China Foreign Investment Negative List — Restricted & Prohibited Sectors

The Foreign Investment Negative List specifies industries where foreign investment is restricted (JV required, Chinese majority) or prohibited entirely. The list has shortened significantly in recent years, reflecting China's progressive market opening.

How It Works

Industries NOT on the negative list are open to foreign investment on a national treatment basis (equal treatment with domestic investors). For restricted industries on the list, specific conditions apply such as equity caps or additional approvals.

2025 Edition Key Changes

The latest negative list removed restrictions entirely from manufacturing sectors and significantly reduced restrictions in financial services, telecommunications, healthcare, and education. The list now focuses primarily on national security and public interest sectors.

Practical Impact

For most foreign businesses, the negative list does not restrict their intended activities. The list primarily affects media, education, mining, and certain technology sectors. Companies should verify their industry classification against the latest list before structuring their investment.