the State Council issued guidance on further guiding and standardizing the direction of overseas investment, and restricted overseas investment in real estate, hotels, cinemas, entertainment industry, sports clubs and so on.
original title: the General Office of the State Council transmits the Circular of the National Development and Reform Commission, the Ministry of Commerce, the people's Bank of China and the Ministry of Foreign Affairs on further guiding and standardizing the direction of overseas investment
the guidance on further guiding and standardizing the Direction of overseas Investment by the National Development and Reform Commission, the Ministry of Commerce, the people's Bank of China and the Ministry of Foreign Affairs has been approved by the State Council and is now forwarded to you for conscientious implementation. General Office of the State Council August 4, 2017 (this is released publicly) < strong > guidance on further guiding and standardizing the direction of overseas investment < / strong > < strong > 1, guiding ideology < / strong > < strong > II. Basic principles < / strong > -adhere to the main body of the enterprise. In the field of overseas investment, we should give full play to the decisive role of the market in the allocation of resources and give better play to the role of the government, take enterprises as the main body, market-oriented, and carry out overseas investment in accordance with commercial principles and international practices. enterprises make their own decisions, bear their own profits and losses and bear their own risks under the guidance of the government. -persist in deepening reform. We will innovate systems and mechanisms, improve the level of facilitation of overseas investment, further promote the reform of streamlining administration and decentralization, combining decentralization and management, and optimizing services, adhere to the record-based mode of overseas investment management, and implement a managed market-oriented operation mechanism under capital items. Guide and standardize the direction of enterprises' overseas investment according to the mode of "encouraging development + negative list". -adhere to mutual benefit and win-win situation. Guide enterprises to fully consider the national conditions and actual needs of the investment destination country, pay attention to mutually beneficial cooperation with local governments and enterprises, create good economic and social benefits, and promote mutual benefit and win-win cooperation. -keep on guard against risks. Adhere to the general tone of the work of seeking progress in the midst of stability, coordinate the overall strategy of national economic diplomacy, adhere to compliance with the law, reasonably grasp the focus and rhythm of overseas investment, actively supervise overseas investment beforehand, during and after the event, and effectively guard against all kinds of risks. < strong > III. Encouraged overseas investment < / strong > (1) focus on promoting overseas investment in infrastructure that is conducive to the construction of "Belt and Road Initiative" and the connectivity of surrounding infrastructure. (2) steadily carry out overseas investment that drives the export of superior production capacity, high-quality equipment and technological standards. (3) strengthen investment cooperation with overseas high-tech and advanced manufacturing enterprises, and encourage the establishment of R & D centers abroad. (4) safely participate in the exploration and development of overseas oil, gas, mineral and other energy resources on the basis of prudent evaluation of economic benefits. (5) strive to expand foreign cooperation in agriculture and carry out mutually beneficial and win-win investment cooperation in agriculture, forestry, animal husbandry, sideline and fishing. (6) promote overseas investment in commerce, trade, culture, logistics and other services in an orderly manner, support qualified financial institutions to set up branches and service networks abroad, and conduct business in accordance with the law. < strong > IV. Restrictions on overseas investment < / strong > restrict domestic enterprises from carrying out overseas investment that is inconsistent with the country's foreign policy of peaceful development, win-win opening-up strategy and macro-control policies, including (1) to carry out overseas investment in sensitive countries and regions that have not established diplomatic relations with China, have experienced war, or have concluded bilateral and multilateral treaties or agreements that need to be restricted. < strong > (2) overseas investment in real estate, hotels, cinemas, entertainment industries, sports clubs, etc. < / strong > (3) to set up equity investment funds or investment platforms without specific industrial projects abroad. (4) use backward production equipment that does not meet the requirements of the technical standards of the investment destination country to carry out overseas investment. (5) overseas investment that does not meet the environmental protection, energy consumption and safety standards of the investment destination country. among them, the first three categories are subject to the examination and approval of overseas investment authorities. V. Prohibited overseas investment domestic enterprises are prohibited from participating in overseas investment that endangers or may endanger national interests and national security, including (1) overseas investment involving the export of core technologies and products of military industry without state approval. (2) overseas investment in technologies, processes and products prohibited by China. (3) overseas investment in gambling and porn industries. (4) overseas investment prohibited by international treaties concluded or acceded to by China. (5) other overseas investments that endanger or may endanger national interests and national security. VI. Safeguard measures (1) implement classified guidance. With regard to the overseas investment encouraged, it is necessary to further improve the level of service in the areas of taxation, foreign exchange, insurance, customs and information, so as to create better facilitation conditions for enterprises. Enterprises should be guided to participate prudently in restricted overseas investment, and necessary guidance and tips should be given in the light of the actual situation. It is necessary to take practical and effective measures to strictly control the prohibited overseas investment. (2) perfect the management mechanism. We will strengthen the examination of the authenticity and compliance of overseas investment and prevent false investment. Establish a blacklist system for overseas investment and jointly punish illegal investment. Establish an inter-departmental information sharing mechanism. To guide domestic enterprises to strengthen the supervision and management of overseas enterprises under their control, and to establish and improve the system of overseas investment decision-making, financial management and accountability for violations. We will establish a capital system for overseas investment in state-owned enterprises. We will improve the audit system for overseas investment of state-owned enterprises and maintain the safety of overseas state-owned assets. (3) improve the service level. Formulate a code of conduct for overseas investment and operation, guide enterprises to establish and improve a risk review, control and decision-making system for overseas compliance operations, have an in-depth understanding of overseas investment cooperation policies and regulations and international practices, abide by local laws and regulations, and operate legally. Strengthen institutional cooperation with relevant countries in investment protection, finance and personnel exchanges, so as to create a good external environment for enterprises to carry out overseas investment. Support the development of domestic asset assessment, legal services, accounting services, tax services, investment consultants, design consulting, risk assessment, certification, arbitration and other relevant intermediary institutions, provide market-oriented, socialized and international business consulting services for overseas investment, and reduce the risk of overseas investment and operation of enterprises. (4) strengthen security. Regularly issue the "report on the status of country Investment and Operation Facilitation", strengthen the guidance and supervision of enterprises' investment in high-risk countries and regions, timely warn and inform the relevant countries of major political, economic and social risks, put forward countermeasures and preventive measures, and effectively safeguard the legitimate rights and interests of Chinese enterprises abroad. Supervise and urge enterprises to carry out safety risk assessment of overseas projects, do a good job in project safety risk prediction and response, establish and improve the security system, strengthen security training, and enhance the safety risk prevention ability of enterprises in overseas investment. all localities and departments should, in accordance with the requirements of this opinion, reasonably grasp the direction and focus of overseas investment, earnestly strengthen organizational leadership and overall coordination, implement work responsibilities, step up the formulation and introduction of supporting policies and measures, and solidly promote relevant work to ensure practical results. Edit: mary
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