Promulgation of the Provisions of the State Council on Foreign Investment!

of the State Council of

the People's Republic of China No.837

The Provisions of the State Council on Foreign Investment, which were adopted at the 83rd executive meeting of the State Council on April 17, 2026, are hereby promulgated and shall come into force as of July 1, 2026.

Premier Li Qiang

's Provisions on Foreign Investment of the

State Council on May

5, 2026 Article 1 In order to promote high-level opening to the outside world, promote high-quality development of foreign investment, and effectively implement the management of foreign investment, These Provisions are formulated in accordance with the Foreign Relations Law of the People's Republic of China, the Foreign Trade Law of the People's Republic of China and other laws to protect the legitimate rights and interests of investors and their foreign investment, and to safeguard national sovereignty, security and development interests. Article

2 These Provisions shall apply to foreign investment by investors within the territory of the People's Republic of China (hereinafter referred to as within the territory of China). The term "overseas investment" as mentioned in

these Provisions refers to the activities in which investors directly or indirectly acquire the ownership, control, management and other related rights and interests of enterprises and assets in other countries (regions) by investing assets, rights and interests or providing financing and guarantees. The term "investors" as mentioned in

these Provisions includes enterprises, other organizations and individual residents within the territory of China. Article

3 The work of foreign investment shall adhere to the basic national policy of opening to the outside world, implement the overall national security concept, coordinate development and security, coordinate domestic and international development, improve the management and service system of foreign investment, improve the quality and level of foreign investment, and promote open cooperation and mutual benefit. Article

4 The state actively docks with international high-standard economic and trade rules, promotes high-quality co-construction of "the Belt and Road", promotes the construction of bilateral and multilateral investment cooperation mechanism, actively participates in the formulation of inte rnational investment rules, promotes international cooperation in industrial chain and supply chain, opposes unilateralism and protectionism, and promotes the construction of an open world economy. Article

5 The State supports investors to carry out foreign investment activities in accordance with the principle of marketization and actively participate in international cooperation and competition. Investors enjoy the autonomy of foreign investment according to law, make their own decisions, bear their own risks and profits and losses. In carrying out foreign investment and related activities,

investors shall abide by laws, regulations and international practices, respect local customs and cultural traditions, abide by business ethics, be honest and trustworthy, compete fairly, fulfill their social responsibilities, safeguard the image of the country, and shall not impair the order of market competition, destroy the ecological environment or damage the legitimate rights and interests of workers. It shall not endanger China's national security or harm the interests of the state and the public. Article

6 The State shall improve the overseas comprehensive service system, promote the integration of trade and investment, improve public platforms and services, coordinate service resources in the fields of foreign affairs, law, finance and taxation, finance, economy and trade, logistics, exit and entry, customs and trade promotion, and provide service guarantee for investors. People's governments at or above

the provincial level and their relevant departments should improve their public service capacity and level, and provide investors with public goods and services in terms of laws and regulations, policies and measures, investment guides, intellectual property rights, risk prevention and response, and rights and interests protection. Article

7 Supporting professional service institutions such as consultation and evaluation, legal services, accounting and auditing, credit rating, mediation and arbitration, intellectual property rights, etc. To expand overseas service networks, improve international service capabilities and levels, and provide high-quality professional services for investors and their foreign investment.

Relevant professional service institutions shall abide by the principles of honesty, trustworthiness, diligence, due diligence, independence and objectivity, establish effective risk control and internal control systems, equip practitioners with corresponding professional competence, and carry out relevant service activities in accordance with the law. Article

8 a banking financial institution shall, based on its functional orientation, follow the principles of marketization, legalization, commercial sustainability and risk control, and provide financial services such as financing for investors'foreign investment within its business scope. Policy-oriented insurance institutions are encouraged to provide overseas investment insurance and other services for investors to invest abroad. Article

9 Relevant trade associations and chambers of commerce shall, in accordance with laws, regulations and articles of association, strengthen industry self-discipline, enhance the ability and level of serving investors and their foreign investment, and timely reflect the demands of the industry.

Trade associations, chambers of commerce and trade and investment promotion organizations shall, in accordance with their articles of association, provide information consultation, market expansion, economic and trade exchanges, rights and interests protection, dispute settlement and other services related to foreign investment. Article

10 The State shall improve the management system of foreign investment, improve regulatory measures, implement the whole process of supervision at different levels, strengthen risk provention and control, improve the scientificity and security of foreign investment, and promote the combination of investment facilitation and effective risk prevention. Article

11 The competent investment and commercial departments under the State Council, in conjunction with other relevant departments under the State Council, shall formulate, adjust and implement foreign investment policies in accordance with the needs of national economic and social development, the changes in the investment environment and the degree of risk in the relevant countries (regions), clearly encourage, restrict and prohibit foreign investment, and strengthen foreign investment. To guide and supervise investors to standardize their investment and business operations.

Article 12 Where an investor needs to go through the formalities of approval and filing, information reporting and cross-border capital registration in carrying out foreign investment activities according to law, it shall go through the formalities in accordance with the relevant provisions of the State, submit the relevant materials truthfully, and cooperate with the supervision and inspection of the relevant competent authorities. Article

13 In carrying out foreign investment activities, investors shall not export or use goods, technologies, services and related data prohibited by the State, or export or use goods, technologies, services and related data restricted by the State without permission; It is not allowed to transfer goods, technologies, services and related data that are prohibited from export by the state to other countries (regions) by means of sending technical personnel across the border, organizing personnel to work in other countries (regions), providing technical guidance across the border, and arranging cross-border training for personnel, or to transfer goods, technologies, services and related data that are restricted from export by the state to other countries (regions) without permission. Article

14 Foreign investment involving capital exchange, import and export of goods and technologies, cross-border trade in services, cross-border data flow, management of entry and exit of personnel, examination of concentration of operators, export control, network security supervision, tax collection and management, and supervision of state-owned assets shall be carried out in accordance with relevant laws, administrative regulations and relevant provisions of the State. Article

15 The State shall improve the security review system for overseas investment, and the competent investment department and the competent commercial department of the State Council shall, in conjunction with other relevant departments of the State Council, conduct security review on the transfer and disposal of overseas investment and related assets, rights and interests that affect or may affect national security. Relevant organizations and individuals shall assist and cooperate with each other, shall not refuse or obstruct them, and shall abide by the decision on the safety review of overseas investment. Article

16 An investor and the enterprises in which it invests in other countries £ ¨ regions £ © shall improve the governance structure, establish and improve the systems of compliance operation, internal control, safe production and emergency handling, strengthen risk identification, prevention and handling, and invest necessary personnel, capital, equipment and other resources to ensure the safety of its employees and assets. Article

17 Investors shall regulate their investment and operation activities, and shall not damage the commercial reputation and commodity reputation of other investors, infringe upon the commercial secrets of others, dump commodities at low prices without justified reasons, seek illegitimate interests by means of bribery and fraud, and disrupt the order of the foreign investment market. Article

18 The relevant departments of the State Council shall strengthen the monitoring, early warning and risk assessment of foreign investment, timely release the security situation of the relevant countries (regions), prompt investment risks, guide and help investors to prevent security risks, and safeguard the overseas interests of the state and the legitimate rights and interests of investors. Article

19 The People's Republic of China carries out cooperation and exchanges with other countries (regions) and international organizations in the field of law enforcement in accordance with international treaties or agreements concluded or acceded to, or on the principle of equality and reciprocity. Protect the safety of investors in other countries (regions) and their invested enterprises, employees and assets of projects, as well as the legitimate rights and interests of relevant organizations and individuals.

The state has actively negotiated and signed multilateral and bilateral trade and investment agreements and other international economic and trade agreements to improve the level of foreign investment protection and promote investment liberalization and facilitation. Article

20 The State shall, in accordance with law, provide consular protection and assistance to Chinese citizens and organizations investing in other countries (regions) and their Chinese employees affiliated to enterprises and projects invested in those countries (regions), so as to safeguard their legitimate rights and interests. In the event of war, armed conflict, riot, serious natural disaster, major accident disaster, major infectious disease epidemic, terrorist attack and other major emergencies in the country (region) of

investment purpose, the investors in the country (region) and the Chinese employees of the enterprises and projects they invest in are threatened by personal and property safety. Diplomatic missions stationed abroad shall verify the situation in a timely manner, urge relevant countries (regions) to take effective measures to protect the personal and property safety of Chinese citizens and organizations, and provide assistance in accordance with relevant circumstances. Where the Chinese government makes corresponding arrangements to avoid risks, relevant organizations and individuals shall cooperate. Article

21 Investors are encouraged to resolve conflicts and disputes related to foreign investment through consultation, mediation, arbitration and litigation, so as to safeguard their legitimate rights and interests.Article

22 Where an organization or individual in China participates in arbitration or litigation related to foreign investment or is subject to relevant investigations by foreign judicial or law enforcement agencies, it is necessary to provide evidence or relevant materials abroad. They shall abide by laws, administrative regulations and relevant provisions of the State on the protection of state secrets, data security, personal information protection, technology export management, export control and judicial assistance. If the approval of the competent authority is required according to law, the relevant legal procedures shall be carried out. Article

23 Where an investor encounters trade-related investment barriers or other obstacles to investment and operation in the country (region) of investment destination, the competent commerce department of the State Council may organize an investigation by itself or jointly with other relevant departments of the State Council, and the relevant organizations and individuals shall assist and cooperate with it. According to the results of the investigation, the relevant departments of the State Council may take such measures as adjusting the relevant national investment policies, prohibiting or restricting the import and export of relevant goods and technologies or international service trade. Article

24 If any country (region) or international organization takes discriminatory prohibition, restriction or other similar measures against the People's Republic of China in terms of investment and operation in violation of international law and the basic norms of international relations, the Chinese Government and its relevant departments may take corresponding measures according to the actual situation. Protect the safety and legitimate rights and interests of investors and their foreign investments, and protect the country's overseas interests from threats and infringements. The relevant departments of

the State Council may, in accordance with the Law of the People's Republic of China on Anti-Foreign Sanctions and the Provisions on the Implementation of the Law of the People's Republic of China on Anti-Foreign Sanctions, decide to include organizations or individuals directly or indirectly involved in the formulation, decision or implementation of discriminatory prohibitions, restrictions or other similar measures as stipulated in the preceding paragraph. Take appropriate measures. Article

25 Foreign organizations and individuals endanger China's national sovereignty, security and development interests, interrupt normal transactions with Chinese enterprises, other organizations or individuals in violation of the principle of normal market transactions, or take discriminatory measures against investors and their foreign investments, and unreasonably deprive or restrict investors and their foreign investments. The relevant departments of the State Council may prohibit or restrict their import and export activities related to China, prohibit or restrict their investment in China, prohibit or restrict organizations and individuals in China from conducting relevant transactions and cooperation with them, and prohibit or restrict the entry of relevant personnel, products and means of transportation. Measures such as canceling or restricting the qualifications of relevant personnel to work, stay or reside in China. The relevant measures may apply to organizations that are actually controlled by foreign organizations or individuals or that participate in the establishment or operation of foreign organizations or individuals. Article

26 Public officials shall keep confidential the state secrets, work secrets, business secrets, personal privacy and personal information they know in performing their duties related to foreign investment management services according to law, and shall not disclose or illegally provide them to others. Article

27 Where an investor invests in foreign investment prohibited by the State, the competent investment department and the competent commercial department of the State Council shall, in accordance with their respective functions and duties, order it to stop such investment activities, dispose of its shares and assets within a time limit, and confiscate its illegal income. If it refuses to do so, it shall be fined not less than 5 ‰ but not more than 10 ‰ of the amount of investment; The directly responsible person in charge and other directly responsible persons shall be fined not less than 50000 yuan but not more than 100000 yuan. If

an investor fails to go through the formalities for approval and filing of overseas investment in accordance with the provisions, or applies for approval and filing by submitting false materials or concealing true information, the approval and filing authority shall order it to make corrections, confiscate its illegal income and impose a fine of not less than 1 ‰ but not more than 5 ‰ of the investment amount; If it refuses to make corrections, it shall be ordered to stop the investment activities, dispose of its shares and assets within a time limit, and impose a fine of not less than 5 ‰ but not more than 10 ‰ of the investment amount; the directly responsible person in charge and other directly responsible persons shall be fined not less than 20,000 yuan but not more than 50,000 yuan. Where

an investor obtains the approval and filing of overseas investment by bribery, deception or other improper means, the approval and filing authority shall revoke the approval and filing documents, confiscate the illegal gains and impose a fine of not less than 1 ‰ but not more than 5 ‰ of the amount of investment; if the investor has already invested, it shall be ordered to stop the investment activities, dispose of its shares and assets within a time limit, and impose a fine of not less than 5 ‰ but not more than 10 ‰ of the amount of investment; The directly responsible person in charge and other directly responsible persons shall be fined not less than 20000 yuan but not more than 50000 yuan.

From the effective date of the penalty decision stipulated in the preceding three paragraphs, the competent authorities concerned may refuse to accept the application for approval and filing submitted by the offender within three years, or prohibit him from engaging in foreign investment activities for a period of not less than one year but not more than three years. Article

28 Whoever, in violation of the provisions of Article 15 of these Provisions, refuses to cooperate with the security review of overseas investment, provides false materials or conceals relevant information, or fails to comply with the decision of the security review of overseas investment, shall be ordered by the relevant departments of the State Council to make corrections, confiscate the illegal income and impose a fine; If it endangers national security, it shall be ordered to take necessary measures to eliminate the impact on national security, and may be prohibited from engaging in foreign investment activities for a period of not less than one year but not more than three years; if it has already invested, it may be ordered to stop such investment activities and dispose of its shares and assets within a time limit. Article

29 Where an investor violates Article 17 of these Provisions, the competent investment department and the competent commerce department of the State Council may, in accordance with their respective functions and duties, order it to make corrections within a time limit; if it causes harmful consequences, it may prohibit it from engaging in foreign investment activities within a period of not less than one year but not more than three years. Article

30 Where an investor, in carrying out foreign investment activities, violates these Provisions and causes personal injury or property loss, it shall bear civil liability in accordance with the law; if it constitutes a violation of public security administration, it shall be punished for public security administration in accordance with the law; if it constitutes a crime, it shall be investigated for criminal liability in accordance with the law. Where

an investor violates other laws and regulations in carrying out foreign investment activities, the competent authority shall order it to make corrections and deal with it according to law. Article

31 Where a public official abuses his power, neglects his duty, engages in malpractices for personal gain, or divulges or illegally provides to others the state secrets, work secrets, business secrets, personal privacy and personal information he knows in the work of foreign investment, he shall be punished according to law; if a crime is constituted, he shall be investigated for criminal responsibility according to law. Article

32 The administration of investment by investors in Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan Region shall be implemented with reference to these Provisions; where there are laws, administrative regulations or other provisions of the State Council, such provisions shall prevail. Article

33 The administration of investment by investors with their own funds, raised funds and other entrusted funds in financial markets outside China shall be carried out in accordance with these Provisions and other relevant provisions of the State. These Provisions and other relevant provisions of the State shall govern the reinvestment outside China by

investors of assets, rights and interests acquired through foreign investment. Specific measures for the administration of foreign investment by individual residents in

China shall be formulated by the competent investment department and the competent commercial department of the State Council. Article

34 These Provisions shall come into force on July 1, 2026.