On 28 June 2018, the National Development and Reform Commission ("NDRC") and the Ministry of Commerce ("MOFCOM") jointly issued the Special Administrative Measures for Foreign Investment Access (Negative List for Foreign Investment Access) (the "2018 Negative List"). The newly published 2018 Negative List officially allows foreign control of securities firms, fund management companies ("FMCs"), futures companies and life insurance companies in China, which is widely considered a significant move to further open up China's financial services sector.