Circular of the National Development and Reform Commission on Issuing the Catalog of Sensitive Sectors for Outbound Investment (2018 Edition)

Fa Gai Wai Zi [2018] No.251

January 31, 2018

The development and reform commissions of all provinces, autonomous regions, municipalities directly under the Central Government, cities specifically designated in the state plan, the Development and Reform Commission of the Xinjiang Production and Construction Corps, and all relevant central enterprises,

According to the laws, regulations and policies relating to outbound investment, we have developed the Catalog of Sensitive Sectors for Outbound Investment (2018 Edition) upon research. The Catalog is hereby promulgated with effect from March 1, 2018.

Catalog of Sensitive Sectors for Outbound Investment (2018 Edition)

I. Research, development, manufacturing and maintenance of weaponry

II. Exploitation and utilization of water resources across borders

III. News media

IV. According to Circular of the General Office of the State Council on Forwarding the Guiding Opinions 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 Regulating the Outbound Investment Direction (Guo Ban Fa [2017] No.74), enterprises' outbound investment in the following sectors shall be restricted:
(I) Real estate industry
(II) Hospitality industry
(III) Cinemas
(IV) Entertainment industry
(V) Sports clubs
(VI) Equity investment funds or investment platforms that are established overseas without specific industrial projects