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

2026-09-20 Security Review / 安全审查

  • 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