- Security review is a stand-alone ex-ante screening under the Foreign Investment Law (Art. 35) and the 2020 Security Review Measures (Order No. 37, effective 18 January 2021) — it can block or condition a deal even where the negative list permits it.
安全审查是依据《外商投资法》（第 35 条）与 2020 年《安审办法》（第 37 号令，2021 年 1 月 18 日施行）的独立事前审查——即便负面清单允许也可阻止或附条件批准交易。- Two conditions must both be met: the investment is in a covered sensitive sector (defence, important agriculture/energy/equipment/infrastructure/transport/culture/IT/finance/key tech) and the investor acquires actual control.
须同时满足两条件：投资落入受涵盖敏感领域（军工、重要农业／能源／装备／基础设施／运输／文化／信息技术／金融／关键技术），且投资者取得实际控制权。- “Actual control” is defined broadly — 50%+ equity, material voting influence, or material influence on decisions/personnel/finance/tech — and is wider than the merger-control test.
“实际控制”界定宽泛——50% 以上股权、重大表决影响，或对决策／人事／财务／技术的重大影响——且宽于经营者集中标准。- Procedure runs preliminary (15 working days) → general (30) → special (60, extendable); a transaction may not close while under review.
程序为初步审查（15 个工作日）→ 一般审查（30）→ 特别审查（60，可延长）；审查期间交易不得交割。- The decision (pass / pass-with-conditions / prohibition) is final — there is no administrative-appeal route on the merits.
决定（通过／附条件通过／禁止）为最终决定——实体上无行政复议途径。- Non-compliance (failure to file, misrepresentation, ignoring conditions) can lead to ordered divestment, credit-system inclusion and joint punishment.
违规（拒不申报、弄虚作假、不执行附加条件）可导致责令剥离、纳入信用信息系统及联合惩戒。- Security review runs alongside — not instead of — the negative list, merger control and sector licensing; screen it early as it can be the longest and most consequential gate.
安全审查与负面清单、经营者集中、行业许可并行而非替代；尽早筛查，因其可能时限最长、决定最具决定性。
National security review of foreign investment | 外商投资安全审查
Overview
China’s foreign-investment national security review (国家安全审查) is a stand-alone ex-ante screening that can block or condition a deal even where the negative list permits it. Its legal basis is the Foreign Investment Law (Art. 35) and the Security Review Measures (《外商投资安全审查办法》), issued by the NDRC and MOFCOM as Order No. 37 on 19 December 2020 and in force since 18 January 2021. This article sets out what triggers a review, how “control” is defined, the three-stage procedure and its timelines, and the consequences of non-compliance.
The mechanism is deliberately narrow in scope but broad in effect: it catches only investments in defined sensitive sectors that acquire actual control, yet a review decision is final and can prohibit the deal or force divestment. For a foreign acquirer, the review is the single most consequential gate, because it can override both the negative list and a cleared merger-control filing.
Scope: which investments are caught
Two conditions must both be met. First, the investment must fall within a covered field. The Measures list: investment in defence, defence-support and other national-defence-related fields, and investment in the perimeter of military and defence facilities; and investment in important agriculture, 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.
Second, the investor must acquire actual control of the invested enterprise. Control is defined broadly: holding 50% or more of the equity; holding less than 50% but with voting rights that can materially influence board or shareholder resolutions; or any other situation enabling the foreign investor to exert a material influence on the enterprise’s business decisions, personnel, finance or technology. Note that this control test is wider than the control test used for merger-control notification, so a deal can require security review even when no merger filing is triggered. The review office may also require filing where it deems an investment within scope, and other authorities, enterprises, social organisations or the public may propose a review.
Procedure and timeline
The review has three stages. Stage one — preliminary review: within 15 working days of receiving a compliant submission, the review office decides whether to open a formal review. Stage two — general review: within 30 working days of opening, the office issues a pass decision or proceeds to the next stage. Stage three — special review: a 60-working-day phase that is not triggered for every case; only matters not cleared at general review enter it, and the period may be extended in special circumstances. Time spent supplementing materials is excluded from the clock.
A transaction may not close (交割) while under review; if it has closed before a decision, the office may unwind or order divestment if a national-security effect is found. Foreign investors uncertain whether their deal is in scope may consult the review office before filing. Referrals can also come from the office itself, or from other authorities, enterprises, social organisations or the public.
Outcomes and enforcement
The decision is one of three types: pass; pass with conditions (the investor must implement the附加条件); or prohibition (the investment may not proceed). Because the decision is final, there is no administrative-appeal route on the merits.
Non-compliance is penalised: failure to file, misrepresentation, or ignoring附加条件 can lead to an order to divest equity or assets within a set period, inclusion in the national credit-information system, and joint punishment under relevant rules. The review office sits within the NDRC, with the NDRC and MOFCOM jointly leading the inter-agency mechanism, and will typically consult the relevant sector regulator (for example agriculture, industry, the central bank or the securities regulator) during the review.
Interaction with other regimes
Security review operates alongside — not instead of — the negative list, merger control and sector licensing. A deal may need all of them: negative-list compliance for the sector, SAMR merger clearance where turnover thresholds are met, and security review where a covered sensitive sector and control are present. Investors should therefore screen a proposed acquisition against the security-review scope early, because its timeline can be the longest and its decision the most consequential.
A further point for acquirers: the control test here is intentionally wider than the merger-control test. A minority stake that gives the foreign investor a negative right over business plans, budgets or key personnel can constitute “actual control” for security-review purposes even though it would not confer control for antitrust notification. Transactions should be screened on both tests independently.
What to do next
Common misreads
Two errors are especially costly. The first is assuming “no 50% stake, no review” — the control test is broader, and a minority stake with negative rights over plans, budgets or key personnel can still constitute actual control for security-review purposes. The second is closing the transaction before the review concludes, on the belief that clearance is procedural; the law bars closing while under review, and a completed deal can be unwound. A third, milder error is conflating security review with merger control: the two have different scopes, different control tests and different agencies, and a cleared merger filing does not satisfy or predict the security-review outcome.
- Screen the target sector against the covered fields (defence, important agriculture/energy/equipment/infrastructure/transport/culture/IT/finance/key tech) before negotiating control.
- Assess “actual control” using the broad test — 50%+ equity, material voting influence, or material influence on decisions/personnel/finance/tech.
- File before implementation if both conditions are met; do not close the transaction while review is pending.
- Expect a possible 15 + 30 + 60 working-day path (plus extensions); build it into your long-stop and financing timeline.
- Coordinate security review with merger control (SAMR) and any sector licence so the three workstreams run in parallel, not in sequence.
- Consult the review office pre-filing if scope is genuinely uncertain — the consultation is permitted and can prevent a mis-step.
Sources
- Security Review Office Q&A on the Foreign Investment Security Review Measures (MOFCOM / Invest China)
- NDRC & MOFCOM issue the Foreign Investment Security Review Measures (MOFCOM)
- Full text: Foreign Investment Security Review Measures (State Council / gov.cn)
- Full text (PDF): Foreign Investment Security Review Measures (MOFCOM)
Related reading
- see also: Foreign M&A in China: process & approvals
- see also: FIE admission rules: approval vs. filing
- see also: Industry restrictions by sector: a quick map
外商投资安全审查
概述
中国外商投资安全审查是一项独立的事前审查，即便负面清单允许，也可阻止或附条件批准一项交易。其法律依据是《外商投资法》（第三十五条）与《外商投资安全审查办法》——由国家发展改革委、商务部于 2020 年 12 月 19 日以第 37 号令发布，自 2021 年 1 月 18 日起施行。本文说明何种情形触发审查、”控制”如何界定、三阶段程序与时限，以及违规后果。
该机制范围刻意收窄但效力广泛：仅涵盖特定敏感领域且取得控制权的投资，但审查决定为最终决定，可禁止交易或强制剥离。对外国收购方，审查是最具决定性的关卡，因其可凌驾于负面清单与已通过的经营者集中申报之上。
范围：何种投资被纳入
须同时满足两个条件。其一，投资须落入受涵盖领域。《办法》列举：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；以及关系国家安全的重要农产品、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。
其二，投资者须取得所投资企业的实际控制权。控制权界定宽泛：持有企业 50% 以上股权；持股不足 50% 但所享表决权能对董事会、股东会或股东大会决议产生重大影响；或其他导致外国投资者能对企业的经营决策、人事、财务、技术产生重大影响的情形。注意该控制标准宽于经营者集中申报的控制标准，故一项交易即便未触发反垄断申报，仍可能需安全审查。审查办亦可对认定属范围内的投资要求申报，其他机关、企业、社会团体、社会公众可提出建议。
程序与时限
审查分三阶段。第一阶段——初步审查：收到符合要求的材料之日起 15 个工作日内，决定是否启动审查。第二阶段——一般审查：启动之日起 30 个工作日内作出决定通过或进入下一阶段。第三阶段——特别审查：60 个工作日的阶段，并非每案必经；仅一般审查未通过者进入，特殊情况下可延长。补充材料时间不计入期限。
审查期间交易不得交割；若决定作出前已交割，审查办认定存在国家安全影响的，有权撤销交易或责令剥离。外国投资者不确定交易是否属审查范围的，可在申报前咨询审查办。审查也可由审查办主动要求，或由有关机关、企业、社会团体、社会公众提出建议。
结果与执行
决定分三类：通过；附条件通过（须按附加条件实施）；禁止（不得实施）。因决定为最终决定，实体上无行政复议途径。
违规受罚：拒不申报、弄虚作假、不执行附加条件等，可责令期限内处分股权或资产，纳入国家信用信息系统，并依规定实施联合惩戒。审查办设在国家发展改革委，由发改委、商务部牵头跨部门机制，审查中通常会征询相关行业监管机关（如农业、工业、央行、证券监管）意见。
与其他制度的关系
安全审查与负面清单、经营者集中、行业许可并行而非替代。一项交易可能三者皆需：行业层面符合负面清单，达到营业额门槛时通过市场监管总局经营者集中审查，且涉受涵盖敏感领域并取得控制权时通过安全审查。因此投资者应尽早以安全审查范围为拟议收购做筛查，因其时限可能最长、决定最具决定性。
对收购方的进一步要点：此处控制标准有意宽于经营者集中标准。使外国投资者对企业经营计划、预算或关键人员享否决权的少数股权，即便不构成反垄断意义上的控制，仍可能构成安全审查下的”实际控制”。交易应分别在两项标准下独立筛查。
下一步建议
常见误读
两类错误代价尤高。其一，以为”无 50% 股权即无审查”——控制标准更宽，对计划、预算或关键人员享否决权的少数股权仍可能构成安全审查下的实际控制。其二，在审查结束前交割，误以为 clearance 是程序性的；法律禁止审查期间交割，已完成交易可被撤销。其三（较轻），混淆安全审查与经营者集中：二者范围、控制标准、机关均不同，已通过的经营者集中申报既不满足也不预示安全审查结果。
- 在谈判控制权前，将目标行业对照受涵盖领域（军工、重要农业／能源／装备／基础设施／运输／文化／信息技术／金融／关键技术）筛查。
- 用宽泛标准评估”实际控制”——50% 以上股权、重大表决影响，或对决策／人事／财务／技术的重大影响。
- 两条件均满足的，在实施前申报；审查未决期间不得交割。
- 预期可能的 15 + 30 + 60 工作日路径（可延长）；纳入长止期与融资时间表。
- 将安全审查与经营者集中（市场监管总局）及行业许可并行推进，而非串行。
- 范围确不确定时，申报前咨询审查办——咨询被允许，可避免失误。
来源
- 外商投资安全审查工作机制办公室负责人就《安审办法》答记者问（商务部 / 投资中国）
- 国家发展改革委、商务部发布《外商投资安全审查办法》（商务部）
- 《外商投资安全审查办法》全文（国务院 / 中国政府网）
- 《外商投资安全审查办法》全文（PDF，商务部）
相关阅读
- 参见：外资并购中国企业的流程与审批
- 参见：外资企业准入：审批与备案
- 参见：分行业外资限制速览地图