- All manufacturing foreign-investment access restrictions are now abolished; the 2024 negative list cleared the last manufacturing items, including passenger-vehicle equity caps.
制造业外资准入限制已全部取消；2024 年负面清单清除了最后制造业条目，包括乘用车股比限制。- The 2025 Catalogue of Encouraged Foreign Investment (in force 1 Feb 2026) lists new-energy and smart-vehicle supply-chain items as encouraged.
2025 年版《鼓励外商投资产业目录》（2026 年 2 月 1 日施行）将新能源与智能网联汽车供应链条目列为鼓励类。- The 2026 stabilise-and-optimise-FDI action plan reaffirms solving the “big door open, small door closed” problem — i.e., access plus operating permission.
2026 年稳外资行动方案重申解决「大门开、小门不开」，即准入加准营。- Foreign auto and NEV investors can now fully own WFOEs, JVs are no longer equity-capped, and encouraged items enjoy preferential treatment.
外国汽车与新能源投资者可全资设 WFOE，合资不再受股比限制，鼓励类条目享优惠。- Practical focus shifts from “can I enter?” to “can I operate?” — licences, standards, data and localisation now dominate the agenda.
实务焦点从「能否进入」转向「能否运营」——牌照、标准、数据与本地化成为议程主线。- Watch the negative list’s service-sector items (29 national / 27 FTZ) and the encouraged catalogue’s annual updates for the next opening wave.
关注负面清单服务业条目（全国 29 / 自贸区 27）与鼓励目录的年度更新，捕捉下一波开放。
Automotive and NEV Market Access for Foreign Investors: The Post-Restriction Landscape (2026) | 汽车与新能源汽车外资准入：限制清零后的格局（2026）
China’s manufacturing sector is now fully open to foreign investment. The *Special Administrative Measures for Foreign Investment Access (Negative List) (2024)* removed the final manufacturing restrictions, including the passenger-vehicle foreign-equity cap and the limit of two same-segment JVs per foreign maker. Combined with the 2021 removal of satellite-TV equipment restrictions, the FTZ negative list achieved “manufacturing items cleared to zero.” For automotive and new-energy-vehicle (NEV) investors, this means full freedom to choose structure: a wholly foreign-owned enterprise, a majority-owned JV, or a 50/50 JV — the cap is gone.
The encouraging side is equally explicit. The *Catalogue of Encouraged Industries for Foreign Investment (2025 Edition)*, promulgated 15 December 2025 and effective 1 February 2026, carries a deep set of automotive and NEV supply-chain items — from power batteries and key materials to smart-vehicle components, hydrogen preparation and CCUS. Encouraged items, consistent with access policy, enjoy preferential treatment (e.g., tax incentives) where they are not excluded by other industrial catalogues. This steers foreign capital toward the high-value, green and smart segments rather than mere assembly.
The 2026 *Action Plan for Stabilising and Optimising Foreign Investment* frames the next problem precisely: with manufacturing access “zeroed,” the bottleneck is “access after admission” — making sure a cleared investment can actually operate. Officials describe the “big door open, small door closed” issue and commit to solving licensing, standards and local operating frictions. For auto/NIV investors this is the real work: vehicle-type approval, battery and recycling rules, data-security for connected vehicles, and local supply-chain integration.
Structurally, the path is: (1) confirm the specific product sits in the encouraged catalogue (for incentives) and is outside any residual restriction; (2) choose WFOE vs JV on commercial grounds, not because of a cap; (3) map the operating licences — production, product certification, battery/NEV-specific approvals; (4) build a data-compliance plan for connected and intelligent vehicles; and (5) use the “investment China” service window and any applicable FTZ pilot to compress licensing. The era of negotiation over equity caps is over; the era of operating-permission mastery has begun.
汽车与新能源汽车外资准入：限制清零后的格局（2026）
中国制造业已对外资全面开放。《外商投资准入特别管理措施（负面清单）（2024 年版）》取消了最后制造业限制，包括乘用车外资股比限制与同一外商两家同类整车合资限制。叠加 2021 年取消卫星电视设备限制，自贸区负面清单实现「制造业条目清零」。对汽车与新能源汽车（NEV）投资者，这意味着可自由选择结构：外商独资、控股合资或 50/50 合资——上限已无。
鼓励侧同样明确。2025 年版《鼓励外商投资产业目录》（2025 年 12 月 15 日公布，2026 年 2 月 1 日施行）包含大量汽车与 NEV 供应链条目——从动力电池、关键材料到智能网联零部件、制氢与 CCUS。鼓励类条目在符合准入政策前提下享优惠（如税收激励），引导外资流向高价值、绿色与智能环节，而非单纯组装。
2026 年《利用外资固稳促优行动方案》精准框定下一问题：制造业准入「清零」后，瓶颈在「准入之后准营」——确保获批投资真能运营。官方直指「大门开、小门不开」，承诺破解牌照、标准与本地运营摩擦。对汽车/NIV 投资者，真正功课是：车辆型式准入、电池与回收规则、智能网联汽车数据安全、本地供应链整合。
结构上，路径是：（1）确认具体产品落入鼓励目录（享优惠）且不在任何残留限制内；（2）基于商业而非上限选择 WFOE 或合资；（3）梳理运营牌照——生产、产品认证、电池/NV 专项审批；（4）为智能网联汽车建数据合规方案；（5）用「投资中国」服务窗口与适用自贸区试点压缩拿照周期。谈判股比上限的时代结束，掌握准营的时代开始。
From “Can I Enter?” to “Can I Operate?”
With the equity cap gone, the real constraints are operational. A foreign NEV maker should focus on vehicle-type approval, battery production and recycling approvals, and the data-security rules for connected and intelligent vehicles — these, not ownership, now shape time-to-market. Build a local compliance and data-governance function early; for smart vehicles, cross-border data and mapping rules are as strategic as the factory permit.
Use the encouraged catalogue for economics. If your product sits in the 2025 encouraged list (power batteries, key materials, smart components, hydrogen, CCUS), confirm eligibility for preferential treatment and pair it with any applicable FTZ pilot. The action plan’s “access after admission” commitment means licensing and standards should become more predictable — but only if you engage the “investment China” service window and pre-align with regulators rather than wait for a surprise at operating stage.
Plan the structure on commercial grounds. WFOE versus JV is now a strategy choice, not a legal ceiling. A JV may still help with local ecosystem, distribution and policy access; a WFOE maximises control and IP protection. Either way, the 2026 agenda is operating-permission mastery: whoever clears licences, standards and data fastest will capture the China NEV and smart-vehicle opportunity — the cap era is definitively over.
从「能否进入」到「能否运营」
股比上限取消后，真正约束在运营。外资新能源车企应聚焦车辆型式准入、电池生产与回收审批、智能网联汽车数据安全规则——这些而非所有权，如今决定上市速度。早建本地合规与数据治理职能；对智能车，跨境数据与地图规则与工厂许可同样战略。
用鼓励目录换经济账。若产品落入 2025 鼓励目录（动力电池、关键材料、智能零部件、制氢、CCUS），确认优惠资格并与适用自贸区试点配对。方案「准入之后准营」承诺意味着牌照与标准更可预期——但前提是善用「投资中国」服务窗口、预先与监管对齐，而非运营阶段才遇 surprises。
基于商业选结构。WFOE 还是合资，如今是战略选择而非法律天花板。合资仍有助于本地生态、渠道与政策触达；WFOE 最大化控制与 IP 保护。无论如何，2026 议程是准营 mastery：谁能最快清牌照、标准与数据，谁就拿下中国新能源与智能车机会——上限时代已彻底结束。
Practitioner Quick Reference
- Manufacturing open: the 2024 negative list cleared the last manufacturing items, including passenger-vehicle caps.
- Encouraged: the 2025 catalogue (effective 1 Feb 2026) lists NEV/smart-vehicle supply-chain items.
- Structure free: WFOE, majority JV or 50/50 JV all permitted; cap abolished.
- Bottleneck: “access after admission” — licences, standards, data now dominate.
- Data duty: connected/intelligent vehicles face cross-border data and mapping rules.
- Economics: confirmed encouraged items may enjoy preferential treatment.
- Action: use the “investment China” window; pre-align with regulators before operating stage.
实务速查
- 制造业放开： 2024 负面清单清除最后制造业条目，含乘用车股比限制。
- 鼓励： 2025 目录（2026 年 2 月 1 日施行）列新能源/智能车供应链条目。
- 结构自由： 外商独资、控股合资或 50/50 合资均允许；上限取消。
- 瓶颈： 「准入之后准营」——牌照、标准、数据成为主线。
- 数据义务： 智能网联汽车面临跨境数据与地图规则。
- 经济账： 确认鼓励类条目或可享优惠。
- 行动： 用「投资中国」窗口；运营前预先与监管对齐。
Bottom Line
With the equity cap abolished, the NEV and smart-vehicle race in China is won on operating permission — licences, standards and data — not on ownership. Use the encouraged catalogue for economics, choose WFOE or JV on commercial grounds, and engage the “investment China” service window early to pre-align with regulators. The cap era is over; the capability era has begun, and speed-to-licence is the new competitive edge.
底线
股比上限取消后，中国新能源与智能车的竞赛赢在准营——牌照、标准、数据——而非所有权。用鼓励目录换经济账，基于商业选 WFOE 或合资，并早接「投资中国」服务窗与监管预先对齐。上限时代结束，能力时代开始，拿照速度成为新的竞争优势。
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