Foreign Investment Security Review in China: A 2026 Practical Guide
- China’s foreign-investment security review, governed by the Security Review Measures (NDRC & MOFCOM Order No. 37, effective January 2021), applies to investments in defence-related fields and to investments that would give a foreign investor control over enterprises in ten categories of important sectors.
中国外商投资安全审查制度以《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）为依据，适用于国防领域投资，以及将使外国投资者取得十类重要领域企业实际控制权的投资。
- The review is mandatory-before-investment: parties must file before implementing an investment falling within the reporting scope, and the working mechanism may demand filing even where the investor has not self-reported.
安全审查是”投资前强制”程序：属于申报范围的投资须在实施前申报，未自行申报的，工作机制办公室有权要求当事人申报。
- The procedural timeline is predictable: a decision on whether security review is needed within 15 working days, a general review within 30 working days, and a special review within 60 working days, with investments on hold throughout.
程序时限明确：是否启动安全审查的决定 15 个工作日内作出，一般审查 30 个工作日内完成，特别审查 60 个工作日内完成，审查期间当事人不得实施投资。
- Outcomes are final and enforceable: approval, approval with conditions, or prohibition; violations can result in orders to divest or restore the pre-investment state, plus adverse credit records.
审查决定为最终决定且可强制执行：通过、附条件通过或禁止投资；违规后果包括限期处分股权或资产、恢复投资前状态，并记入不良信用记录。
- In the 2026 policy context, the authorities are simultaneously facilitating foreign M&A and data flows while maintaining the security-review gate, so transaction planning should run security-review screening in parallel with merger-control and negative-list checks.
2026 年政策背景下，主管部门在便利外资并购与数据跨境流动的同时维持安全审查闸门，交易规划应将安全审查筛查与经营者集中、负面清单核查并行推进。
- Practical steps: screen the target sector and the control threshold early, use the pre-filing consultation mechanism, and document the national-security-impact analysis thoroughly before signing binding agreements.
实操要点：尽早筛查标的行业与控制权门槛，善用申报前咨询机制，并在签署约束性协议前完成影响国家安全的说明文件。
Foreign Investment Security Review in China: A 2026 Practical Guide | 中国外商投资安全审查：2026 年实务指南
Overview
Foreign investment security review is one of the three pillars of China’s foreign-investment management system under the Foreign Investment Law, alongside the negative-list regime and the information-reporting regime. The operative rules are the Measures for the Security Review of Foreign Investment (《外商投资安全审查办法》), jointly issued by the National Development and Reform Commission and the Ministry of Commerce as Order No. 37 of 2020 and effective since 18 January 2021.
The regime’s design is deliberately gate-like rather than discretionary. The Measures define a reporting scope, set out a two-stage review process with fixed deadlines, and give the review decisions — approval, conditional approval or prohibition — the status of final decisions under the Foreign Investment Law. In the 2026 policy environment, where the “Action Plan for Stabilising and Improving Foreign Investment” is simultaneously easing foreign M&A procedures and data-crossing rules, the security review remains the one filter that foreign investors cannot structure around. Understanding its triggers and timeline is therefore a prerequisite for any sizeable inbound transaction.
Who must file and when
The reporting scope covers two categories. First, investments in defence-related fields: investment in the military industry and its supporting industries, and investment in the vicinity of military facilities and military-industrial facilities. Second, investments in ten categories of important sectors — important agricultural products, important energy and resources, major equipment manufacturing, important infrastructure, important transport services, important cultural products and services, important information technology and internet products and services, important financial services, key technologies, and other important fields — where the investor would obtain actual control of the target enterprise.
“Actual control” is defined broadly and includes holding 50% or more of the equity; holding less than 50% but having voting power that can materially influence the resolutions of the board, shareholders’ meeting or general meeting; or any other situation where the foreign investor can materially influence the target’s business decisions, personnel, finance or technology. This broad control definition means that some non-majority, governance-heavy structures may still trigger the filing duty.
Filing is required before the investment is implemented. The foreign investor or the domestic party (together, “the parties”) must proactively file with the working mechanism’s office before implementation. Even where the parties have not self-reported, the office may require filing if the investment falls within the reporting scope. The practical message for deal teams: treat the security-review screening as a mandatory checklist item before signing definitive agreements, not as an afterthought discovered during closing.
The process and timeline
The process has a predictable rhythm. Within 15 working days of receiving a complete filing, the working mechanism’s office decides whether a security review is needed and notifies the parties in writing. If no review is needed, the investment may proceed. If a review is needed, the office must complete the general review within 30 working days. Where the general review finds that the investment affects or may affect national security, a special review is launched, to be completed within 60 working days, extendable in exceptional circumstances. Throughout the review period, the parties may not implement the investment.
The system also contains relief valves. During the review, the parties may modify the investment plan — in which case the review clock restarts from receipt of the revised plan — or withdraw the investment, which terminates the review. Before filing, the parties may consult the working mechanism’s office on questions about the transaction. And a change to the investment plan after approval, where the change affects or may affect national security, requires re-filing.
Outcomes and consequences
The review can end in approval (the investment may proceed), conditional approval (the investment may proceed subject to conditions that the parties have committed to in writing), or prohibition (the investment may not be implemented; if already implemented, the parties must divest or take other measures to restore the pre-investment state). Decisions are final under Article 35 of the Foreign Investment Law.
Enforcement is multi-layered. The working mechanism’s office, together with relevant departments and local governments, supervises implementation; for conditional approvals, it can require evidence and conduct on-site inspections. Non-compliance carries escalating consequences: failing to file an in-scope investment leads to an order to file within a deadline and, if refused, an order to divest; providing false materials or concealing information can lead to revocation of the approval and restoration of the pre-investment state; violating conditions triggers a correction order and, if refused, divestment. Violations are recorded in the national credit information system with joint disciplinary measures.
2026 interaction with the facilitation agenda
The security review does not exist in a vacuum. In June 2026, the “Action Plan for Stabilising and Improving Foreign Investment” promised to accelerate the revision of the foreign M&A rules, allow eligible foreign equity investment institutions to participate as strategic investors in listed-company issuances, and streamline data-outbound flows through negative lists in pilot zones. None of these changes touches the security-review gate; if anything, the simultaneous easing of entry and tightening of control screens makes it more important to run security-review screening in parallel with merger-concentration filings and negative-list checks.
Foreign investors should also note the international context is one of converging practice: major economies all operate equivalent review regimes, and China’s framework mirrors this global trend of gatekeeping foreign investment in sensitive sectors. The compliance posture — early screening, thorough documentation, and timely filing — is the same that prudent investors apply in any jurisdiction with a mandatory review regime.
Practical checklist for inbound transactions
- Screen the sector and control threshold early. Map the target against the defence-related categories and the ten important-sector categories, and assess whether the post-investment control structure meets the actual-control definitions.
- Use the pre-filing consultation. The Measures expressly allow parties to consult the working mechanism’s office before filing; use this for borderline transactions.
- Prepare the national-security-impact analysis. The filing requires a statement on whether the investment affects national security; build this document during due diligence, not during closing.
- Run parallel screenings. Coordinate the security-review timeline with merger-concentration filing and negative-list clearance; the review stays on hold while other approvals proceed.
- Build in condition-readiness. For sensitive but approvable deals, anticipate conditional approval and prepare to comply with attached conditions, including evidence production and on-site inspections.
Related reading
- The Foreign Investment Law (2020), which establishes the security review at law level.
- The Measures for the Security Review of Foreign Investment (Order No. 37 of 2020), the operative regulation.
- The “Action Plan for Stabilising and Improving Foreign Investment” (June 2026), which sets the facilitation context around the review gate.
Sources
- 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
- 渭南市对外经济技术合作局《中华人民共和国外商投资法》: https://wnzs.weinan.gov.cn/tzzn/yhzc/1946047401564852225.html
- 洞口县商务局《外商投资办事指南》: https://www.dongkou.gov.cn/dongkou/tzgg/202608/fd4c261c8deb48baa48e8cef772dbcd4.shtml
- 上海市人民政府外事办公室《〈上海资讯周报〉涉外资讯一站式服务（2026 年 8 月第 2 期，总第 154 期）》: https://wsb.sh.gov.cn/ztzl/shzxzb/20260811/bd3b73a6e882435e92bd4f7213129b46.html
- 国家发展改革委 投资项目在线审批监管平台《外商投资安全审查办法》条目: https://new.tzxm.gov.cn/zckd/flfg/index_1.shtml
中国外商投资安全审查：2026 年实务指南
概述
外商投资安全审查是《外商投资法》确立的外商投资管理制度三大支柱之一，与负面清单管理和信息报告制度并列。现行操作规则是《外商投资安全审查办法》，由国家发展改革委、商务部以 2020 年第 37 号令联合发布，自 2021 年 1 月 18 日起施行。
该制度的运行设计刻意采用”闸门式”而非自由裁量式：办法界定申报范围，设定两阶段审查流程和固定时限，并依《外商投资法》赋予审查决定——通过、附条件通过或禁止投资——最终决定地位。在 2026 年的政策环境下，《利用外资固稳促优行动方案》同时放宽外资并购程序和数据跨境规则，但安全审查仍是外国投资者无法绕开的唯一过滤环节。因此，理解其触发条件与时限，是任何规模化入境交易的先决条件。
谁须申报、何时申报
申报范围涵盖两类。第一类，国防领域投资：投资军工、军工配套等关系国防安全的领域，以及在军事设施和军工设施周边地域投资。第二类，投资十类重要领域——重要农产品、重要能源和资源、重大装备制造、重要基础设施、重要运输服务、重要文化产品与服务、重要信息技术和互联网产品与服务、重要金融服务、关键技术以及其他重要领域——并取得所投资企业实际控制权。
“实际控制权”的定义宽泛，包括持有企业 50% 以上股权；持股不足 50% 但其表决权能够对董事会、股东会或股东大会决议产生重大影响；以及其他能够对企业经营决策、人事、财务、技术等产生重大影响的情形。这一宽泛的控制权定义意味着，部分非控股但治理权重大的架构仍可能触发申报义务。
申报须在投资实施前完成。外国投资者或境内相关当事人（合称”当事人”）应在实施前主动向工作机制办公室申报。即使当事人未自行申报，若投资属于申报范围，工作机制办公室也有权要求申报。对交易团队而言，实务提示是：把安全审查筛查作为签署确定性协议前的强制清单项，而非交割期间才发现的疏漏。
流程与时限
流程节奏清晰可预期。收到符合要求的申报材料后 15 个工作日内，工作机制办公室决定是否需要安全审查并书面通知当事人。无需审查的，投资即可实施；需要审查的，一般审查须在 30 个工作日内完成。一般审查认定投资影响或可能影响国家安全的，启动特别审查，须在 60 个工作日内完成，特殊情况下可延长。审查期间，当事人不得实施投资。
制度也包含疏导阀门。审查期间，当事人可以修改投资方案——此时审查期限自收到修改后方案之日起重新计算——或撤销投资，从而终止审查。申报前，当事人可以就交易问题向工作机制办公室咨询。审查通过后变更投资方案、影响或可能影响国家安全的，须重新申报。
决定与后果
审查结果有三种：通过（投资可以实施）、附条件通过（按当事人书面承诺的附加条件实施投资）、禁止投资（不得实施；已实施的须限期处分股权或资产等，恢复投资前状态）。依《外商投资法》第三十五条，审查决定为最终决定。
执行是多层次的。工作机制办公室会同有关部门、地方人民政府监督实施；对附条件通过的投资，可要求提供证明材料、开展现场检查核实条件落实情况。违规后果逐级加重：属于申报范围而未申报即实施的，责令限期申报，拒不申报的责令限期处分股权或资产；提供虚假材料或隐瞒信息的，撤销决定、恢复投资前状态；未按附加条件实施的，责令改正，拒不改正的责令处分。违规情形记入国家信用信息系统并实施联合惩戒。
与 2026 年便利化议程的互动
安全审查并非孤立存在。2026 年 6 月，《利用外资固稳促优行动方案》承诺加快修订外资并购规定、允许符合条件的外资股权投资机构参与上市公司发行、通过试点负面清单简化数据出境。这些变化均不触动安全审查闸门；恰恰相反，准入门槛的放宽与管控筛网的收紧并行，使得交易方更有必要将安全审查筛查与经营者集中申报、负面清单核查并行推进。
外国投资者也应注意到国际背景是实践趋同：主要经济体均运行同等审查机制，中国的框架与全球对敏感领域外资把关的趋势一致。合规姿态——尽早筛查、充分留档、及时申报——与审慎投资者在任何实行强制审查机制的法域采取的做法相同。
入境交易实操清单
- 尽早筛查行业与控制权门槛。将标的对照国防类与十类重要领域清单，评估投资后控制结构是否落入实际控制权定义。
- 善用申报前咨询。办法明确允许当事人在申报前向工作机制办公室咨询，边界交易应优先使用。
- 准备国家安全影响说明。申报须提交外商投资是否影响国家安全的说明；这份文件应在尽调期间起草，而非交割期间补做。
- 并行推进各项筛查。将安全审查时限与经营者集中申报、负面清单合规协调安排；其他审批推进期间审查保持冻结。
- 预置条件应对能力。对敏感但可获批的交易，预判附条件通过，并准备履行附加条件，包括提供证明材料与接受现场检查。
相关阅读
- 《外商投资法》（2020 年），在法律层面确立安全审查制度。
- 《外商投资安全审查办法》（2020 年第 37 号令），现行操作规章。
- 《利用外资固稳促优行动方案》（2026 年 6 月），构成审查闸门周边的便利化背景。
来源
- 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
- 渭南市对外经济技术合作局《中华人民共和国外商投资法》：https://wnzs.weinan.gov.cn/tzzn/yhzc/1946047401564852225.html
- 洞口县商务局《外商投资办事指南》：https://www.dongkou.gov.cn/dongkou/tzgg/202608/fd4c261c8deb48baa48e8cef772dbcd4.shtml
- 上海市人民政府外事办公室《〈上海资讯周报〉涉外资讯一站式服务（2026 年 8 月第 2 期，总第 154 期）》：https://wsb.sh.gov.cn/ztzl/shzxzb/20260811/bd3b73a6e882435e92bd4f7213129b46.html
- 国家发展改革委 投资项目在线审批监管平台《外商投资安全审查办法》条目：https://new.tzxm.gov.cn/zckd/flfg/index_1.shtml