Manufacturing Industry Further Opens to Foreign Capital Negative List Reduced to 100

In the fourth revision, the 2017 negative list narrowed to less than one hundred. Compared with the previous negative list, the 2017 negative list has made new breakthroughs in the opening up of high-end manufacturing and service industries, and relaxed the restrictions on foreign investment in M&A.

"From the initial 190 items, to 139 items, to 122 items, and to the present 95 items, the list of negative lists has become less and less, showing a high level of openness." Executive Vice President, China World Trade Organization Research Association Huo Jianguo said.

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"But the 95 scale is not yet in the end. The next step can continue to be reduced, with the international standards." Huo Jianguo said.

Third degree "slimming"

The industry has affirmed the openness of the 2017 negative list.

On June 16, the "Special Measures for Foreign Investment Access Control (Negative List) (2017 Edition)" (hereinafter referred to as the "negative list") was released to the public. The new negative list was divided into 15 categories, 40 items, and 95 special management measures. Compared with the 2015 negative list, it reduced 10 items and 27 measures.

The so-called negative list sets out special management measures for foreign investment access that do not meet the principles of national treatment and are applicable to free trade zones. In addition to the negative list, it is open to the outside world in principle.

Sang Baichuan, director of the International Economic Research Institute of the University of International Business and Economics, told the “China Business” reporter that the number of 27 items has been reduced, and the market access scale has expanded significantly. He has made breakthroughs in areas that have been relatively cautious in the past, such as accounting and insurance.

China's first negative list came from the Shanghai Free Trade Zone, which was initially set at 190. In 2014, the adjustment was reduced to 139 items. In 2015, the list was reduced to 122 items and expanded to four free trade zones in Shanghai, Guangdong, Tianjin and Fujian. Today, the 2017 version of the negative list will cover the existing 11 free trade pilot zones and reduce restrictive measures to 95 items. Compared with the first negative list, the entire 95 items were reduced by exactly half.

The major highlight of this revision is that, except for related mergers and acquisitions, all foreign capital mergers and acquisitions that do not involve special access control measures are changed from examination and approval to record management.

Sun Jiwen, spokesman of the Ministry of Commerce, said that the 2017 version of the negative list will regulate the specific items in the 27 fields according to the current standards for the classification of the national economy. For example, the “atomic energy” will be adjusted to “nuclear power generation”. At the same time, in accordance with current laws and regulations and international prevailing rules, technical improvements in 25 areas have been made to more accurately reflect all existing special access control measures. For example, in banking services, insurance, and other fields, all current and effective restrictive measures, including investor qualifications, performance requirements, share ratio requirements, and business scope, are listed, and transparency is significantly improved. The above improvements will make it easier for investors to determine whether their investment scope is a negative list and significantly increase the degree of investment facilitation.

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10 reductions in manufacturing

Of the 27 measures that were reduced this time, 10 involved manufacturing. The areas of aerospace manufacturing, shipbuilding, automobile manufacturing, rail transportation equipment manufacturing, communication equipment manufacturing, mineral smelting and rolling processing, and pharmaceutical manufacturing have been further expanded.

For example, the design and manufacture of civilian helicopters of 3 tons or more level was cancelled, and the manufacture and repair of marine engineering equipment (including modules) had to be restricted by the Chinese party; the products manufactured by the newly-built pure electric passenger car manufacturer were cancelled in automobile manufacturing. With the use of its own brand, owning independent intellectual property rights and related patents for inventions that have been authorized, it still retains the production of complete vehicles and special vehicles. The Chinese company’s stock ratio is not less than 50%; rail transit manufacturing eliminates urban rail transit project equipment The proportion must reach 70% and above.

According to data from the Ministry of Commerce, from January to May 2017, 12,159 foreign-invested enterprises were newly established in the country, an increase of 11.9% year-on-year; actual use of foreign capital was 341.08 billion yuan, a year-on-year decrease of 0.7%. In May, the number of newly established foreign-invested enterprises in the country was 2,433, a year-on-year decrease of 5.4%; actual use of foreign investment was 54.67 billion yuan, a year-on-year decrease of 3.7%.

Before this, the foreign investment data in the manufacturing industry fell for six consecutive years.

According to Sang Baichuan, the focus of this opening up is on the manufacturing sector, which is mainly directed at the decline in foreign investment in the manufacturing industry, not only because of the decline in scale. In fact, China's manufacturing industry has accumulated enough attractiveness in more industries. Foreign investment will promote further transformation and upgrading of the manufacturing industry, especially in the areas of equipment manufacturing and smart manufacturing. Foreign investment can promote technological progress and structural upgrading. .

When talking about the increase in labor costs this year and whether the manufacturing opening measures can effectively attract foreign investment, Sang Baichuan told the “China Business” reporter that expanding access is only one aspect of attracting foreign capital, but the changes in the negative list are not enough to reverse it. Decline in foreign investment in manufacturing. Although the cost of manufacturing has increased, if there are other supporting measures, such as considering resuming the processing-oriented manufacturing foreign investment management measures of 2007, there are policy adjustments such as tax reductions, controlling labor costs, social security funds, etc., and many policy packages. Can play a more effective role.

“Opening up the manufacturing industry is a double-edged sword. In the past, the openness should consider affordability, but now the thinking has changed. Both the impact and the cooperation opportunities are considered. The negative list reflects the shift from a manufacturing power to a manufacturing powerhouse.” Ministry of Commerce Bai Ming, deputy director of the Institute of International Market Research, told this reporter.

Zhao Ping, director of the International Trade Research Department of the China Council for the Promotion of International Trade, said in an interview that China's economic development has reached such a stage that the proportion of manufacturing is lower than that of the service industry, and that economic transformation means that the manufacturing industry must shift from traditional manufacturing to modern manufacturing. At present, the global competition for foreign investment is fierce. Foreign-funded enterprises, especially transnational corporations, have a very important role in promoting China's manufacturing industry transition. In the new technology and new business models, the technology spillover effect of foreign-funded enterprises is further brought into play.

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There is still open space

“Although there have been breakthroughs, the overall negative list has been too long and the service industry has not opened up enough. For example, market access in industries such as finance, insurance, securities, etc. is still too cautious. Foreign investment can actually have a larger shareholding ratio and can enter related fields. "Sang Baichuan said.

Among the measures for reducing the number of negative listings in the 2017 edition, there are 4 related to the financial industry, 4 items for the rental and business services, and 1 for education.

Among them, in the opening up to the outside world of the financial industry, the “special issue of agency distribution, agency redemption, and underwriting of government bonds” permitted by the “Bank of Commerce of the People's Republic of China” is not allowed in the opening of the financial industry; Foreign banks are allowed to operate renminbi business to meet the minimum opening time requirements; and "foreign investors investing in financial asset management companies must meet a certain amount of total assets requirements."

In the area of ​​insurance business, special administrative measures have also been removed from the "non-approval by China's insurance regulatory authorities, and foreign insurance companies may not engage in the reinsurance of the reinsurance business with their affiliates."

Huo Jianguo believes that the scope of the expansion of the service industry that has been proposed before has many areas that have not yet landed, and there have been breakthroughs in areas such as accounting, auditing, and e-commerce. However, there is still room and space for opening up in the fields of education, finance, and medical care. International standards.

“Foreign investors are concerned about the concept of consumption upgrades, and our market access for consumption upgrades is far from enough. Now that we have relaxed access to education, entertainment, and medical care, we still need to carry out relevant inspections after entering.” It also needs further liberalization," said Sang Baichuan.

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