On December 27, 2021, the National Development and Reform Commission ("NDRC") and the Ministry of Commerce ("MOFCOM") issued two revised versions of negative lists (collectively the "2021 Foreign Investment Negative Lists"), which came into effect on January 1, 2022.
The Foreign Investment Law of the PRC, which came into effect on January 1, 2020, legally prescribed the PRC's use of a "pre-establishment national treatment plus negative list" management mechanism with respect to foreign investment in the PRC. The current revisions of the negative lists for foreign investment access ("Negative Lists") prominently highlight how emphasis is being placed on the precision of these Negative Lists. This echoes the recent filing-based regulatory reform in respect of the overseas listings of domestic enterprises proposed by the China Securities Regulatory Commission ("CSRC").