China’s 15-Measure Action Plan for Stabilising Foreign Investment: A Clause-by-Clause Guide
- The Action Plan for Stabilising and Optimising Foreign Investment (Shangzi Fa [2026] No. 97) was issued jointly by the Ministry of Commerce, the National Development and Reform Commission and the Ministry of Finance with State Council approval, and is structured in five parts and 15 measures.
《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、财政部联合印发并经国务院同意，全文分五个部分、共 15 条。
- On market access, the plan calls for steadily widening opening pilots in vocational skills training, vocational colleges and universities of science, engineering, agriculture and medicine, supports Beijing’s comprehensive demonstration zone for opening the services sector in digital economy and health, and upgrades CEPA to open services earlier for Hong Kong and Macao investors.
在市场准入方面，方案提出稳步扩大职业技能培训、职业院校、理工农医类高校对外开放试点，支持北京服务业扩大开放综合示范区在数字经济、医药健康等领域先行先试，并升级内地与港澳 CEPA 安排，对港澳投资者率先加大服务业开放。
- For financial institutions, it supports wider use of treasury bond futures and similar risk-management tools, cross-border financing facilitation quotas, “document preparation on behalf of clients” settlement services, and better pre-listing communication for qualified foreign enterprises seeking an onshore listing.
对金融机构，方案支持更多外资机构使用国债期货等风险管理工具，提供跨境融资便利化额度与”代客制单”国际结算服务，并优化上市前预沟通、支持符合条件的外资企业在境内上市。
- Three items are expressly required but not yet issued: the revision of the rules on foreign investors’ M&A of domestic enterprises, detailed rules on segmented pharmaceutical production, and the list of matters local governments are encouraged and prohibited from offering in investment attraction.
有三项属于明确要求但尚未出台：修订外国投资者并购境内企业规定、药品分段生产细则，以及地方政府招商引资鼓励和禁止事项清单。
- Investment facilitation covers scenario-based and field-level data export negative lists in pilot free trade zones and pilot cities, national standards for important-data identification catalogues in eight industries, the existing tax incentive for reinvested profits, and support for foreign-funded R&D centres.
投资便利化部分涵盖自贸试验区与服务业扩大开放试点城市探索场景化、字段级数据出境负面清单，八个行业的重要数据识别目录国家标准，境外投资者以分配利润直接投资的现行税收优惠，以及对研发中心的支持。
- On national treatment, support policies are to treat foreign-invested enterprises the same as domestic ones except where laws and regulations expressly provide otherwise or national security is involved, and consumption-boosting measures may not exclude qualifying products or services merely because they are foreign-branded.
在国民待遇方面，除法律法规明确规定或涉及国家安全领域外，涉企支持政策对外资企业一视同仁；促消费政策不得仅以外资品牌产品为由，排斥符合条件的产品或服务。
- Chongqing published a 14-measure working document on 16 October 2026 expressly based on No. 97, showing how provinces are translating the plan into concrete service items such as approval green channels, energy-supply whitelists and green-power direct connection.
重庆市于 2026 年 10 月 16 日发布 14 条工作举措，明确以 97 号文为依据，显示地方正把方案转化为审批”绿色通道”、用能保供白名单、绿电直连等具体服务事项。
China’s 15-Measure Action Plan for Stabilising Foreign Investment: A Clause-by-Clause Guide | 中国利用外资固稳促优行动方案 15 条逐条解读
Overview
The Action Plan for Stabilising and Optimising Foreign Investment (Shangzi Fa [2026] No. 97) was issued jointly by the Ministry of Commerce, the National Development and Reform Commission and the Ministry of Finance with State Council approval. It runs to five parts and 15 measures; four carry substance — market access, investment facilitation, investment promotion, service guarantees — and those four are covered here. A Ministry of Commerce summary follows the same structure (https://www.mofcom.gov.cn:8443/cms_files/filemanager/policySummary/viewcore_0cfe31a63f9c4bd3869517bc10908c10.html).
The document allocates tasks rather than changing the law, and in several places states that a further text will follow: revised rules on foreign investors’ acquisition of domestic enterprises, detailed rules on segmented pharmaceutical production, and the list of investment-attraction matters local governments are encouraged and prohibited from offering. All three are commitments, not current practice.
Key developments in 2026
Market access — services. Opening pilots in vocational skills training, vocational colleges and universities of science, engineering, agriculture and medicine are to widen steadily. Beijing’s services demonstration zone may move first in the digital economy and in health, and an upgraded CEPA arrangement is to open services earlier for Hong Kong and Macao investors.
Market access — finance. More foreign institutions are to use treasury bond futures and similar tools for risk management; a cross-border financing facilitation quota and “document preparation on behalf of clients” in settlement are offered, where the bank assembles the documents. Pre-listing communication is to improve, and qualified enterprises supported in listing onshore.
Market access — industry. Detailed rules on segmented pharmaceutical production are to be issued, so an overseas drug maker can place different stages at different sites, including across the border. The biotechnology and wholly foreign-owned hospital pilots are to widen, and innovative drugs and devices brought into commercial insurance and retail.
Facilitation — M&A, data, reinvestment, R&D. The M&A rules are to be revised with a simpler process and better consideration-payment arrangements, and qualified foreign equity investment institutions may act as strategic investors in securities issuance by listed companies in unrelated industries. Pilot free trade zones and services-opening cities are to explore scenario-based, field-level negative lists for outbound data, and standards drafted for important-data catalogues in industrial, telecom, geographic information, automotive, pharmaceutical, seed, aerospace and civil aviation. The existing tax incentive for reinvested profits is to be implemented, and more reinvestment projects added to the major and key lists. R&D centres gain easier entry for foreign high-level talent, support for open innovation platforms and new-type R&D institutions, and import tax preferences for research supplies.
Promotion. Strengthen the “Invest in China” brand through CIFIT and similar events, explore a digital service platform and portal, issue the local investment-attraction list without delay, allow provincial support for projects in the relevant fields, honour lawful policy commitments, and review the pilot evaluation of promotion effectiveness.
Service guarantees. Except where laws and regulations expressly provide otherwise or national security is involved, support policies treat foreign-invested enterprises the same as domestic ones; procurement and tendering apply the fair competition review strictly; university and institute procurement guarantees equal participation. Consumption programmes may not exclude qualifying goods or services because they are foreign-branded.
Local follow-through. On 16 October 2026 Chongqing’s commerce commission published an interpretation of its 14-measure working document, stating that it rests on No. 97 (https://sww.cq.gov.cn/zwgk_247/zfxxgkmlrk/zcjd_1/wz_343305/bdmzcjd/202610/t20261016_16247001.html): an approval green channel for major projects, an energy-supply whitelist, green-power direct connection, cross-tax-type coaching, access to the local “Yumao Dai” trade finance facility, work on online identity verification for foreign nationals, and easier medical access for foreign executives and core technical staff. Hong Kong’s Trade and Industry Department reproduces an extract of the text (https://www.tid.gov.hk/en/tradecircular/files/2026/ci5382026a.pdf).
Practical implications for foreign businesses
Read No. 97 as a work plan with a status column. Usable now: risk tools and cross-border financing facilitation, pre-listing communication for a company weighing an onshore listing, the Beijing zone for digital economy and health projects, the CEPA route for Hong Kong and Macao investors. Still requiring a text: the M&A revision, the segment-production rules, the local investment-attraction list — projects depending on them should follow current rules.
The M&A item is the one most often read as already effective. It requires a revision that simplifies the process and improves consideration-payment arrangements; no revised text and no effective date accompany it, so deals continue to be structured and filed under the rules in force.
Data shows the method most clearly. A list defined by scenario and field lets a company describe a particular transfer — fields, purpose, recipient — and check it at that level. Operations in a pilot free trade zone or services-opening pilot city should follow the local list; the standards commitment for eight sectors signals direction, but sectoral rules apply until a standard appears.
National treatment is worth keeping on file: equal treatment in support policies, the fair competition review in procurement, and no exclusion from consumption programmes over brand ownership give a basis for raising a case with a procurement reviewer, a tendering authority or a commerce bureau — not a self-executing right. For onshore profits, reinvestment applies an existing incentive; the R&D talent and import-tax package is the most concrete here and the most dependent on provincial choices.
Related reading
- *Cross-Border Investment Rules Update October 2026: Profit Reinvestment, Cash Pooling and Foreign M&A Reform* (Article 464) — the reinvestment mechanism, cash pooling and the status of the M&A revision are analysed there and not repeated here.
- Sector restrictions and the foreign investment negative list, and how pilots interact with them.
Sources
- Ministry of Commerce, policy summary of the Action Plan (five parts, 15 measures): https://www.mofcom.gov.cn:8443/cms_files/filemanager/policySummary/viewcore_0cfe31a63f9c4bd3869517bc10908c10.html
- Hong Kong Trade and Industry Department, extract of Shangzi Fa [2026] No. 97 in a trade circular: https://www.tid.gov.hk/en/tradecircular/files/2026/ci5382026a.pdf
- Chongqing Municipal Commission of Commerce, interpretation of its 14-measure working document, 16 October 2026: https://sww.cq.gov.cn/zwgk_247/zfxxgkmlrk/zcjd_1/wz_343305/bdmzcjd/202610/t20261016_16247001.html
- National Development and Reform Commission: https://www.ndrc.gov.cn/
中国利用外资固稳促优行动方案 15 条逐条解读
概述
《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、财政部联合印发，并经国务院同意。全文分为五个部分，共 15 条。其中四个部分承载实体内容，分别是扩大市场准入、提升投资便利度、提高投资促进水平和健全服务保障，也是本文逐条梳理的对象。商务部发布的一份政策摘要即按这一结构列出 15 条要点（https://www.mofcom.gov.cn:8443/cms_files/filemanager/policySummary/viewcore_0cfe31a63f9c4bd3869517bc10908c10.html）。
从文件性质看，《行动方案》是任务分工，而不是对法律的修改。它向各部委和各省级人民政府布置工作，并在若干处明确表示后续还将出台另一份文本。这样的表述在文件中共出现三处：修订外国投资者并购境内企业的规定、药品分段生产细则，以及地方政府招商引资鼓励和禁止事项清单。三项都属于承诺事项，而非现行做法，本文在涉及它们时一律按”待出台”处理。
其余内容中，有相当一部分是把原本分散在别处的措施归拢到一处，例如职业技能教育与理工农医类高校的开放试点、面向港澳投资者的 CEPA 安排、外资金融机构可用的风险管理工具，以及政府采购中的国民待遇要求。这些内容的价值不在于新，而在于位置：它们现在被收进一份经国务院同意的文件，与地方主管部门沟通时更容易引用，地方出台配套举措时也更容易对照。
需要提示的是，《行动方案》本身已经印发，属于现行有效的政策文件；但文件所要求的配套规则并非同时到位。把”文件已印发”与”条目已落地”分开看，是理解这份文件的前提。以下按文件自身的顺序展开，并在每一处标明该项属于已经可以适用、属于要求尽快出台，还是属于尚待细化。
2026 年的关键进展
市场准入：服务业。 方案提出稳步扩大职业技能培训、职业院校、理工农医类高校的对外开放试点。同时支持北京服务业扩大开放综合示范区先行先试，在数字经济和医药健康等领域率先探索。方案还就内地与港澳的 CEPA 安排作出部署，方向是升级现有安排，对港澳投资者在服务业领域率先加大开放力度，使其开放的时点早于一般安排。
市场准入：金融业。 方案支持更多外资机构使用国债期货等工具开展风险管理。在跨境融资方面，为外资企业提供便利化额度；在国际结算方面提供”代客制单”服务，即由银行代客户归集、制作底层交易单据，而不是要求客户自行备齐整套单据。上市环节亦有安排：优化上市前预沟通机制，支持符合条件的外资企业在境内上市。这三项的共同点是把外资机构在境内经营时最常遇到的操作性障碍逐项对应，而不是新设一类主体资格。
市场准入：产业。 这一部分列出三项。其一，出台药品分段生产细则，使境外药企可以把同一产品的不同生产阶段放在不同地点完成，包括跨境分段生产。其二，扩大生物技术、外商独资医院的开放试点范围。其三，推动创新药械纳入商业保险、进入零售渠道。第一项是明确要求但尚待出台的配套细则，在细则公布之前，跨境分段生产仍应按现行规定办理。
投资便利度：并购、数据、再投资、研发。 并购方面，方案要求修订外国投资者并购境内企业的规定，简化流程、优化对价支付安排；同时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。数据方面，支持自贸试验区、国家服务业扩大开放试点城市探索场景化、字段级的数据出境负面清单；推动制定工业、电信、地理信息、汽车、医药、种业、航天、民航八个行业的重要数据识别目录国家标准。再投资方面，落实境外投资者以分配利润直接投资的税收优惠，并将更多再投资项目纳入重大和重点外资项目清单。研发方面，便利外籍高层次人才引进，支持开放式创新平台、实训基地和新型研发机构，依法享受进口科研用品税收优惠。
投资促进。 方案提出强化”投资中国”品牌，办好投洽会等活动；探索建立外商投资数字综合服务平台与”投资中国”门户网站；加快出台地方政府招商引资鼓励和禁止事项清单；省级人民政府可按规定对相关领域的引资项目给予支持；政府部门要严格兑现依法作出的政策承诺；总结外商投资促进成效评价试点经验。其中招商引资鼓励和禁止事项清单同样属于要求加快出台的事项，其作用是给地方在招商中可提供与不可提供的条件划出边界。
服务保障。 国民待遇被写成可操作的表述：除法律法规明确规定或涉及国家安全领域外，涉企支持政策对外资企业一视同仁；政府采购、招标投标严格落实公平竞争审查；高校院所、科研机构的采购活动应保障外资企业平等参与。促消费方面，支持外资企业参与提振消费行动，并明确不得以外资品牌产品、外资企业为由，排斥符合条件的产品或服务适用促消费政策。
地方落地。 2026 年 10 月 16 日，重庆市商务委员会发布了对本市《健全外商投资服务保障体系工作举措》的解读，明确该文件共 14 条，依据即 97 号文（https://sww.cq.gov.cn/zwgk_247/zfxxgkmlrk/zcjd_1/wz_343305/bdmzcjd/202610/t20261016_16247001.html）。14 条中包含：重大外资项目审批”绿色通道”、外资企业用能保供白名单、绿电直连、跨税费种一体化税务辅导、纳入”渝贸贷”、探索破解外籍人员线上实名认证难点，以及外籍高管与核心技术人员就医便利等。香港工业贸易署亦在其贸易通函中转载了 97 号文的全文节选（https://www.tid.gov.hk/en/tradecircular/files/2026/ci5382026a.pdf）。
对外资企业的实务意义
读 97 号文最实用的方式，是把它当成一张带”状态”栏的工作表。有些条目现在就可以用：金融机构可用的风险管理工具与跨境融资便利化安排、拟在境内上市企业的上市前预沟通、面向数字经济与医药健康项目的北京示范区，以及港澳投资者可走的 CEPA 路径。另一些条目要等文本到位才会改变现状：并购规定修订、药品分段生产细则、地方招商引资鼓励和禁止事项清单。依赖第二类条目的项目，应按今天生效的规则做方案，把《行动方案》视为时点安排中的一个变量，而不是基准本身的变化。
并购一项尤其需要小心，因为它最容易被读成”已经生效”。方案要求修订，方向是简化流程、优化对价支付安排；但文件并未随附修订稿，也没有为这项要求设定生效日期。在修订后的规定公布之前，交易仍应按现行有效规则进行架构与申报。这项修订与利润再投资、资金池等机制之间的关系，宜参看本文延伸阅读所指向的既有分析，本文不再重复论证同一问题。
数据是方案在方法上写得最具体的一块。按场景、按字段编制的负面清单，与按行业整体编制的清单不是同一种工具：前者允许企业描述一笔具体的传输——涉及哪些字段、用于什么目的、发给哪一类接收方——再与按同一颗粒度写成的清单逐项比对。在自贸试验区或服务业扩大开放试点城市有业务的企业，应跟踪当地清单的实际文本，而不宜假定一份全国清单就能解决全部问题。至于八个行业的重要数据识别目录国家标准，其意义在于提示分类指引的走向；标准制定需要时间，在标准公布之前，仍按现行分行业规定执行。
国民待遇的表述值得存档。涉企支持政策一视同仁、政府采购落实公平竞争审查、促消费政策不得以品牌归属为由排斥产品，这三句话为企业就具体个案提出主张提供了文件依据——可以向采购方、招标组织方或地方商务主管部门提出。但它并不构成可以直接执行的权利，实际路径仍是既有的投诉与审查渠道。
对在境内持有利润的集团而言，再投资相关表述宜理解为”落实”一项既有优惠，而不是新设一项优惠；把更多再投资项目纳入重大和重点外资项目清单，属于影响项目办理方式的行政安排，并不改变项目是否获批。对正在考虑设立研发中心的企业，人才引进便利、开放式创新平台支持与进口科研用品税收优惠的组合，是全文中最成体系的一组安排，同时也是最依赖省级落地方式的一组安排。关注地方举措——重庆的 14 条是一个较早的样本——通常比反复研读国家层面文本更有信息量。
延伸阅读
- 《2026 年 10 月跨境投资制度环境更新：利润再投资、资金池与外资并购改革》（第 464 篇）——利润再投资机制、跨国公司资金池以及并购规定修订的进展在该文中已有分析，本文不再重复。
- 外资准入负面清单与行业限制，以及各类试点与清单之间的衔接关系。
- 外资企业设立的一站式窗口，以及提出异议与投诉的渠道。
来源
- 商务部·《利用外资固稳促优行动方案》政策摘要（五部分 15 条要点）：https://www.mofcom.gov.cn:8443/cms_files/filemanager/policySummary/viewcore_0cfe31a63f9c4bd3869517bc10908c10.html
- 香港工业贸易署·商资发〔2026〕97 号全文节选（贸易通函）：https://www.tid.gov.hk/en/tradecircular/files/2026/ci5382026a.pdf
- 重庆市商务委员会·《健全外商投资服务保障体系工作举措》14 条解读（2026-10-16）：https://sww.cq.gov.cn/zwgk_247/zfxxgkmlrk/zcjd_1/wz_343305/bdmzcjd/202610/t20261016_16247001.html
- 国家发展和改革委员会官网：https://www.ndrc.gov.cn/