China Further Opens Up: 2024 Negative List for Foreign Investment Released
ISSUING AUTHORITY:
National Development and Reform Commission
DATE OF ISSUANCE:
November 1, 2024
EFFECTIVE DATE:
November 1, 2024.
On November 1, 2024, China officially implemented the updated Foreign Investment Negative List (2024 Edition), reducing domestic restrictions from 31 to 29 items. In a significant move, restrictions on manufacturing were completely lifted, reflecting China’s commitment to expanding high-level opening-up.
This development aligns with President Xi Jinping’s recent remarks at the APEC Economic Leaders’ Meeting, emphasizing China’s dedication to promoting reform through openness and actively aligning with international high-standard trade rules. These efforts aim to attract global collaboration while fostering innovation and economic transformation.
Key highlights of the new list include the removal of the remaining two restrictions in manufacturing: that publishing-related printing must be controlled by Chinese entities, and that investment in certain traditional Chinese medicine techniques and proprietary formulations was prohibited. This milestone positions China’s manufacturing sector as fully accessible to foreign investors, showcasing its determination to deepen globalization and foster international cooperation.
Looking ahead, China is set to focus on opening up service industries such as telecommunications, internet, education, culture, and healthcare. Pilot programs in select regions, including free trade zones, will be crucial for testing and refining these measures. Furthermore, the Encouraged Foreign Investment Catalogue is being revised to guide foreign capital into prioritized service sectors.
With strengthened regulatory frameworks and consistent adherence to the principle of equal treatment for domestic and foreign investors, China seeks to ensure seamless implementation of new policies, balancing openness with robust risk management to achieve high-quality development.
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