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Newly Released Negative List
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On 23 June 2020, the National Development and Reform Commission and the Ministry of Commerce released the <Special Administrative Measures (Negative List) for the Access of Foreign Investment (2020)> (“Negative List”). According to the Negative List, from 23 July 2020 onward, the restrictions on foreign investments in securities, futures, life insurance, commercial vehicle manufacturing, and the construction and operation of water supplies and drainage networks in cities with a population of more than 500,000 shall be lifted.2020年6月24日，国家发展改革委、商务部对外公布《外商投资准入特别管理措施（负面清单）（2020年版）》，自2020年7月23日起，外资进入证券、期货、寿险、商用车制造、50万人口以上城市供排水管网建设经营等领域股比限制将取消。
This amendment further reduces the negative list of foreign investment access. This is the fourth consecutive year that China has revised the negative list with regards to foreign direct investment in the country since 2017.本次修订进一步缩减了外商投资准入负面清单。这是自2017年以来，我国连续第四年修订全国外商投资准入负面清单。
Compared to the 2019 edition, the restriction on the Negative List of 2020 have been reduced from 40 to 33. The level of openness in the services, manufacturing and agricultural sectors has been further improved.The highlights are as follows:与2019年版相比，2020年版外商投资准入负面清单条目由40条减至33条, 进一步提高了服务业、制造业、农业领域的开放水平。主要是：Accelerating the process of opening up key services areas:In the financial sector, China will scrap foreign shareholder limits in securities companies, fund houses, futures companies and life insurance firms.In the infrastructure sector, the requirement that the construction and operation of water supply and drainage networks in cities with a population of more than 500,000 must be controlled by Chinese investors shall be removed.加快服务业重点领域开放进程:金融领域，取消证券公司、证券投资基金管理公司、期货公司、寿险公司外资股比限制。基础设施领域，取消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规定。
Easing market access restriction in manufacturing and agriculture sectors:In the manufacturing sector, liberalize the restrictions on foreign-fundedshare ratios in the manufacture of commercial vehicles and scrap a ban onforeign investments into companies that smelt and process radioactiveresources and produce nuclear fuel.In the agricultural sector, for the selection and seed production of newwheat varieties, a majority Chinese shareholder is not required anymore, as long as Chinese shareholders own not fewer than 34% of the equity.放宽制造业、农业准入:制造业领域，放开商用车制造外资股比限制，取消禁止外商投资放射性矿产冶炼、加工和核燃料生产的规定。农业领域，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%。
On the same day, the <Special Administrative Measures (Negative List)for the Access of Foreign Investment in Pilot Free Trade Zones (2020)> was released too, the entries in the Negative List were also reduced from 37 to 30.两部门同日公布的《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）》，清单条目也由37条减至30条。
According to the amended Negative List, In the medicine sector, the prohibition of foreign investments into Chinese medicine have been removed. In the education sector, wholly foreign-owned vocational education institutions are allowed to be established.根据自贸区最新负面清单，在医药领域，取消禁止外商投资中药饮片的规定；在教育领域，允许外商独资设立学制类职业教育机构。
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