Regulations of the People's Republic of China for the Implementation of the Foreign Investment Law

要点解读 Key Points

中文导读

《中华人民共和国外商投资法实施条例》2019年12月26日公布（国务院令第723号），2020年1月1日起与外商投资法同步施行，细化投资促进、投资保护、投资管理规则，是外资企业在华经营的操作指南。

• “其他投资者”含中国自然人（第3条）：外商投资法所称其他投资者包括中国的自然人——中国籍个人经由境外架构投资的定性依据。
• 平等待遇（第6、13—17条）：政府资金安排、土地供应、税费减免、资质许可、标准制定、项目申报等方面依法平等对待内外资；外商投资企业平等参与标准制定修订；政府采购不得阻挠限制，可依法就采购事项询问、质疑、投诉。
• 融资渠道（第18条）：可依法在境内或境外公开发行股票、公司债券，公开发行或非公开发行其他融资工具，借用外债。
• 征收与汇兑（第21、22条）：国家对外国投资者投资不实行征收；特殊情况下依法定程序、非歧视方式、按被征收投资市场价值补偿；出资、利润、资本收益、资产处置所得、知识产权许可使用费、补偿赔偿、清算所得可依法以人民币或外汇自由汇入汇出，任何单位个人不得违法限制币种、数额、频次。
• 知识产权与技术转让（第23、24条）：加大知识产权侵权惩处，平等保护外资知识产权；行政机关不得利用行政许可、检查、处罚、强制等手段强制或变相强制转让技术，违者处分直接负责人员。
• 政策承诺必须兑现（第27、28条）：地方政府书面政策承诺和依法订立的合同必须履行，不得以行政区划调整、政府换届、机构职能调整、责任人更替为由违约毁约；因国家利益、社会公共利益确需改变的，依法定权限程序进行并及时公平合理补偿。
• 投诉机制（第29—31条）：县级以上政府建立外商投资企业投诉工作机制，协调处理反映的问题；任何单位个人不得压制或打击报复。
• 负面清单与安全审查（第33—35、40条）：禁止类领域不得投资，限制类须符合股权、高管等特别管理措施；许可行业按与内资一致的条件程序审核，不得歧视；建立外商投资安全审查制度。
• 信息报告（第38、39条）：通过企业登记系统和企业信用信息公示系统向商务主管部门报送投资信息；能通过部门信息共享获得的不再重复要求报送。
• 现有企业过渡（第44—46条）：外商投资法施行前按“外资三法”设立的企业，5年内可按公司法、合伙企业法调整组织形式并办理变更登记，也可保留原组织形式；原合同约定的股权转让、收益分配等办法可继续按约定办理。

English Key Points

The Regulations for the Implementation of the Foreign Investment Law, promulgated December 26, 2019 (State Council Decree No. 723) and effective January 1, 2020 alongside the Foreign Investment Law, operationalize investment promotion, protection and administration — the practical guide for FIEs operating in China.

• "Other investors" include Chinese nationals (Art. 3): the basis for characterizing investments by Chinese individuals through offshore structures.
• Equal treatment (Arts. 6, 13–17): equal access to government funding, land, tax benefits, licensing, standard-setting and project applications; FIEs participate equally in standards work; no obstruction in government procurement, with rights to inquire, challenge and complain.
• Financing (Art. 18): FIEs may issue shares and corporate bonds publicly onshore or offshore, issue other financing instruments, and borrow foreign debt.
• Expropriation and remittance (Arts. 21, 22): no expropriation except by legal procedure, non-discriminatory, at market value for public interest; capital, profits, gains, disposal proceeds, IP royalties, compensation and liquidation proceeds freely remittable in RMB or foreign currency — no unlawful limits on currency, amount or frequency.
• IP and tech transfer (Arts. 23, 24): tougher IP infringement penalties with equal protection; administrative organs may not use licensing, inspection, penalties or enforcement to force or de facto force technology transfer — responsible officials face discipline.
• Policy commitments must be honored (Arts. 27, 28): local governments' written commitments and contracts must be performed despite redistricting, leadership changes or reorganizations; changes for national/public interest follow legal procedure with timely fair compensation.
• Complaint mechanism (Arts. 29–31): county-level and above governments run FIE complaint channels; no suppression or retaliation.
• Negative list and security review (Arts. 33–35, 40): no investment in prohibited sectors; restricted sectors subject to equity and senior-management requirements; licensing on the same terms as domestic investors; a foreign-investment security review system is established.
• Information reporting (Arts. 38, 39): report investment information via the enterprise registration and credit-information systems; no duplicate reporting where inter-agency sharing suffices.
• Transition for existing FIEs (Arts. 44–46): enterprises formed under the former "three foreign-investment laws" had five years to reorganize under the Company Law/Partnership Enterprise Law or keep their original form; agreed equity-transfer and profit-distribution terms in existing contracts remain enforceable.

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This summary is based on the published text and is for reference only; it does not constitute legal advice. Consult a licensed attorney for your specific case.