作者：Nancy Sun孙庆南，Amanda Guo郭玉兰，Cathy Luo罗恺希

      On June 23, 2020, the National Development and Reform Commission and the Ministry of Commerce announced the Special Administrative Measures (Negative List) for Foreign Investment Access (Edition 2020) (“Negative List 2020”). Comparing with Edition 2019, the items in the Edition 2020 are reduced from 40 to 33 items, with a reduction ratio of 17.5%. On the very same day, the two departments also announced the Special Administrative Measures (Negative List) for Foreign Investment Access in Pilot Free Trade Zones (Edition 2020) (“FTZ Negative List 2020”), which reduced from 37 to 30 comparing to its edition in 2019, with a reduction ratio of 18.9%. This is the fourth consecutive year since 2017 that China has revised the national version and free trade zone version of the negative list for foreign investment access. The two new negative lists will come into effect on July 23, 2020.

      国家发展和改革委员会、商务部于2020年6月23日对外公布《外商投资准入特别管理措施（负面清单）（2020年版）》（“负面清单2020”），清单条目由2019年版的40条减至33条，缩减比例17.5%。同日，两部门还公布了《自由贸易试验区外商投资准入特别管理措施（负面清单）（2020年版）》（“自贸区负面清单2020”），其由37条减至30条，缩减比例18.9%。这是自2017年以来，我国连续第四年修订全国版和自贸区版外商投资准入负面清单。该两份新版负面清单将于2020年7月23日开始正式施行。

      While COVID-19 has brought huge impact to cross border investment, the Chinese government released a strong signal to promote reform and development through opening up. We hereby provide you with main changes of Negative List 2020 and FTZ Negative List 2020 in comparison with their respective edition in 2019:

      在新冠肺炎疫情给全球跨国投资带来巨大冲击的背景下，中国政府此举释放出以开放促改革、促发展的强烈信号。对比2019年的负面清单，该两份新版清单的主要变化包括：

      01 Accelerate the process of opening up for key areas of service industry 

      加快服务业重点领域开放进程

      Negative List 2020 and FTZ Negative List 2020 further opened up the financial sector, abolished the restrictions on the ratio of foreign shares of securities companies, securities investment fund management companies, futures companies and life insurance companies. In fact, in July 2019, the Office of Financial Stability and Development Commission of the State Council has announced 11 measures for further opening up the financial industry to the outside world. Negative List 2020 and FTZ Negative List 2020 bring forward the pre-scheduled time point of abolishing the restrictions on foreign shares of securities companies, fund management companies and futures companies from 2021 to 2020. In addition, in the field of infrastructure, the restriction that the construction and operation of urban water supply and drainage pipelines with a population of more than 500,000 population must be controlled by Chinese investors has been abolished.

      新版负面清单进一步开放金融领域，取消了证券公司、证券投资基金管理公司、期货公司、寿险公司外资股比限制。事实上，2019年7月，国务院金融稳定发展委员会办公室已经宣布了11项金融业进一步对外开放的政策措施，但新版负面清将原定于2021年取消证券公司、基金管理公司和期货公司外资股比限制的时点提前到2020年。另外，在基础设施领域，取消了50万人口以上城市供排水管网的建设、经营须由中方控股的限制。

      02 Ease access to manufacturing and agriculture industry 

      放宽制造业、农业准入

      Comparing with Edition 2019, in the manufacturing sector, Negative List 2020 and FTZ Negative List 2020 eased the restrictions on foreign shares in commercial vehicle manufacturing and abolished the provisions prohibiting foreign investment in radioactive mineral smelting, processing and nuclear fuel production. Further easing the access of foreign investment in manufacturing industry will help to promote fair competition between foreign-invested enterprises and domestic enterprises, and further activate the development and the orderly competition of the domestic market. At the same time, in the field of agriculture, the provision of  new wheat varieties breeding and seed production must be controlled by Chinese investors is now changed into no less than 34% of the Chinese equity. Easing the access restrictions in the agricultural field is a practical need to expand the opening up of agriculture, improve the competitiveness of agricultural enterprises, and promote the high-quality development of agriculture in China.

相较于2019年版负面清单，本次新版清单，在制造业领域，放开了商用车制造外资股比限制，取消了禁止外商投资放射性矿产冶炼、加工和核燃料生产的规定。进一步放宽制造业外资准入制度，有利于更好地促进外资企业与内资企业的公平竞争，进一步活跃国内市场的发展和有序竞争。同时，在农业领域，新版负面清单将小麦新品种选育和种子生产须由中方控股放宽为中方股比不低于34%。放宽农业领域准入限制是扩大农业开放、提高农业企业的竞争力、推动我国农业高质量发展的现实需要。

      03 Further open up of the piolit free trade zone

      自贸区开放措施进一步加大

      On the basis of the national version of the opening-up measures, the free trade zone will continue to take the lead. In the field of pharmaceutical industry, the prohibition of foreign investment in Chinese herbal pieces has been abolished. In the field of education, wholly foreign-owned enterprises are now allowed to set up vocational education institutions with educational system. These measures will help understand the development of relevant fields in the free trade zone after opening up, so as to confine the possible risks in a limited area and make a beneficial exploration for the formulation of the national negative list. If these two opening-up measures in the free trade zone have achieved good social and economic benefits, it is expected to see the lifting of relevant restrictions in the national level, which in turn will promote the comprehensive opening-up of related industries to foreign investment and promote the steady and orderly development of China's opening up to the outside world.

      在全国版开放措施基础上，自贸区继续先行先试。医药领域，取消了禁止外商投资中药饮片的规定。教育领域，允许外商独资设立学制类职业教育机构。这将有助于在自贸区中了解相关领域开放后的发展情况，将可能发生的风险锁定在有限区域内，为全国版负面清单制定进行了有益的探索。如果在自贸区内两项开放措施取得了较好的社会经济效益，有望在全国版负面清单中看到相关限制的解除，促进相关产业在全国范围对外资全面开放，促进我国对外开放平稳有序发展。

      This year, COVID-19 hit the world hard and seriously affected the global economic. By further reducing the negative list for foreign investment access, the Chinese government has showed the world China's determination and confidence in unswervingly supporting economic globalization and transnational investment. At the same time, Negative List 2020 and FTZ Negative List 2020, as the latest supporting document for promoting the negative list management system after the implementation of the Foreign Investment Law, have further consolidated the important measures of comprehensively opening up foreign investment in a wider range, wider fields and deeper levels, and will further improve the foreign investment environment and promote the high-quality development of China's economy with a higher level of openness.

      今年，由于新冠肺炎疫情的影响，世界经济普遍受到严重影响。此次中国政府进一步缩减外商投资准入负面清单，及时地向世界展示了我国坚定不移支持经济全球化和跨国投资的决心和信心。同时，新版负面清单作为《外商投资法》施行后，推进负面清单管理制度的最新配套文件，进一步巩固了在更大范围、更宽领域、更深层次全面开放外商投资的重要举措，将进一步完善外商投资环境，以更高水平开放促进我国经济高质量发展。