processing across the whole chain (application, invoice, review and settlement handled with electronic data, paper provided only on request); an optimised “instant refund” process supporting cross-location recognition so the refund is finalised at the departure point; and a pilot of tax-refund services for online shops. It also stresses risk control against fraudulent purchasing, smuggling and resale, with termination of a shop’s refund qualification where it participates in such conduct.

For a visiting business traveller, the effect is simpler: buy at a designated refund shop, keep the goods and the refund documents, and “instant refund” returns the tax at purchase while identity is still verified at departure. Confirm with the shop that it is authorised and that the purchase meets the minimum-amount and departure-window rules.

Visa-free scope as of September 2026

The visa-free landscape is best read as three layers. First, unilateral visa-free entry: as of September 2026, China applies it to 50 countries for short stays without a visa obtained in advance. Second, the 240-hour transit visa-free policy: it covers 57 countries; ordinary-passport holders with a confirmed interline ticket transiting to a third country or region may enter through any of 65 designated open ports — including Beijing and Shanghai — and stay up to 240 hours (10 days) within designated areas. The 20 August 2026 expansion added Kyrgyzstan and Viet Nam, taking the transit list to 57 and the Hainan list to 61. Third, Hainan’s 30-day visa-free entry: as of September 2026 it covers 61 countries, with entry through any open port of Hainan and stay up to 30 days within the province.

Across these schemes, eligible activities are tourism, business, visits and family visits. Work, study and news reporting still require an advance visa, and travellers who overstay or leave the designated areas must use the ordinary visa or residence-permit route.

The data behind the opening

Inbound traffic is growing strongly. Per the National Immigration Administration, in the first half of 2026 foreign arrivals reached 22.914 million, up 20.4% year on year; visa-free entries were 17.815 million, up 30.6%. For January–August 2026, border inspection authorities processed 499 million exits and entries, up 8.7%; foreign arrivals reached 61.287 million, up 19.5%; and visa-free entries reached 23.72 million, 77.6% of all foreign arrivals, up 26.8%.

The top ten source countries were the Republic of Korea, Russia, Malaysia, Viet Nam, Thailand, Singapore, the United States, Japan, Mongolia and Australia, together 62% of total foreign arrivals. In 2025, total spending by inbound tourists grew 39.2% year on year; and for January–July 2026, the number of foreign visitors processing departure tax refunds grew more than threefold year on year. These figures explain the investment in smoother ports, more refund shops and faster clearance.

Supporting services on the ground

Several measures make the facilitation tangible. Port clearance is being sped up — Beijing has basically achieved 30-minute rapid clearance. Departure-tax-refund shops exceed 2,000, and more than 60 merchants support “instant refund”. Express channels cover more than 200 land, sea and air ports. The Hong Kong–Zhuhai–Macao Bridge and the Hengqin port apply a “cooperative inspection, one-time release” model. A 12367 service platform provides immigration information, and mobile payment supports binding of foreign bank cards to help visitors pay during their stay.

Practical checklist for business visitors

  1. Prepare documents before departure. Hold a valid ordinary passport with sufficient validity; for the 240-hour transit scheme, a confirmed interline ticket with a fixed date and itinerary; name and date details must match across documents.
  2. Know the 240-hour and area limits. The 10-day cap counts from arrival, and movement is restricted to designated areas; overstaying or leaving the approved region turns a facilitation into a compliance problem.
  3. Distinguish visa-free from the M (business) visa. Visa-free transit covers short business activities such as meetings and inspections, but employment, study or journalism require the proper visa or permit in advance; if the stay exceeds the limit or the purpose is work, apply for the appropriate visa before arrival.
  4. Plan the refund steps. Shop at designated refund shops, keep goods and refund documents intact, meet the minimum-purchase and departure-window rules, and ask whether “instant refund” is available; still expect identity verification at departure.
  5. Carry a payment-and-transport readiness checklist. Bind a foreign bank card to mobile payment where useful, keep cash or a card as fallback, and check local transport access at the destination.
  6. Respect the limits to avoid consequences. Unauthorised work or overstay can lead to immigration penalties; treat the visa-free window as strictly short-term and activity-limited.

Related reading

  • The 240-hour transit visa-free policy and its country and port scope (see the dedicated transit-visa-free articles).
  • China’s cross-border payment facilitation for visitors (covered separately, focusing on payment rails).
  • Hainan’s 30-day visa-free entry policy for eligible countries.

Sources

  • 国家税务总局（官网）: https://www.chinatax.gov.cn/
  • 国家移民管理局（官网）: https://www.nia.gov.cn/
  • 国家税务总局《关于优化离境退税服务推动政策规范落实的通知》（税总货劳发〔2026〕37号，2026年9月1日起施行）: https://hainan.chinatax.gov.cn/ssxc_1_6/17166038.html
  • 国家移民管理局《关于增加吉尔吉斯斯坦、越南为240小时过境免签和海南30天入境免签政策适用国家的公告》（2026年第4号，2026-08-20）: https://www.nia.gov.cn/n741440/n741542/c1796294/content.html
  • 光明网《入境游持续升温 China travel火出圈》（含国家移民管理局数据，2026-09-14）: https://guancha.gmw.cn/2026-09/14/content_38999577.htm
  • 央广网《免签扩容与入境游报道》（2026-09-15）: https://www.cnr.cn/lvyou/jd/20260915/t20260915_527814478.shtml

入境消费便利化：离境退税服务优化与免签政策扩容（2026年9月）/ Inbound Travel and Departure Tax Refunds in China

概述

2026年下半年，中国入境旅行便利化迈上更高台阶，主要借助两套工具。其一，离境退税服务自2026年9月1日起优化，由”纸质核验”转向以数据驱动的线上审核。其二，免签版图持续扩容，截至2026年9月，中国已对50个国家实施单方面免签，对57个国家实施240小时过境免签；240小时过境免签适用口岸增至65个，海南30天入境免签适用国家增至61个。

政策方向与”让中国更易到访”的整体努力一致。对外资企业而言，实际好处是短期差旅摩擦下降——供应商会谈、考察、参展、客户拜访等落在免签窗口内的行程更为顺畅，叠加更优的购物退税体验。本文聚焦退税服务优化、当前免签适用范围与口岸清单，以及商务人士实操清单，不展开支付工具（该主题另行成篇）。

离境退税：从纸质到线上

《关于优化离境退税服务推动政策规范落实的通知》（税总货劳发〔2026〕37号，国家税务总局发布，2026年9月1日起施行）将办理方式由纸质单证核验重构为电子信息在线流转。在优化后的模式下，退税商店可向境外旅客开具离境退税电子申请单与退税物品销售电子发票。购物开单环节，商店开具”即买即退”申请单时可上传境外旅客有效身份证件，开单地代理机构在线完成资料审核；离境环节，离境地代理机构核对旅客身份，并按现行规定办结退税。系统提示需验核的，海关可凭有效身份证件、退税物品及电子信息开展线上验核；提示免予验核的，海关无需验核。

通知还推进三项配套：全链条无纸化办理（申请单、发票、审核与结算凭电子信息完成，仅按需提供纸质）；优化”即买即退”以支持异地互认、退税于离境地办结；推进网上商店离境退税试点。同时强调风险防控，警示套代购、走私回流等行为，并对参与此类行为的退税商店终止退税备案资格。

对来访商务旅客而言，实际效果更简便：在指定退税商店购物、保留物品与退税凭证，”即买即退”在购物点返还税款，离境时仍核验身份。旅客应向商店确认其已获授权，且消费满足最低金额与离境时限要求。

截至2026年9月的免签版图

免签格局可理解为三层。第一，单方面免签：截至2026年9月覆盖50国，相关国家普通护照持有人可免事先办签来华短期停留。第二，240小时过境免签：覆盖57国；持确定日期及行程、过境前往第三国或地区的联程客票的普通护照持有人，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）。2026年8月20日的扩围新增吉尔吉斯斯坦与越南，使过境名单增至57国、海南名单增至61国。第三，海南30天入境免签：截至2026年9月覆盖61国，持普通护照从海南省对外开放口岸入境，在省内免签停留不超过30天。

各项政策适用的来华活动均为旅游、商贸、访问、探亲等短期活动；工作、学习、新闻采访仍须提前办妥签证，超期停留或离开规定区域的旅客须走普通签证或居留许可路径。

开放背后的数据

入境流量强劲增长。据国家移民管理局数据，2026年上半年入境外国人达2291.4万人次，同比增长20.4%；其中免签入境1781.5万人次，同比上升30.6%。2026年1至8月，全国边检机关累计查验出入境人员4.99亿人次，同比上升8.7%；出入境外国人达6128.7万人次，同比上升19.5%；免签入境2372万人次，占入境外国人总数的77.6%，同比上升26.8%。

入境外国人排名前十位的国家为韩国、俄罗斯、马来西亚、越南、泰国、新加坡、美国、日本、蒙古、澳大利亚，合计占62%。2025年中国入境游客总花费同比增长39.2%；2026年1至7月办理离境退税的境外旅客数量同比增长3倍以上。这些数字解释了主管部门为何持续投入更顺畅的口岸、更多退税商店与更快的通关。

落地配套服务

多项配套让便利化落到实处。口岸通关提速——北京基本实现30分钟快速通关。离境退税商店超过2000家，60多家商户支持”即买即退”。快捷通道覆盖200多个陆海空口岸。港珠澳大桥、横琴口岸实行”合作查验、一次放行”。12367服务平台提供移民与出入境信息服务。移动支付支持绑定境外银行卡，便利旅客在华期间付款。

商务访客实操清单

  1. 入境前备妥证件。 持有效期充足的普通护照；若依托240小时过境免签，须备具确定日期与行程的联程客票；姓名、日期等信息在各类单证间须一致。
  2. 知晓240小时与区域限制。 10天上限自入境起算，活动限于规定区域；超期停留或离开批准区域会使便利措施变成合规问题。
  3. 分清免签与M字（商务）签证。 免签过境覆盖会谈、考察等短期商务活动，但就业、学习、新闻采访须事先取得相应签证或许可；若停留超免签上限或目的为工作，应在来华前申请相应签证。
  4. 规划退税步骤。 在指定退税商店购物，保留物品与退税凭证完好，满足最低消费额与离境时限要求，并询问是否支持”即买即退”；离境时仍须核验身份。
  5. 携带支付与交通准备清单。 必要时将境外银行卡绑定移动支付，并准备现金或银行卡作为备用；提前了解目的地本地交通可达性。
  6. 遵守限制以避免后果。 未经许可工作或缺签停留可能招致出入境处罚；应将免签窗口严格视为短期、限定活动的安排。

相关阅读

  • 240小时过境免签政策及其国家与口岸范围（详见过境免签专题文章）。
  • 中国面向来访人员的跨境支付便利化（另行成篇，聚焦支付渠道）。
  • 海南30天入境免签政策及其适用国家。

来源

  • 国家税务总局（官网）：https://www.chinatax.gov.cn/
  • 国家移民管理局（官网）：https://www.nia.gov.cn/
  • 国家税务总局《关于优化离境退税服务推动政策规范落实的通知》（税总货劳发〔2026〕37号，2026年9月1日起施行）：https://hainan.chinatax.gov.cn/ssxc_1_6/17166038.html
  • 国家移民管理局《关于增加吉尔吉斯斯坦、越南为240小时过境免签和海南30天入境免签政策适用国家的公告》（2026年第4号，2026-08-20）：https://www.nia.gov.cn/n741440/n741542/c1796294/content.html
  • 光明网《入境游持续升温 China travel火出圈》（含国家移民管理局数据，2026-09-14）：https://guancha.gmw.cn/2026-09/14/content_38999577.htm
  • 央广网《免签扩容与入境游报道》（2026-09-15）：https://www.cnr.cn/lvyou/jd/20260915/t20260915_527814478.shtml