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2017版企业境外投资管理办法Administrative Measures for the Outbound Investment by Enterprises

2017版企业境外投资管理办法Administrative Measures for the Outbound Investment by Enterprises

企业境外投资管理办法

国家发展和改革委员会令第11号

《企业境外投资管理办法》已经国家发展和改革委员会主任办公会议审议通过,现予公布,自2018年3月1日起施行。

主任:何立峰

2017年12月26日

企业境外投资管理办法

  Administrative Measures for the Outbound Investment by Enterprises

NDRC Order No.11

The Administrative Measures for the Outbound Investment by Enterprises, adopted upon deliberation at the executive meeting of the director of the National Development and Reform Commission, are hereby promulgated, effective as from 1 March 2018.

He Lifeng

Director of the National Development and Reform Commission

26 December 2017

Administrative Measures for the Outbound Investment by Enterprises

第一章
总则
  Chapter I General Principles
第一条

为加强境外投资宏观指导,优化境外投资综合服务,完善境外投资全程监管,促进境外投资持续健康发展,维护我国国家利益和国家安全,根据《中华人民共和国行政许可法》《国务院关于投资体制改革的决定》《国务院对确需保留的行政审批项目设定行政许可的决定》等法律法规,制定本办法。

  Article 1 To strengthen the macro guidance to outbound investment, optimise comprehensive services for outbound investment, improve regulation over the entire process of outbound investment, promote the sustained and sound development of outbound investment, and safeguard national interests and national security of China, these Measures are enacted according to the Administrative Licensing Law of the People’s Republic of China, the Decision of the State Council on Investment System Reform, the Decision of the State Council on Setting Administrative Licensing for Administrative Examination and Approval Items Requiring Preservation and other laws and regulations.


第二条

本办法所称境外投资,是指中华人民共和国境内企业(以下称”投资主体”)直接或通过其控制的境外企业,以投入资产、权益或提供融资、担保等方式,获得境外所有权、控制权、经营管理权及其他相关权益的投资活动。

前款所称投资活动,主要包括但不限于下列情形:

(一) 获得境外土地所有权、使用权等权益;

(二) 获得境外自然资源勘探、开发特许权等权益;

(三) 获得境外基础设施所有权、经营管理权等权益;

(四) 获得境外企业或资产所有权、经营管理权等权益;

(五) 新建或改扩建境外固定资产;

(六) 新建境外企业或向既有境外企业增加投资;

(七) 新设或参股境外股权投资基金;

(八) 通过协议、信托等方式控制境外企业或资产。

本办法所称企业,包括各种类型的非金融企业和金融企业。

本办法所称控制,是指直接或间接拥有企业半数以上表决权,或虽不拥有半数以上表决权,但能够支配企业的经营、财务、人事、技术等重要事项。

  Article 2 For the purpose of these Measures, “outbound investment” refers to the investment activities to obtain overseas ownership, right of control, business management right, and other related rights and interests by an enterprise located within the territory of the People’s Republic of China (hereinafter referred to as the “investor”), either directly or via an overseas enterprise under its control, by way of investments with assets or equities or proving financing or guarantees

The investment activities referred to in the preceding paragraph mainly include but are not limited to the following circumstances:

(1) the acquisition of the ownership, usufruct or other equities in overseas land;

(2) the acquisition of special permission or other equities for overseas natural resources exploration and development;

(3) the acquisition of the ownership, business management right or other equities in overseas infrastructure,;

(4) the acquisition of the ownership, business management right or other equities in overseas enterprises or assets;

(5) the new establishment, renovation or expansion of overseas fixed assets;

(6) the incorporation of a new enterprises overseas or the increased investment in an existing overseas enterprise;

(7) the new establishment of an overseas equity investment fund or equity investment in such fund; and

(8) the control over an overseas enterprise or assets by means of agreements, trusts or otherwise.

For the purpose of these Measures, “enterprises” include all types of non-financial enterprises and financial enterprises in various forms.

For the purpose of these Measures, “control” refers to the directly and indirectly ownership of more than half of an enterprise’s voting rights, or dominating an enterprise’s business management, finance, human resources, technologies or other important matters, even without more than half of the enterprise’s voting rights.

第三条

投资主体依法享有境外投资自主权,自主决策、自担风险。

  Article 3 Investors lawfully enjoy the autonomy, i.e. the rights to make outbound investments at their own discretion and to assume risks on their own.


第四条

投资主体开展境外投资,应当履行境外投资项目(以下称”项目”)核准、备案等手续,报告有关信息,配合监督检查。

  Article 4 To make an outbound investment, any investor shall go through such formalities as the approval and filing for the outbound investment project (hereinafter referred to as the “Project”), the reporting of relevant information, and the cooperation in the supervision and inspection over the outbound investment.


第五条

投资主体开展境外投资,不得违反我国法律法规,不得威胁或损害我国国家利益和国家安全。

  Article 5 No investors in making outbound investment may violate Chinese laws and regulations or threaten or damage China’s national interests and national security.


第六条

国家发展和改革委员会(以下称”国家发展改革委”)在国务院规定的职责范围内,履行境外投资主管部门职责,根据维护我国国家利益和国家安全的需要,对境外投资进行宏观指导、综合服务和全程监管。

  Article 6 The National Development and Reform Commission (hereinafter referred to as “NDRC”) shall, to the extent of the duties prescribed by the State Council, fulfil the responsibilities for outbound investments as the competent authority, and provide macro guidance and comprehensive services and conduct whole-process regulation over outbound investments, in light of the needs of safeguarding China’s national interests and national security.


第七条

国家发展改革委建立境外投资管理和服务网络系统(以下称”网络系统”)。投资主体可以通过网络系统履行核准和备案手续、报告有关信息;涉及国家秘密或不适宜使用网络系统的事项,投资主体可以另行使用纸质材料提交。网络系统操作指南由国家发展改革委发布。

  Article 7 NDRC shall establish a network system of management and service for outbound investments (hereinafter referred to as the “Network System”). Investors may go through approval and filing formalities and report relevant information through the Network System; for matters involving State secrets or it is inappropriate to deal with such matters through the Network System, investors may submit paper materials separately. The Operation Guide for Network System will be posted by NDRC.


第二章
境外投资指导和服务
  Chapter II Guidance and Services for Outbound investments
第八条

投资主体可以就境外投资向国家发展改革委咨询政策和信息、反映情况和问题、提出意见和建议。

  Article 8 Investors may consult NDRC on policies and information, reflect situations and problems, and raise opinions and suggestions to NDRC for outbound investments.


第九条

国家发展改革委在国务院规定的职责范围内,会同有关部门根据国民经济和社会发展需要制定完善相关领域专项规划及产业政策,为投资主体开展境外投资提供宏观指导。

  Article 9 NDRC shall, to the extent of duties prescribed by the State Council, formulate and improve the special planning and industrial policies in relevant fields in conjunction with related authorities in light of the needs of the national economic and social development, in a bid to provide macro guidance for Investors to make outbound investments.


第十条

国家发展改革委在国务院规定的职责范围内,会同有关部门加强国际投资形势分析,发布境外投资有关数据、情况等信息,为投资主体提供信息服务。

  Article 10 NDRC shall, to the extent of duties prescribed by the State Council, strengthen the international investment situation analysis in conjunction with related authorities, release related data, situation and other information on outbound investments, in a bid to provide investors with information services.


第十一条

国家发展改革委在国务院规定的职责范围内,会同有关部门参与国际投资规则制定,建立健全投资合作机制,加强政策交流和协调,推动有关国家和地区为我国企业开展投资提供公平环境。

  Article 11 NDRC shall, to the extent of duties prescribed by the State Council, participate in conjunction with related authorities in the formulation of international investment rules, establish and improve mechanisms for investment cooperation, strengthen policy exchange and coordination, and promote the relevant countries and regions to provide a fair environment for investment by Chinese enterprises.


第十二条

国家发展改革委在国务院规定的职责范围内,推动海外利益安全保护体系和能力建设,指导投资主体防范和应对重大风险,维护我国企业合法权益。

  Article 12 NDRC shall, to the extent of duties prescribed by the State Council, promote the development of a system to protect overseas interests and promote the capacity building thereof, guide investors in preventing and responding to major risks, and safeguard the legitimate rights and interests of Chinese enterprises.


第三章
境外投资项目核准和备案
  Chapter III Approval and Filing of Outbound investment Project
第一节
核准、备案的范围
  Section 1 Projects Subject to Approval and Filing
第十三条

实行核准管理的范围是投资主体直接或通过其控制的境外企业开展的敏感类项目。核准机关是国家发展改革委。

本办法所称敏感类项目包括:

(一) 涉及敏感国家和地区的项目;

(二) 涉及敏感行业的项目。

本办法所称敏感国家和地区包括:

(一) 与我国未建交的国家和地区;

(二) 发生战争、内乱的国家和地区;

(三) 根据我国缔结或参加的国际条约、协定等,需要限制企业对其投资的国家和地区;

(四) 其他敏感国家和地区。

本办法所称敏感行业包括:

(一) 武器装备的研制生产维修;

(二) 跨境水资源开发利用;

(三) 新闻传媒;

(四) 根据我国法律法规和有关调控政策,需要限制企业境外投资的行业。

敏感行业目录由国家发展改革委发布。

  Article 13 Projects subject to approval are sensitive projects to be carried out by investors either directly or through overseas enterprises controlled thereby. The approval authority is NDRC.

The sensitive projects referred to in these Measures include:

(1) Projects involving sensitive countries and regions; and

(2) Projects involving sensitive industries.

The sensitive countries and regions referred to in these Measures include:

(1) Countries and regions that have not yet established diplomatic relations with China;

(2) Countries and regions where wars and civil strife occur;

(3) Countries and regions where investment made by enterprises shall be restricted according to the international treaties and protocols concluded or acceded by China; and

(4) Other sensitive countries and regions.

The sensitive industries referred to in these Measures include:

(1) Research, production, maintenance and repair of weapons and equipment;

(2) Development and utilisation of cross-border water resources;

(3) News media; and

(4) Industries for which outbound investments by enterprises shall be restricted according to Chinese laws, regulations and related regulatory policies.

The category of sensitive industries shall be released by NDRC.

第十四条

实行备案管理的范围是投资主体直接开展的非敏感类项目,也即涉及投资主体直接投入资产、权益或提供融资、担保的非敏感类项目。

实行备案管理的项目中,投资主体是中央管理企业(含中央管理金融企业、国务院或国务院所属机构直接管理的企业,下同)的,备案机关是国家发展改革委;投资主体是地方企业,且中方投资额 3 亿美元及以上的,备案机关是国家发展改革委;投资主体是地方企业,且中方投资额 3 亿美元以下的,备案机关是投资主体注册地的省级政府发展改革部门。

本办法所称非敏感类项目,是指不涉及敏感国家和地区且不涉及敏感行业的项目。

本办法所称中方投资额,是指投资主体直接以及通过其控制的境外企业为项目投入的货币、证券、实物、技术、知识产权、股权、债权等资产、权益以及提供融资、担保的总额。

本办法所称省级政府发展改革部门,包括各省、自治区、直辖市及计划单列市人民政府发展改革部门和新疆生产建设兵团发展改革部门。

  Article 14 Projects subject to filing are non-sensitive projects directly carried out by investors, namely the non-sensitive projects involving the direct investment of assets and equities or the provision of financing or guarantees.

For a project requiring filing, the authority in charge of filing is (i) NDRC, if the investor is a centrally administered enterprise (a centrally administered financial enterprise or an enterprise directly subordinate to the administration by the State Council or its subordinate organ, the same below); (ii) NDRC, if the investor is a local enterprise and the amount of Chinese investment is USD 0.3 billion or above; and (iii) the provincial development and reform authority at the place where the investor is registered, if the investor is a local enterprise and the amount of Chinese investment is less than USD 0.3 billion.

The non-sensitive projects mentioned in these Measures refer to the projects irrelevant to sensitive countries or regions, and irrelevant to sensitive industries.

The amount of Chinese investment mentioned in these Measures refers to the sum of such assets and equities as currencies, securities, physical objects, technologies, intellectual properties, equities, creditors’ rights, and the total amount of the provided financing and guarantees.

For the purpose of these Measures, “the provincial development and reform authority at the place where an investor is registered” refers to the development and reform authority of a province, autonomous region, a municipality directly under the Central Government, a city of independent planning status, or Xinjiang Production and Construction Corps.

第十五条

投资主体可以向核准、备案机关咨询拟开展的项目是否属于核准、备案范围,核准、备案机关应当及时予以告知。

  Article 15 Investors may seek advice from the approval and filing authorities on whether a proposed project falls within the scope of projects subject to approval or filing; such authorities shall give prompt replies to investors.


第十六条

两个以上投资主体共同开展的项目,应当由投资额较大一方在征求其他投资方书面同意后提出核准、备案申请。

如各方投资额相等,应当协商一致后由其中一方提出核准、备案申请。

  Article 16 Where two or more investors jointly conduct a Project, the investor with comparatively larger amount of investment shall submit the application for approval or filing after obtaining the consent of other investors. If the amount of investment made by each investor is the same, one of the investors shall submit the application for approval or filing after a consensus is reached through negotiation.


第十七条

对项目所需前期费用(包括履约保证金、保函手续费、中介服务费、资源勘探费等)规模较大的,投资主体可以参照本办法第十三条、第十四条规定对项目前期费用提出核准、备案申请。经核准或备案的项目前期费用计入项目中方投资额。

  Article 17 For a Project that requires comparatively large expenses at the early stage (including performance security, service charge for letter of guarantee, agency service fee, and resource exploration fee, etc.), the investor(s) may, by referring to Article 13 and Article 14 hereof, submit applications for approval or filing for the early-stage costs of the Project. Such expenses after approval or filing shall be counted as the Chinese investment to the Project.


第二节
核准的程序和时限
  Section 2 Formalities and Time Limits for Approval
第十八条

实行核准管理的项目,投资主体应当通过网络系统向核准机关提交项目申请报告并附具有关文件。其中,投资主体是中央管理企业的,由其集团公司或总公司向核准机关提交;投资主体是地方企业的,由其直接向核准机关提交。

  Article 18 For a Project subject to approval, the investor shall submit an application report along with relevant documents to the approval authority through the Network System; to be specific, if the investor is a centrally-administered enterprise, the application report shall be submitted by its group company or the head office to the approval authority; the application report shall be directly submitted by the investor to the approval authority if the investor is a local enterprise.


第十九条

项目申请报告应当包括以下内容:

(一) 投资主体情况;

(二) 项目情况,包括项目名称、投资目的地、主要内容和规模、中方投资额等;

(三) 项目对我国国家利益和国家安全的影响分析;

(四) 投资主体关于项目真实性的声明。

项目申请报告的通用文本以及应当附具的文件(以下称”附件”)清单由国家发展改革委发布。

  Article 19 The application report for a Project shall include the following particulars:

(1) A profile of the investor;

(2) Particulars about the Project, including the project’s name, investment destination, main content and scale, and amount of Chinese investment etc.;

(3) The analysis of the impact of the Project on national interests and national safety of China; and

(4) The investor’s statement about the authenticity of the Project.

The sample text of the application report of a Project and the list for the required documents attached thereto (hereinafter referred to as the “appendixes”) shall be released by NDRC.

第二十条

项目申请报告可以由投资主体自行编写,也可以由投资主体自主委托具有相关经验和能力的中介服务机构编写。

  Article 20 The application report for a Project may be prepared by the investor itself or by an agency with related experience and ability as entrusted by the investor at its discretion.


第二十一条

项目申请报告和附件齐全、符合法定形式的,核准机关应当予以受理。

项目申请报告或附件不齐全、不符合法定形式的,核准机关应当在收到项目申请报告之日起 5 个工作日内一次性告知投资主体需要补正的内容。逾期不告知的,自收到项目申请报告之日起即为受理。

核准机关受理或不予受理项目申请报告,都应当通过网络系统告知投资主体。投资主体需要受理或不予受理凭证的,可以通过网络系统自行打印或要求核准机关出具。

  Article 21 Where the application report for a Project and the appendixes thereto are complete and compliant with statutory forms, the approval authority shall accept the application.

If the application report for a Project and the appendixes thereto are incomplete or non-compliant with statutory forms, the approval authority shall notify the investor of all materials to be supplemented or corrected in a one-off manner within five (5) working days of the receipt of the application report for a project. The said report is deemed to be accepted upon the receipt thereof if no such notification is given within the prescribed time limit.

The approval authority shall notify the investor through the Network System of whether or not to accept the application report for a Project. If the investor needs a receipt for admission or rejection, it may print it out through the Network System, or requests the approval authority to issue one.

第二十二条

项目涉及有关部门职责的,核准机关应当商请有关部门在 7 个工作日内出具书面审查意见。有关部门逾期没有反馈书面审查意见的,视为同意。

  Article 22 Where a Project involves duties of related authorities, the approval authority shall consult such authorities to issue a written opinion within seven (7) working days. It is deemed that such authorities have approved the Project if no said written opinion is issued within the prescribed time limit.


第二十三条

核准机关在受理项目申请报告后,如确有必要,应当在 4 个工作日内委托咨询机构进行评估。除项目情况复杂的,评估时限不得超过 30 个工作日。项目情况复杂的,经核准机关同意,可以延长评估时限,但延长的时限不得超过 60 个工作日。

核准机关应当将咨询机构进行评估所需的时间告知投资主体。

接受委托的咨询机构应当在规定时限内提出评估报告,并对评估结论承担责任。

评估费用由核准机关承担,咨询机构及其工作人员不得收取投资主体任何费用。

  Article 23 The approval authorities shall entrust an advisory agency to conduct the evaluation within four (4) working days after having accepted the application report for Project, if necessary. Unless the Project is complicated, the evaluation time limit shall not exceed thirty (30) working days. If the Project is complicated and the approval authority has consented, the time limit may be extended but the extension shall not exceed sixty (60) working days.

The approval authority shall notify the investor of the length of time needed by the advisory agency for evaluation purpose.

The entrusted advisory agency shall issue an evaluation report within the prescribed time limit and bear the responsibility for the conclusion of its evaluation.

The evaluation fees shall be borne by the approval authority, and the advisory agency and its staff members shall not charge any fees from the investor.

第二十四条

核准机关可以结合有关单位意见、评估意见等,建议投资主体对项目申请报告有关内容进行调整,或要求投资主体对有关情况或材料作进一步澄清、补充。

  Article 24 The approval authority may, in light of the opinions of the relevant bodies and the evaluation opinions, propose that the investor to make adjustments to the contents of the application report for a project, or require the investor to further clarify and supplement the relevant information or materials.


第二十五条

核准机关应当在受理项目申请报告后20个工作日内作出是否予以核准的决定。项目情况复杂或需要征求有关单位意见的,经核准机关负责人批准,可以延长核准时限,但延长的核准时限不得超过10个工作日,并应当将延长时限的理由告知投资主体。

前款规定的核准时限,包括征求有关单位意见的时间,不包括咨询机构评估的时间。

  Article 25 The approval authority shall make a decision on whether or not to approve the Project within twenty (20) working days after receiving the application report for a project. If the Project is complicated or it is necessary to seek the opinions from relevant bodies, the time limit for approval may be extended upon the approval of the person in charge of the approval authority, but the extended approval period shall not exceed ten (10) working days and the reasons for the extension of time limit shall be notified to the investor.

The time limit for approval prescribed in the preceding paragraph includes the time for seeking the opinions of the related bodies, but does not include the time of evaluation by the advisory agency.

第二十六条

核准机关对项目予以核准的条件为:

(一) 不违反我国法律法规;

(二) 不违反我国有关发展规划、宏观调控政策、产业政策和对外开放政策;

(三) 不违反我国缔结或参加的国际条约、协定;

(四) 不威胁、不损害我国国家利益和国家安全。

  Article 26 The approval authority shall approve a Project if the Project:

(1) does not violate any Chinese law or regulation;

(2) does not go against China’s development planning, macro-control policies, industrial policies or the policy of opening to the outside world;

(3) does not violate any international treaty or protocol concluded or acceded by China;

(4) does not threat and damage the national interests and national security of China.

第二十七条

对符合核准条件的项目,核准机关应当予以核准,并向投资主体出具书面核准文件。

对不符合核准条件的项目,核准机关应当出具不予核准书面通知,并说明不予核准的理由。

  Article 27 The approval authority shall approve a Project that satisfies the approval conditions, and shall issue a written approval document to the investor.

For a Project that does not satisfy the approval conditions, the approval authority shall issue a written notice of disapproval, with the reasons stated.

第二十八条

项目违反有关法律法规、违反有关规划或政策、违反有关国际条约或协定、威胁或损害我国国家利益和国家安全的,核准机关可以不经过征求意见、委托评估等程序,直接作出不予核准的决定。

  Article 28 Where a Project violates any pertinent law or regulation, goes against any relevant planning or policy, violates any relevant international treaty or agreement, threatens or damages China’s national interests and national security, the approval authority may directly decide to reject such project, without going through the formalities of consultation or entrusted evaluation.


第三节
备案的程序和时限
  Section 3 Formalities and Time Limits for Filing
第二十九条

实行备案管理的项目,投资主体应当通过网络系统向备案机关提交项目备案表并附具有关文件。其中,投资主体是中央管理企业的,由其集团公司或总公司向备案机关提交;投资主体是地方企业的,由其直接向备案机关提交。

项目备案表格式文本及附件清单由国家发展改革委发布。

  Article 29 For a Project requiring filing, the investor shall submit a filing form along with relevant documents to the filing authority through the Network System; to be specific, if the investor is a centrally-administered enterprise, the filing form shall be submitted by its group company or head office to the filing authority; the filing form may be submitted directly to the filing authority if the investor is a local enterprise.

The sample text for the filing form and the list of the documents duly affixed thereto shall be issued by NDRC.

第三十条

项目备案表和附件齐全、符合法定形式的,备案机关应当予以受理。

项目备案表或附件不齐全、项目备案表或附件不符合法定形式、项目不属于备案管理范围、项目不属于备案机关管理权限的,备案机关应当在收到项目备案表之日起5个工作日内一次性告知投资主体。逾期不告知的,自收到项目备案表之日起即为受理。

备案机关受理或不予受理项目备案表,都应当通过网络系统告知投资主体。投资主体需要受理或不予受理凭证的,可以通过网络系统自行打印或要求备案机关出具。

  Article 30 Where the filing form for a Project and the Appendixes thereto are complete and compliant with statutory forms, the filing authority shall accept such application.

If the filing form for a Project or the Appendixes thereto are incomplete or non-compliant with statutory forms, the Project do not fall into the scope of projects subject to filing, or the filing authority does not have authority over the Project, the filing authority shall notify the investor in a one-off manner within five (5) working days of the receipt of the filing form for the Project. The filing form is deemed to be accepted upon the receipt thereof if no such notification is given within the prescribed time limit.

The filing authority shall notify the investor through the Network System whether or not to accept the filing form for the Project. If the investor needs a receipt for admission or rejection, it may print it out through the Network System, or requests the filing authorities to issue one.

第三十一条

备案机关在受理项目备案表之日起 7 个工作日内向投资主体出具备案通知书。

备案机关发现项目违反有关法律法规、违反有关规划或政策、违反有关国际条约或协定、威胁或损害我国国家利益和国家安全的,应当在受理项目备案表之日起7个工作日内向投资主体出具不予备案书面通知,并说明不予备案的理由。

  Article 31 The filing authority shall issue a notice of filing to the investor within seven (7) working days of the receipt of the filing form for the Project.

If the filing authority finds that the Project violates any relevant law or regulation, goes against any relevant planning or policy, violates any relevant international treaty or agreement, or threaten or damage China’s national interests and national security, it shall directly issue a notice of disapproval for filing within seven (7) working days and explain the reasons.

第四节
核准、备案的效力、变更和延期
  Section 4 Effect, Change and Renewal of Approval and Filing
第三十二条

属于核准、备案管理范围的项目,投资主体应当在项目实施前取得项目核准文件或备案通知书。

本办法所称项目实施前,是指投资主体或其控制的境外企业为项目投入资产、权益(已按照本办法第十七条办理核准、备案的项目前期费用除外)或提供融资、担保之前。

  Article 32 For a Project that falls within the scope of projects subject to approval and filing, the investor shall obtain the approval documents or filing notice for the Project prior to the implementation of the project.

For the purpose of these Measures, “prior to the implementation of the Project” means the time before the investor or the overseas enterprise under its control makes investments with assets or equities (excluding the upfront expenses of the Project, for which approval or filing formalities have been completed according to Article 17 hereof), or provides financing or a guarantee for such project.

第三十三条

属于核准、备案管理范围的项目,投资主体未取得有效核准文件或备案通知书的,外汇管理、海关等有关部门依法不予办理相关手续,金融企业依法不予办理相关资金结算和融资业务。

  Article 33 For a Project subject to approval or filing, if the investor fails to obtain valid approval document or the filing notice, the related authorities of foreign exchange control and customs shall not process relevant formalities according to law for such investor, and no financial enterprise may process relevant fund settlement and financing businesses for such investor in accordance with the law.


第三十四条

已核准、备案的项目,发生下列情形之一的,投资主体应当在有关情形发生前向出具该项目核准文件或备案通知书的机关提出变更申请:

(一) 投资主体增加或减少;

(二) 投资地点发生重大变化;

(三) 主要内容和规模发生重大变化;

(四) 中方投资额变化幅度达到或超过原核准、备案金额的 20%,或中方投资额变化 1 亿美元及以上;

(五) 需要对项目核准文件或备案通知书有关内容进行重大调整的其他情形。

核准机关应当在受理变更申请之日起20个工作日内作出是否同意变更核准的书面决定。备案机关应当在受理变更申请之日起 7 个工作日内作出是否同意变更备案的书面决定。

  Article 34 For a Project that has been approved and filed, the investor shall, prior to the occurrence of any of the following circumstances, file an application for change to the authority that has issued the approval or the filing notice for the Project:

(1) The increase or decrease of the number of the investors;

(2) Significant changes in the investment destination;

(3) Major changes to the main content or scale of the Project;

(4) The change in the amount of Chinese investment has reached or exceeded 20% of the original amount approved or filed, or the amount of Chinese investment has changed by USD 100 million or above; and

(5) Any other circumstances that require a material adjustment to the approval or the filing notice for the Project.

The approval authority shall make a written decision on whether or not to consent to the change to the approval within twenty (20) working days of acceptance of the application for the said change. And the filing authority shall make a written decision on whether or not to consent to change to the filing within seven (7) working days of acceptance of the application for the said change.

第三十五条

核准文件、备案通知书有效期2年。确需延长有效期的,投资主体应当在有效期届满的 30 个工作日前向出具该项目核准文件或备案通知书的机关提出延长有效期的申请。

核准机关应当在受理延期申请之日起20个工作日内作出是否同意延长核准文件有效期的书面决定。备案机关应当在受理延期申请之日起 7 个工作日内作出是否同意延长备案通知书有效期的书面决定。

  Article 35 An approval document or a filing notice is valid for two (2) years. Where it is indeed necessary to extend the validity period, the investor shall apply for extension to the authority that has issued such approval document or filing notice thirty (30) working days prior to the expiry of such document or notice.

The approval authority shall, within 20 working days of acceptance of the application for extension, make a written decision on whether or not to extend the term of the validity of the approval document. And the filing authority shall, within seven (7) working days of acceptance of the application for extension, make a written decision on whether or not to extend the term of the validity of the filing notice.

第三十六条

核准、备案机关应当依法履行职责,严格按照规定权限、程序、时限等要求实施核准、备案行为,提高行政效能,提供优质服务。

  Article 36 The approval and filing authorities shall perform their duties according to law, strictly grant approval or filing under the prescribed authority, procedures, time limit and other requirements, and provide quality services.


第三十七条

对核准、备案机关实施的核准、备案行为,相关利害关系人有权依法申请行政复议或提起行政诉讼。

  Article 37 The parties concerned have the right to lawfully apply for administrative reconsideration or administrative litigation against the approval and filing granted by the approval or filing authority.


第三十八条

对不符合本办法规定条件的项目予以核准、备案,或违反本办法规定权限和程序予以核准、备案的,应当依法予以撤销。

  Article 38 Where a Project that does not meet the conditions required by these Measures is approved or filed, or the approval or filing is in violation of the authority and formalities set forth in these Measures, such approval or filing shall be revoked according to law.


第三十九条

核准、备案机关应当按照《政府信息公开条例》规定将核准、备案有关信息予以公开。

  Article 39 The approval and the filing authorities shall disclose the relevant information of approval and filing in accordance with the Regulations for the Disclosure of Government Information.


第四章
境外投资监管
  Chapter IV Regulation over Outbound investments
第四十条

国家发展改革委和省级政府发展改革部门根据境外投资有关法律法规和政策,按照本办法第十三条、第十四条规定的分工,联合同级政府有关部门建立协同监管机制,通过在线监测、约谈函询、抽查核实等方式对境外投资进行监督检查,对违法违规行为予以处理。

  Article 40 NDRC and provincial development and reform authorities shall, in accordance with pertinent laws, regulations and policies on outbound investments, establish a co-regulatory mechanism jointly with the relevant government departments at the same level, and conduct supervision and inspection over outbound investments by such means as on-line monitoring, interviews or enquiries by letters, spot checks and verifications, and impose punishment against illegal and non-compliant activities, depending on the division of duties as provided for in Articles 13 and 14 hereof.


第四十一条

倡导投资主体创新境外投资方式、坚持诚信经营原则、避免不当竞争行为、保障员工合法权益、尊重当地公序良俗、履行必要社会责任、注重生态环境保护、树立中国投资者良好形象。

  Article 41 It is advocated for investors to innovate their ways of outbound investments, adhere to the principle of good faith in operation, avoid improper competition, safeguard the legitimate rights and interests of their employees, respect local public order and good customs, perform their necessary social responsibilities, pay attention to the protection of ecological environment and create a good image of Chinese investors.


第四十二条

投资主体通过其控制的境外企业开展大额非敏感类项目的,投资主体应当在项目实施前通过网络系统提交大额非敏感类项目情况报告表,将有关信息告知国家发展改革委。

投资主体提交的大额非敏感类项目情况报告表内容不完整的,国家发展改革委应当在收到之日起 5 个工作日内一次性告知投资主体需要补正的内容。逾期不告知的,视作内容完整。大额非敏感类项目情况报告表格式文本由国家发展改革委发布。

本办法所称大额非敏感类项目,是指中方投资额 3 亿美元及以上的非敏感类项目。

  Article 42 Where an investor launches a large-scale non-sensitive Project through an overseas company under its control, it shall submit a report form on the large-scale non-sensitive Project through the Network System prior to the implementation of the Project, in order to inform NDRC of the relevant information.

If the information contained in the submitted report form on the large-scale non-sensitive Project is incomplete, NDRC shall, within five (5) working days since receipt of the report form, inform the investor of the information to be supplemented or corrected in a one-off manner. If no notification is given within the aforesaid time limit, the report is deemed to be complete in content. The sample text of the report form on a large-scale non-sensitive Project shall be released by NDRC.

For the purpose of these Measures, a large-amount non-sensitive project refers to a non-sensitive Project wherein the Chinese investment amounts to USD 300 million USD or above.

第四十三条

境外投资过程中发生外派人员重大伤亡、境外资产重大损失、损害我国与有关国家外交关系等重大不利情况的,投资主体应当在有关情况发生之日起 5 个工作日内通过网络系统提交重大不利情况报告表。重大不利情况报告表格式文本由国家发展改革委发布。

  Article 43 During an ongoing outbound investment, where any seriously adverse circumstance occurs, such as heavy casualties of the dispatched personnel, a significant loss of overseas assets, or damage to China’s diplomatic relations with the countries concerned, the investor shall submit a report on the seriously adverse circumstance through the Network System within five (5) working days of the occurrence of such circumstance. The sample text of such report shall be released by NDRC.


第四十四条

属于核准、备案管理范围的项目,投资主体应当在项目完成之日起20个工作日内通过网络系统提交项目完成情况报告表。项目完成情况报告表格式文本由国家发展改革委发布。

前款所称项目完成,是指项目所属的建设工程竣工、投资标的股权或资产交割、中方投资额支出完毕等情形。

  Article 44 For a Project subject to approval or filing, the investor shall submit a report on completion of the Project within twenty (20) working days of completion of the Project through the Network System. The same text of such report shall be released by NDRC.

“Completion of the Project” mentioned in the preceding paragraph refers to such circumstances as the completion of the construction of the Project, the delivery of the equity or asset of the investment target, and the finish in spending the Chinese investment.

第四十五条

国家发展改革委、省级政府发展改革部门可以就境外投资过程中的重大事项向投资主体发出重大事项问询函。

投资主体应当按照重大事项问询函载明的问询事项和时限要求提交书面报告。

国家发展改革委、省级政府发展改革部门认为确有必要的,可以公示重大事项问询函及投资主体提交的书面报告。

  Article 45 NDRC and provincial development and reform authorities may issue an enquiry letter on significant matters in process of outbound investments to Investors. Investors shall submit a written report explaining the matters specified in such enquiry letter on significant matters within the required time limit.

NDRC and provincial development and reform authorities may make public the enquiry letter on significant matters and the written report submitted by investors if they believe it necessary.

第四十六条

投资主体按照本办法第四十二条、第四十三条、第四十四条、第四十五条规定提交有关报告表或书面报告后,需要凭证的,可以通过网络系统自行打印提交完成凭证。

  Article 46 Investors that request a receipt after submitting report forms or written reports in accordance with Article 42, 43, 44, or 45 hereof these Measures may print out a receipt for their submission through the Network System.


第四十七条

国家发展改革委、省级政府发展改革部门可以根据其掌握的国际国内经济社会运行情况和风险状况,向投资主体或利益相关方发出风险提示,供投资主体或利益相关方参考。

  Article 47 NDRC and the provincial development and reform authorities may issue risk alerts to investors or interested parties depending on the information of international and domestic economies and risks they have learnt about for the reference by investors or interested parties.


第四十八条

投资主体应当对自身通过网络系统和线下提交的各类材料的真实性、合法性、完整性负责,不得有虚假、误导性陈述和重大遗漏。

  Article 48 Investors shall be responsible for the authenticity, legitimacy and completeness of all materials submitted by them through the Network System and offline; and such materials shall contain no any false or misleading statements nor have material omissions.


第四十九条

有关部门和单位、驻外使领馆等发现企业违反本办法规定的,可以告知核准、备案机关。公民、法人或其他组织发现企业违反本办法规定的,可以据实向核准、备案机关举报。

国家发展改革委建立境外投资违法违规行为记录,公布并更新企业违反本办法规定的行为及相应的处罚措施,将有关信息纳入全国信用信息共享平台、国家企业信用信息公示系统、”信用中国”网站等进行公示,会同有关部门和单位实施联合惩戒。

  Article 49 Any related authority, body, or embassy or consulate abroad may, if finding that an enterprise has violated these Measures, inform the approval or filing authority of the same; and any citizen, legal person or other organisation may, if finding that an enterprise has violated these Measures, report the same to the approval or filing authority truthfully.

NDRC shall establish a record for illegal and non-compliant activities in outbound investments, release and update the activities of enterprises that violate these Measures and the corresponding punitive measures, incorporate the information into the integrity information sharing platform, the national publicity system for enterprise integrity information, and the website of Integrity in China, and take joint disciplinary actions in conjunction with related authorities and bodies.

第五章
法律责任
  Chapter V Legal Liability
第五十条

国家发展改革委工作人员有下列行为之一的,责令其限期改正,并依法追究有关责任人的行政责任;构成犯罪的,依法追究刑事责任:

(一) 滥用职权、玩忽职守、徇私舞弊、索贿受贿的;

(二) 违反本办法规定程序和条件办理项目核准、备案的;

(三) 其他违反本办法规定的行为。

  Article 50 Any functionary of NDRC who carries out any of the following activities shall be ordered to make correction within the prescribed time limit, and the administrative liability of the liable person shall be investigated according to law; if a crime is constituted, the criminal liability shall be pursued according to law.

(1) Abuse of power, neglect of duty, the seeking of personal gain by practice of favouritism, and soliciting or receiving bribes;

(2) Approval or filing for a Project in violation of the formalities and conditions specified herein; and

(3) Other activities in violation hereof.

第五十一条

投资主体通过恶意分拆项目、隐瞒有关情况或提供虚假材料等手段申请核准、备案的,核准、备案机关不予受理或不予核准、备案,对投资主体及主要责任人处以警告。

  Article 51 Where an investor applies for approval or filing for a project by such means as maliciously splitting the Project, concealing related information or providing false materials, the approval or filing authority shall reject or disapprove the application, and issue a warning to the investor and the person chiefly in charge thereof.


第五十二条

投资主体通过欺骗、贿赂等不正当手段取得项目核准文件或备案通知书的,核准、备案机关应当撤销该核准文件或备案通知书,对投资主体及主要责任人处以警告;构成犯罪的,依法追究刑事责任。

  Article 52 Where an investor has obtained the approval document or the filing notice for a Project by improper ways such as fraud or bribes, the approval and filing authority shall revoke the approval document or the filing notice, issue a warning to Investor and the person chiefly in charge thereof, and investigate criminal liability according to law if a crime is constituted.


第五十三条

属于核准、备案管理范围的项目,投资主体有下列行为之一的,由核准、备案机关责令投资主体中止或停止实施该项目并限期改正,对投资主体及有关责任人处以警告;构成犯罪的,依法追究刑事责任:

(一) 未取得核准文件或备案通知书而擅自实施的;

(二) 应当履行核准、备案变更手续,但未经核准、备案机关同意而擅自实施变更的。

  Article 53 For a Project subject to approval or filing, if the investor carries out any of the following activities, the approval or filing authority shall order it to suspend or cease the implementation of such Project and make corrections within a specified time, issue a warning to the investor and the person chiefly in charge thereof, and investigate criminal liability according to law if a crime is constituted.

(1) Implement the Project without the approval document or the filing notice;

(2) Make any change without approval by the approval or filing authority, for which the investor shall complete the formalities of approval or filing for such change.

第五十四条

投资主体有下列行为之一的,由国家发展改革委或投资主体注册地的省级政府发展改革部门责令投资主体限期改正;情节严重或逾期不改正的,对投资主体及有关责任人处以警告:

(一) 未按本办法第四十二条、第四十三条、第四十四条、第四十五条规定报告有关信息的;

(二) 违反本办法第四十八条规定的。

  Article 54 Where an investor carries out any of the following activities, NDRC or the local provincial development and reform authority shall order it to make corrections within a specified time limit; Under serious circumstances or corrections have not been made within the specified time limit, the investor and person chiefly in charge thereof shall be warned:

(1) Failure to report related information according to Article 42, 43, 44 or 45 hereof;

(2) Violation of Article 48 hereof.

第五十五条

投资主体在境外投资过程中实施不正当竞争行为、扰乱境外投资市场秩序的,由国家发展改革委或投资主体注册地的省级政府发展改革部门责令投资主体中止或停止开展该项目并限期改正,对投资主体及主要责任人处以警告。

  Article 55 When an investor carries out unfair competition activities or disrupt the market order of outbound investments in the process of its outbound investments, NDRC or the local provincial development and reform authority at the place where the investor is registered shall order the investor to suspend or cease the implementation of such Project and make corrections within a time limit, and shall issue a warning to the investor and the person chiefly in charge thereof.


第五十六条

境外投资威胁我国国家利益和国家安全的,由国家发展改革委或投资主体注册地的省级政府发展改革部门责令投资主体中止实施项目并限期改正。

境外投资损害我国国家利益和国家安全的,由国家发展改革委或投资主体注册地的省级政府发展改革部门责令投资主体停止实施项目、限期改正并采取补救措施,对投资主体及有关责任人处以警告;构成犯罪的,依法追究刑事责任。

投资主体按照本办法第四十三条规定及时提交重大不利情况报告表并主动改正的,可以减轻或免除本条规定的行政处罚。

  Article 56 Where an outbound investment threatens China’s national interests and national security, NDRC or the local provincial development and reform authority at the place where investor is registered shall order the investor to suspend the Project and make corrections within a specified time limit.

Where an outbound investment damages China’s national interests and national security, NDRC or the local provincial development and reform authority at the place where investor is registered shall order the investor to cease the implementation of such Project, make corrections within a specified time limit and take remedy measures, and shall issue a wring to the investor and related liable persons. If a crime is constituted, criminal liability shall be investigated according to law.

If the investor timely submit the report on seriously adverse circumstance according to the Article 43 hereof these Measures and make corrections voluntarily, it may be entitled to a lighter or exemption from administrative sanction as provided for herein.

第五十七条

金融企业为属于核准、备案管理范围但未取得核准文件或备案通知书的项目提供融资、担保的,由国家发展改革委通报该违规行为并商请有关金融监管部门依法依规处罚该金融企业及有关责任人。

  Article 57 Where a financial enterprise provides financing or guarantees to a Project that is subject to approval or filing but has not obtained the approval document or the filing notice, NDRC shall circulate such non-compliant conduct, consult and request the financial regulatory authority to impose sanctions against such financial enterprise and relevant liable persons according to law.


第六章
附则
  Chapter VI Supplementary Provisions
第五十八条

各省级政府发展改革部门要加强对本地企业境外投资的指导、服务和监管,可以按照本办法的规定制定具体实施办法。

  Article 58 All provincial development and reform authorities shall strengthen their guidance, services and regulation over the outbound investments by local enterprises and order to make prompt corrections if any problem is found.


第五十九条

国家发展改革委对省级政府发展改革部门的境外投资管理工作进行指导和监督,对发现的问题及时予以纠正。

  Article 59 NDRC shall direct and supervise provincial development and reform authorities in administration of outbound investments and promptly rectify any problem identified.


第六十条

核准、备案机关及其工作人员,以及被核准机关征求意见、受核准机关委托进行评估的单位及其工作人员,依法对投资主体根据本办法提交的材料负有保守商业秘密的义务。

  Article 60 The approval and filing authorities and their functionaries, as well as the bodies and their employees consulted by the approval authorities for advice or entrusted by the approval authorities for evaluation, are legally obligated to keep trade secrets for the materials submitted by investors under these Measures.


第六十一条

事业单位、社会团体等非企业组织对境外开展投资参照本办法执行。

  Article 61 These Measures apply mutatis mutandis to the outbound investments made by public institutions, social groups and other non-business organisations.


第六十二条

投资主体直接或通过其控制的企业对香港、澳门、台湾地区开展投资的,参照本办法执行。

投资主体通过其控制的香港、澳门、台湾地区企业对境外开展投资的,参照本办法执行。

  Article 62 These Measures apply mutatis mutandis to the investments in Hong Kong, Macao or Taiwan made by investors directly or through enterprises under their control.

These Measures apply mutatis mutandis to the outbound investments made by investors through the enterprises that are in Hong Kong, Macao or Taiwan and under their control.

第六十三条

境内自然人通过其控制的境外企业或香港、澳门、台湾地区企业对境外开展投资的,参照本办法执行。

境内自然人直接对境外开展投资不适用本办法。境内自然人直接对香港、澳门、台湾地区开展投资不适用本办法。

  Article 63 These Measures apply mutatis mutandis to the outbound investments by domestic natural persons through overseas enterprises under their control or enterprises located in Hong Kong, Macao or Taiwan.

These Measures are not applicable to direct outbound investments by domestic natural persons. These Measures are not applicable to direct investments in Hong Kong, Macao or Taiwan by domestic natural persons.

第六十四条

法律、行政法规对境外投资管理有专门规定的,从其规定。

  Article 64 Where laws and administrative regulations have special provisions on the administration of outbound investments, such provisions shall apply.


第六十五条

本办法由国家发展改革委负责解释。

  Article 65 These Measures shall be interpreted by NDRC.


第六十六条

本办法自2018年3月1日起施行。《境外投资项目核准和备案管理办法》(国家发展和改革委员会令第9号)同时废止。

  Article 66 These Measures shall come into effect as from 1 March 2018, simultaneously repealing the Measures for the Approval and Filing of Outbound investment Projects (NDRC Order No. 9).


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Harvey Yan

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