Agriculture, Forestry, Animal Husbandry and Fishery Industries

A01 Agriculture, A02 Forestry, A03 Animal Husbandry, A04 Fishery, A05 Agriculture, Forestry, Animal Husbandry and Fishery Service

Equity or contractual joint venture is required for investment in the planting and cultivation of Chinese medicinal materials.

It is restricted to invest in the cultivation of new varieties and seed production of crops (Chinese parties as controlling shareholders).

Equity or contractual joint venture is required for investment in crop seed enterprises; the registered capital of a grain, cotton or oil crop seed enterprise invested in shall not be less than USD 2 million, and the investment proportion of Chinese parties shall be more than 50%; and the registered capital of any other crop seed enterprise shall not be less than USD 500,000.

It is restricted to invest in cotton (seed cotton) processing.

It is restricted to invest in the processing of timber of precious wood species (limited to equity or contractual joint venture).

It is prohibited to invest in the development and research, breeding and planting of China’s rare and endemic precious species, as well as the production of relevant propagating materials (including good genes in farming, animal husbandry and aquaculture industries), the research and development of genetically modified organisms, and the production of genetically modified crop seeds, breeding livestock and poultry, and aquatic offspring.

It is prohibited to invest in fishing in the sea area within the jurisdiction and inland waters of China.

Mining Industry

B06 Coal mining and washing

It is restricted to invest in the mining of special and scarce coal types (Chinese parties as controlling shareholders).

B07 Petroleum and natural gas mining

Equity or contractual joint venture is required for investment in the exploitation of coal-bed gas and the utilization of mine gas.

Equity or contractual joint venture is required for investment in the exploitation of petroleum and natural gas.

Equity or contractual joint venture is required for investment in the exploitation of oil and gas deposits (fields) with low osmosis.

Equity or contractual joint venture is required for investment in the improvement of the recovery of crude oil and the development and application of relevant new technologies.

Equity or contractual joint venture is required for investment in the development and application of new technologies for prospecting and exploitation of petroleum, such as geophysical prospecting, well drilling, well logging and down-hole operation.

Equity or contractual joint venture is required for investment in the exploitation of oil shale, oil sands, heavy oil, extra heavy oil and other unconventional oil resources.

Equity or contractual joint venture is required for investment in the exploitation of shale gas, seabed gas hydrate and other unconventional gas resources.

B08 Black metal mining and beneficiation

It is restricted to invest in the mining and beneficiation of pyrite and the mining of szaibelyite iron ore.

B09 Non-ferrous metal mining and beneficiation

It is restricted to invest in the mining of szaibelyite, the mining and beneficiation of lithium ores, and the mining of precious metals (gold, silver, and platinum families).

It is prohibited to invest in the mining of wolfram, molybdenum, tin and antimony and the mining and beneficiation of rare earth and radioactive minerals.

B10 Non-metal mining and beneficiation

It is restricted to invest in the mining of barite (limited to equity or contractual joint venture).

It is restricted to invest in the mining of diamonds, high-alumina fireclay, wollastonite, graphite and other important nonmetallic minerals, the mining and beneficiation of phosphate, the refining of salt lake brine resources, and the mining of celestite.

It is restricted to invest in the mining of marine manganese nodules and sea sand (Chinese parties as controlling shareholders).

It is prohibited to invest in the mining of fluorite.

B11 Mining auxiliary activities

It is restricted to invest in the processing of szaibelyite iron ore.

Manufacturing Industry

Manufacturing Industry

Manufacturing Industry

Manufacturing Industry

Manufacturing Industry

Manufacturing Industry

Manufacturing Industry

C13 Agricultural and sideline food processing

C131 Grain milling

It is restricted to invest in the processing of rice and flour.

C133 Vegetable oil processing
C136 Aquatic product processing

It is restricted to invest in the processing of soybean oil, rapeseed oil, peanut oil, cottonseed oil, tea seed oil, sunflower seed oil, palm oil and other edible oils (Chinese parties as controlling shareholders).

It is restricted to invest in the production of biological liquid fuel (fuel ethanol and biodiesel) (Chinese parties as controlling shareholders).

C139 Processing of other agro-foods

It is restricted to invest in the deep processing of corn.

C15 Alcohol, beverage and refined tea manufacturing

C151 Alcohol manufacturing

It is restricted to invest in the production of rice wine and brand-name and high-quality wine (Chinese parties as controlling shareholders).

C153 Refined tea processing

It is prohibited to invest in the processing of green tea and special tea with Chinese traditional crafts (famous teas, smoked teas, etc.)

C16 Tobacco products

C161 Tobacco redrying

It is restricted to invest in the processing and production of threshed and redried tobacco leaves

C169 Manufacturing of other tobacco products

Equity or contractual joint venture is required for investment in the processing of cellulose diacetate and tows.

C22 Papermaking and paper products

C221 Paper pulp production
C222 Papermaking

Equity or contractual joint venture is required for investment in the production of chemical wood pulp with a single-line annual production capacity of 300,000 tons or more and chemical mechanical wood pulp with a single-line annual capacity of 100,000 tons or more mainly by use of offshore wood resources as well as the simultaneous production of high-grade paper and paperboard.

C23 Printing and record medium reproduction

C231 Printing

It is restricted to invest in publication printing (Chinese parties as controlling shareholders), and the registered capital shall be not less than RMB 10 million.

C233 Record medium reproduction

Equity or contractual joint venture is required for investment in the reproduction of read-only disks, (Chinese parties as controlling shareholders or have predominance).

C24 Manufacturing of cultural and educational, arts and crafts, sports, and entertainment products

C243 Manufacturing of arts and crafts

It is prohibited to invest in ivory carvings, tiger bone processing, and the production of bodiless lacquerware, enamelware, rice paper and ink ingots

C25 Petroleum processing and coking and nuclear fuel processing

C251 Manufacturing of refined petroleum products

It is restricted to invest in atmospheric and vacuum oil refining at 10 million tons or less per year, catalytic cracking at 1.5 million tons or less per year, continuous reforming at 1 million tons or less per year (including aromatics extraction) and hydrocracking production at 1.5 million or less

C253 Nuclear fuel processing

It is prohibited to invest in the smelting and processing of radioactive minerals

C26 Manufacturing of chemical raw materials and chemical products

C261 Manufacturing of basic chemical raw materials

It is restricted to invest in the production of PVC by acetylene method, ethene of limited output and its post-processing products, soda ash, caustic soda, sulfuric acid, nitric acid, potash and inorganic salt

C264 Manufacturing of coatings, inks, paints and similar products

It is restricted to invest in the production of benzidine, pigment and paint

C265 Manufacturing of synthetic materials

It is restricted to invest in the production of butadiene rubber (except for high-cis butadiene rubber), emulsion styrene butadiene rubber and thermoplastic styrene-butadiene rubber

C266 Manufacturing of special chemical products

It is restricted to invest in the production of precursor chemicals (ephedrine, 3,4-acctonc phenyl-2-acetone, phenylacetic acid, 1-phenyl-2-acetone, piperonal, safrole, isosafrole, and acetic anhydride), hydrogen fluoride and other low-end HCFC or CFC compounds, and photosensitive materials

C267 Manufacturing of explosives, pyrotechnics and fireworks

It is prohibited to invest in the manufacturing of weapons and ammunition

C27 Pharmaceutical products

C271 Manufacturing of crude drugs for chemical medicine

It is restricted to invest in the production of raw materials for narcotics and Class I psychoactive medicines (Chinese parties as controlling shareholders).

C272 Manufacturing of preparations for chemical medicine

It is restricted to invest in the production of chloramphenicol, penicillin G, lincomycin, gentamicin, dihydrostreptomycin, amikacin, tetracycline hydrochloride, oxytetracycline, midecamycin, leucomycin, cyproterone droperidol acid, norfloxacin, ofloxacin, dipyrone, paracetamol, vitamin B1, vitamin B2, vitamin C, vitamin E, multivitamin preparations and oral calcium

C273 Processing of traditional Chinese medicines in small pieces ready for decoction,
C274 Production of Chinese patent medicines

It is prohibited to invest in the processing of traditional Chinese herb medicines included in the Regulations on Protection of Wild Medicinal Resources and the List of Rare and Endangered Plants Protected in China.

It is prohibited to invest in the application of steaming, frying, moxibustion, calcining and other preparation technologies and the production of confidential prescription productions for Chinese patent medicines.

C276 Manufacturing of biological medical products

It is restricted to invest in the production of blood products and of vaccines included in the national immunization program.

C28 Chemical fiber manufacturing

C282 Synthetic fiber manufacturing

It is restricted to invest in the production of chemical fiber drawnwork of conventional chipper and of viscose staple fiber

C32  Non-ferrous metal smelting and rolling processing

C321 Common non-ferrous metal smelting

It is restricted to invest in the smelting of electrolytic aluminum, copper, lead, zinc and other non-ferrous metals.

C323 Uncommon rare earth metal smelting

It is restricted to invest in the smelting of tungsten, molybdenum, tin (excluding tin compounds), antimony (including antimony trioxide and antimony sulfide) and other rare metals

It is restricted to invest in rare earth smelting and separation (limited to equity or contractual joint venture)

C34 General equipment manufacturing

C343 Manufacturing of material handling equipment

Equity or contractual joint venture is required for investment in the manufacturing of wheeled or crawler cranes hoisting machinery with a lifting capacity of 400 tons or above

It is restricted to invest in the manufacturing of wheeled or crawler hoisting machinery with a lifting capacity of less than 400 tons (limited to equity or contractual joint venture)

C345 Manufacturing of bearings, gears and transmission components

It is restricted to invest in the manufacturing of all ordinary (P0) bearings and parts (steel balls and holders) and workblanks

C35 Special-purpose equipment manufacturing

C351 Manufacturing of special-purpose equipment for mining, metallurgy and construction

Equity or contractual joint venture is required for investment in the design of deepwater (more than 3,000 meters) marine engineering equipment.

Chinese parties as controlling shareholders are required for investment in the manufacturing of marine engineering equipment (including modules)

It is restricted to invest in the manufacturing of bulldozers of 320 horsepower or less, hydraulic excavators of 30 tons or less, wheeled loaders of 6 tons or less, land levelers, road rollers and forklifts of 220 horsepower or less, electrically driven off-highway dump trucks of 135 tons or less, hydro-mechanically driven off-highway dump trucks of 60 tons or less, asphalt concrete mixing and paving equipment, high-attitude operation machinery, garden machinery and tools, and ready-mixed concrete machinery (pilot pumps, agitating lorries, mixing stations, and pump trucks).

C352 Manufacturing of chemical, wood and non-metal processing equipment

Equity or contractual joint venture is required for investment in the manufacturing of complete sets of large coal chemical equipment

C355 Manufacturing of textile, clothing and leather processing equipment

It is restricted to invest in the manufacturing of equipment for ordinary dacron filament and staple fiber

C359 Manufacturing of environmental protection, social and public service and other special-purpose equipment

Equity or contractual joint venture is required for investment in the manufacturing of air traffic control system equipment.

C36 Automobile manufacturing

C361 Automobile manufacturing, C362 Modified automobile manufacturing, C363 Low-speed truck manufacturing, C364 Tram manufacturing, C365 Auto body and trailer manufacturing

Chinese party(ies) shall hold no less than 50% of shares in a Sino-Foreign equity joint enterprise manufacturing automobiles, special vehicles and farm vehicles; when a listed automobile, special vehicle or farm vehicle joint-stock company sells its shares to the public, one of the Chinese parties shall hold a relative majority of shares which shall be more than the sum of the shares held by all foreign legal entities; a foreign company can establish less than 2 (inclusive) equity joint ventures manufacturing similar (passenger and commercial) vehicles in China, and if it merges any other domestic auto manufacturer jointly with a Chinese party, it can establish more than two such equity joint ventures

C366 Manufacturing of auto spare parts and accessories

Equity joint venture is required for investment in the manufacturing and R&D of automobile electronic bus network technologies and electronic controllers for electric power steering systems; Equity or contractual joint venture is required for investment in the manufacturing and R&D of embedded electronic integrated systems

Investment in high energy power batteries for new energy automobiles (energy density ≥ 110Wh/kg, cycle life ≥ 2,000 times): The proportion of foreign investment shall not be more than 50%

C37 Railway, vessel, aerospace and other transportation equipment manufacturing

C371 Railway transportation equipment manufacturing, C372 Urban track transportation equipment manufacturing

Equity or contractual joint venture is required for investment in track transportation equipment: Research and development, design, and manufacturing of vehicles and key parts and components (traction drive system, control system, and brake system) of transportation equipment for high-speed railway, special lines for railway passenger transportation, intercity railway, trunk railway, and urban track transportation; research and development, design, and manufacturing of service facilities and equipment for high-speed railway, special lines for railway passenger transportation, intercity railway, and urban track transportation; design and research and development of relevant information systems during information technology development; research and development, design, and manufacturing of track and bridge facilities for high-speed railway, special lines for railway passenger transportation and intercity railway; research and development, design, and manufacturing of track transportation signal systems; manufacturing of electrified railway equipment and apparatus, research and development of railway noise and vibration control technology, manufacturing of waste discharge equipment for railway passenger trains, and manufacturing of railway transportation safety monitoring equipment.

C373 Manufacturing of vessels and relevant devices

Equity or contractual joint venture is required for investment in the design of luxury cruise ships, the design of low- and medium-speed diesel engines of vessels and their spare parts, and the design and manufacturing of yachts.

Chinese parties shall be controlling shareholders for investment in the manufacturing of low- and medium speed diesel engines and vessels and curved axles

Chinese parties shall be relatively controlling shareholders for investment in the design and manufacturing of cabin machinery of vessels

It is restricted to invest in the design and manufacturing of vessels (including sections) (Chinese parties as controlling shareholders)

C375 Motorcycle manufacturing

Chinese party(ies) shall hold no less than 50% of shares in a Sino-Foreign equity joint enterprise manufacturing motorcycles; When a listed motorcycle joint-stock company sells its shares to the public, one of the Chinese parties shall hold a relative majority of shares which shall be more than the sum of the shares held by all foreign legal entities; a foreign company can establish less than 2 (inclusive) equity joint ventures manufacturing motorcycles in China, and if it merges any other domestic auto manufacturer jointly with a Chinese party, it can establish more than two such equity joint ventures

Investment in the manufacturing of key parts and components for high-emission (>250ml) motorcycles: Equity or contractual joint venture is required for investment in electronically-controlled fuel injection technology for motorcycles

C38 Electric machinery and equipment manufacturing

C381 Electric machinery manufacturing

Equity or contractual joint venture is required for investment in the manufacturing of key auxiliary equipment used for one million-kilowatt ultra-supercritical thermal power units: safety valves and control valves

Equity or contractual joint venture is required for investment in the manufacturing of power transmission and transformation equipment: amorphous alloy transformers, operating gears for high-voltage switches of 500 kilowatts or more, arc-control devices, large disc insulators (1,000 KV, 50 KA or more), outlet devices and sleeves used for 500 KV or more transformers (500, 750 and 1,000 KV AC and all specifications for DC), voltage regulating switches (on-load or no-load voltage regulating switches of 500, 750 and 1,000 KV AC), dry-type smoothing reactors for direct current transmission, converter valves for +800 KV direct current transmission (water coolers and DC field equipment), contact materials for electrical appliances in conformity with EU RoHS Directives, and Pb-free and Cd-free solders

Equity or contractual joint venture is required for investment in the manufacturing of large pumped power storage units with rated power of 350MW or more (limited to Chinese-Foreign equity or contractual joint ventures): pump-turbines and speed controllers, large variable speed reversible pump-turbine units, generator-motors, and excitation, starters and other ancillary equipment

C384 Battery manufacturing

It is prohibited to invest in the manufacturing of open (i.e., acid mist directly coming out) lead-acid batteries, mercury-containing silver oxide button batteries, mercury-containing alkaline zinc-manganese button batteries, pasted zinc-manganese batteries, and nickel-cadmium batteries

C39 Computer, communication equipment and other electronic equipment manufacturing

C392 Communication system manufacturing

Chinese parties shall be controlling shareholders for investment in the design and manufacturing of civil satellites and the manufacturing of civil satellite payloads

C393 Radio and television equipment manufacturing

It is restricted to invest in the manufacturing of satellite telecasting ground receiving facilities and key components

C43 Repair of metal products, machinery and equipment

C433 Repair of special equipment

Equity or contractual joint venture is required for investment in the repair of civil aircraft and utility aircraft, aircraft engines and their spare parts, and aircraft auxiliary power systems

Chinese parties shall be controlling shareholders for investment in the repair of civil aircraft for trunk lines and regional aircraft

Chinese parties shall be controlling shareholders for investment in the repair of marine engineering equipment (including modules)

It is restricted to invest in the repair of vessels (including sections) (Chinese parties as controlling shareholders)

Power, Gas and Water Production and Supply Industries

D44 Electric and heating power production and supply

Chinese parties shall be controlling shareholders for investment in the construction and operation of nuclear power stations

It is restricted to invest in the construction and operation, within small grids, of power plants using coal-fired and steam condensation thermal generator sets with a single generator capacity of 300,000 kilowatts or less and thermoelectric power stations using coal-fired, steam condensation and extraction thermal generator sets with a single generator capacity of 100,000 kilowatts or less

It is restricted to invest in the construction and operations of grids (Chinese parties as controlling shareholders) and pipeline networks for gas, heat, and water supply and sewage in cities with a population of more than 500,000 (Chinese parties as controlling shareholders)

It is prohibited to invest in the construction and operation, outside small grids, of power plants using coal-fired and steam condensation thermal generator sets with a single generator capacity of 300,000 kilowatts or less and thermoelectric power stations using coal-fired, steam condensation and extraction thermal generator sets with a single generator capacity of 100,000 kilowatts or less

D45 Gas production and supply, D46 Water production and supply

It is restricted to invest in the construction and operations of pipeline networks for gas, heat, and water supply and sewage in cities with a population of more than 500,000 (Chinese parties as controlling shareholders)

Construction Industry

E48 Civil engineering construction

E481 Construction of railway, road, tunnel and bridge facilities

Equity or contractual joint venture is required for investment in the construction and operation of branch railway lines, local railway lines, and related bridges, tunnels, ferries and station facilities

Chinese parties shall be controlling shareholders for investment in the construction and operation of networks of trunk railway lines

Chinese parties shall be controlling shareholders for investment in the comprehensive maintenance of infrastructures of high-speed railway lines, passenger railway lines and intercity railways

Chinese parties shall be controlling shareholders for investment in the construction and operation of urban subway, light railway and other track transport

Wholesale and Retail Industries

Wholesale and Retail Industries

F51 Wholesale

F511 Wholesale of agriculture, forestry and husbandry products

It is restricted to invest in the purchase of grains and the wholesale and distribution of grains and cotton

F512 Wholesale of foods, beverage and tobacco products

It is restricted to invest in the wholesale and distribution of vegetable oil, sugar and tobacco

It is prohibited to invest in the wholesale of salt.

F514 Wholesale of cultural and sports products and materials

Except that Hong Kong and Macao service providers can provide the distribution of sound and video recordings (including post movie products) in the wholly owned or equity or contractual joint venture form, the investors of any other country or region are restricted to invest in the distribution of sound and video recordings (excluding movies) (limited to contractual joint venture)

F516 Wholesale of minerals, construction materials and chemical products

It is restricted to invest in the wholesale and distribution of crude oil, fertilizers, agricultural plastic films, product oil (including oil under bond)

F518 Trade brokerage and agency

It is prohibited to invest in cultural relics auction

F52 Retail

F521 General retail

It is restricted to invest in the retail and distribution of cotton, crude oil, agricultural chemicals and fertilizers (in the case of selling products of different varieties and brands from multiple suppliers through more than 30 chain stores, the Chinese parties shall be the controlling shareholders.)

F522 Special retail of foods, beverage and tobacco products

It is restricted to invest in the retail and distribution of grains, vegetable oil, sugar and tobacco (in the case of selling products of different varieties and brands from multiple suppliers through more than 30 chain stores, the Chinese parties shall be the controlling shareholders)

F524 Special retail of cultural and sports products and materials

Except that a Hong Kong or Macao service provider can contribute no more than 65% of the investment in retail chain operation of books, newspapers and periodicals, if the investor of any other country or region invests in the retail chain operation of books, newspapers and periodicals and the number of chain stores is more than 30, it is not allowed to be the controlling shareholder

Except that Hong Kong and Macao service providers can provide the distribution of sound and video recordings (including post movie products) in the wholly owned or equity or contractual joint venture form, the investors of any other country or region are restricted to invest in the distribution of sound and video recordings (excluding movies) (limited to contractual joint venture)

It is prohibited to invest in cultural relics stores

F526 Special retail of automobiles, motorcycles, fuel and spare parts

It is restricted to invest in the construction and operation of gas stations (in the case of selling products of different varieties and brands from multiple suppliers through more than 30 chain stores, the Chinese parties shall be the controlling shareholders)

F529 Stalls, virtual stores and other retail

It is restricted to invest in direct sales, mail order and online sales

Transportation, Warehousing and Postal Service Industries

G53 Railway transportation

G531 Railway passenger transportation

It is restricted to invest in railway passenger transport companies (Chinese parties as controlling shareholders)

G532 Railway freight transportation

It is restricted to invest in railway freight transport companies (limited to equity or contractual joint venture)

G54 Road transportation

G542 Road passenger transportation

It is restricted to invest in road passenger transport companies (limited to equity joint venture), and the foreign investment proportion shall not be more than 49% and one of the major investors shall be an enterprise engaged in road passenger transportation in China for more than 5 years

G543 Road freight transportation

It is restricted to invest in cross-border automobile transport companies

G55 Water transportation

G551 Water passenger transportation, G552 Water freight transportation

It is restricted to invest in water transportation companies (Chinese parties as controlling shareholders); Chinese parties shall be the controlling shareholders for investment in scheduled or non-scheduled international marine transportation services

G553 Auxiliary activities for water transportation

Investment in international maritime cargo handling, international maritime container station and yard services is limited to equity or contractual joint venture

It is restricted to invest in vessel agencies (Chinese parties as controlling shareholders)

It is restricted to invest in ocean shipping tally companies (limited to equity or contractual joint venture)

G56 Air transportation

G561 Air passenger and freight transportation

For investment in air transport companies, Chinese parties shall be controlling shareholders, and the operating period shall not exceed 30 years; for investment in public air transport companies, the investment proportion of a foreign company (including its affiliates) shall not exceed 25%, and the legal representative shall be a Chinese citizen

G562 General airline services

Equity or contractual joint venture is required for investment in general airline companies for agriculture, forestry and fishery

Chinese parties shall be controlling shareholders for investment in general airline companies engaged in business flights and air tours and services industry

It is restricted to invest in general airline companies for photography, prospecting, industry, etc. (Chinese parties as controlling shareholders)

For general aviation enterprises, the operating period shall not exceed 30 years and the legal representative shall be a Chinese citizen

G563 Auxiliary activities for air transportation

Other than Hong Kong and Macao service providers, if any investor of any other country or region invests in air transport auxiliary services, it shall meet the requirements for foreign investment proportion, and the operating period shall not exceed 30 years

Chinese parties shall be controlling shareholders for investment in aircraft maintenance (undertaking international aftermarket services) and aviation fuel projects

Except that the domestic enterprise shall be a controlling shareholder if any Hong Kong or Macao service provider invests in civil aviation computer reservation systems, the investor of any other country or region is prohibited to invest in civil aviation computer reservation systems

Chinese parties shall be relatively controlling shareholders for investment in the construction and operation of civil airports

Except that a Hong Kong or Macao service provider can establish a wholly-owned air transport sales agency, if the investor of any other country or region invests in air transport sales agency, equity and contractual joint venture is required

It is prohibited to invest in air traffic control companies

G59 Warehousing

G591 Warehousing of grains, cotton and other agricultural products

Grain enterprises responsible for operation and management of grains and supply of grains for the army shall be state-owned or a state holding

G60 Postal Services

G601 General postal services, G602 Courier services

It is prohibited to invest in domestic express delivery of letters and in postal companies

Information Transmission, Software and IT Service Industries

I63 Telecommunications, radio and television, and satellite transmission services

I631 Telecommunications, I632 Radio and television transmission services, I633 Satellite transmission service

It is restricted to invest in telecommunications, radio and television, and satellite transmission services

It is prohibited to invest in all radio stations, television stations, radio and television channels (frequencies), radio and television transmission and coverage networks (transmitting stations, relay stations, radio and television satellites, satellite uplink stations, satellite receiving and transmitting stations, microwave stations, monitoring stations, and cable radio and television transmission and coverage networks)

I64 Internet and related services

I641 Internet access and related services, I642 Internet information services, I649 Other Internet services

For investment in the operation of any information service other than an App Store, the foreign investment proportion shall not exceed 50%.

For investment in the operation of domestic Internet virtual private network services, the foreign investment proportion shall not exceed 50%.

It is prohibited to invest in the operation of news websites, online audio and video programs, business premises for Internet-access services, and Internet cultural business (excluding music).

It is prohibited to directly or indirectly engage and participate in online game operator services.

I65 Software and IT services

I654 Data processing and storage services, I659 Other IT services

Except that the foreign investment proportion shall not exceed 55% for investment in operating e-commerce, the foreign investment proportion shall not exceed 50% for investment in the operation of other online data processing and transaction processing.

It is prohibited to invest in the operation of Internet data center services.

Finance Industry

J66 Monetary and financial services, J67 Capital market services, J68 Insurance, J69 Other financial services

J661 Central bank services, J662 Monetary bank services, J663 Non-monetary bank services, J664 Banking supervision services, J671 Securities market services, J672 Futures market services, J673 Securities and futures supervision services, J674 Capital investment services, J679 Other capital market services, J681 Personal insurance, J682 Property insurance, J683 Reinsurance, J684 Pensions, J685 Insurance brokerage and agency services, J686 Insurance supervision services, J689 Other insurance activities, J691 Financial trust and management services, J692 Holding company services, J693 Non-financial institution payment services, J694 Financial information services, J699 Other unspecified financial services

It is restricted to invest in banks, finance companies, trust companies and currency brokerage companies.

It is restricted to invest in insurance companies (including group companies; in the case of life insurance companies, the proportion of foreign investment shall not exceed 50%), insurance intermediaries (including insurance brokerage, agency, and assessment companies), and insurance asset management companies.

It is restricted to invest in securities companies (with the proportion of foreign investment not exceeding 49%; at the beginning of incorporation, the business scope is limited to the underwriting and sponsorship of stocks (including RMB ordinary stocks and foreign stocks) and bonds (including government and corporate bonds), the brokerage of foreign stocks, and the brokerage and self-operation of bonds (including government and corporate bonds); expansion of business scope can be applied for if the enterprise continues operations for more than 2 years and meets relevant conditions), securities investment fund management companies (with the proportion of foreign investment not exceeding 49%), securities investment consulting agencies (limited to Hong Kong and Macao service providers, with the proportion of shares not exceeding 49%), and futures companies (limited to Hong Kong and Macao service providers, with the proportion of shares not exceeding 49%).

Investment in small-amount loan companies and financing guarantee companies shall comply with relevant regulations.

The total assets of the foreign investor investing in the finance leasing company shall not be less than USD 5 million; the company’s registered capital shall not be less than USD 10 million, and senior managers shall have appropriate professional qualifications and relevant experience of no less than 3 years

Real Estate Industry

K70 Real estate

K701 Real estate development and operation

It is restricted to invest in the development of tracts of land (limited to equity or contractual joint venture).

It is restricted to invest in the construction and operation of high-class hotels, high-class office buildings, international exhibition centers, and large-scale wholesale markets of agricultural products.

It is prohibited to invest in the construction and operation of villas.

K703 Real estate intermediary services

It is restricted to invest in real estate secondary market transactions and real estate intermediary or brokerage companies.

Leasing and Commercial Service Industries

L71 Leasing

L712  Leasing of cultural products and daily commodities

Except that a Hong Kong or Macao service provider can contribute no more than 65% of the investment in retail chain lease operations of books, newspapers and periodicals, if the investor of any other country or region invests in the retail chain lease operation of books, newspapers and periodicals and the number of chain stores is more than 30, it is not allowed to be a controlling shareholder.

Except that Hong Kong and Macao service providers can provide the lease of sound and video recordings (including post movie products) in a wholly owned or equity or contractual joint venture form, the investors of any other country or region are restricted to invest in the lease of sound and video recordings (excluding movies) (limited to contractual joint venture).

L72 Commercial services

L721 Enterprise management services

For investment to set up an investment company, the following conditions shall be met: (I) 1. One year before the application of the foreign investor, the investor’s total assets shall be not less than USD 400 million, and it will have established an investment enterprise in China of which the paid-in registered capital is more than USD 10 million; or 2. the foreign investor has established more than 10 investment enterprises in China, of which the paid-in registered capital is more than USD 30 million; (II) the registered capital of the investment company is not less than USD 30 million; (III) the foreign investor shall be a foreign company, enterprise or economic organization, and if there are two or more foreign investors, at least one foreign investor holding a majority of shares shall meet the requirements under (I).

L722 Legal services

It is restricted to invest in legal consulting.

Foreign law firms can only provide legal services by means of establishing a representative office.

L723 Consulting and investigation

For investment in accounting firms, partnership form is required.

It is restricted to invest in market investigations (limited to equity or contractual joint venture).

It is prohibited to invest in social surveys.

L726 Human resource services

Except that Hong Kong and Macao service providers are allowed to establish wholly-owned employment agencies, the investor of any other country or region can only establish a Sino-Foreign equity joint employment agency, and the investment proportion shall not exceed 70%.

The registered capital of the employment agency shall not be less than USD 125,000, and the foreign investor shall be a foreign company, enterprise or other economic organization engaged in such employment agency services for more than 3 years.

L727 Travel agency and relevant services

Investment in travel agencies providing outbound tourism services is limited to equity joint venture (prohibited to provide Taiwan tourism services).

L728 Security services

The proportion of foreign investment in any security service company providing armed guard escort services shall not exceed 49%.

L729 Other commercial services

It is restricted to invest in rating service companies.

Scientific Research and Technical Service Industries

M73 Research and test development

M731 Natural scientific research and test development

It is prohibited to invest in the development and application of human stem cell technologies.

M734 Medical research and test development

It is prohibited to invest in the development and application of genetic diagnosis and treatment technologies.

M74  Professional technical services

M744 Surveying and mapping services

It is restricted to invest in surveying and mapping companies (Chinese parties as controlling shareholders).

It is prohibited to invest in geodetic surveying, marine charting, aerial photography for surveying and mapping purposes, administrative boundary surveying and mapping, topographic map compilations and general map compilations, and compilations of electronic maps for navigation purposes.

M745 Technical services for quality inspection

It is restricted to invest in import and export certification companies.

The foreign investor investing in a certification institution shall obtain the approval of the accreditation institution of the country or region where it is located and have more than 3 years’ experience in certification activities.

M747 Geological survey

Equity or contractual joint venture is required for investment in the exploration of coal-bed gas, the risk evaluation of petroleum and gas, the exploration of oil shale, oil sand, heavy crude oil, extra-heavy crude oil and other unconventional oil resources, and the exploration of shale gas, seabed gas hydrate and other unconventional gas resources.

It is restricted to invest in the exploration of precious metals (gold, silver and platinum group) and diamonds, high-aluminum fireclay, wollastonite, graphite, and other important nonmetallic minerals.

It is restricted to invest in the exploration of barites (limited to equity or contractual joint venture).

It is restricted to invest in the exploration of special and rare kinds of coal (Chinese parties as controlling shareholders).

It is prohibited to invest in the exploration of tungsten, molybdenum, tin, stibonium, fluorite, rare earth and radioactive minerals.

M749 Other professional technical services

It is restricted to invest in photographic services (including aerial photography and other technical photographic services) (limited to equity joint venture)

Water Conservancy, Environmental, and Public Facility Management Industries

N76 Water conservancy

N762 Water resource management, N763 Natural water collection and distribution

Chinese parties shall be controlling shareholders for investment in the construction and operation of comprehensive water control projects.

N77 Ecological protection and environmental management

N771 Ecological protection

It is prohibited to invest in the construction and operation of natural reserves and internationally important wetlands.

It is prohibited to invest in the development of wild animal and plant resources originated in and protected by China.

Education

P82 Education

P821 Preschool education, P822 Primary education, P823 Secondary education, P824 Higher education, P825 Special education, P829 Vocational training, education assistance and other educational activates

Investment in operating educational training institutions and vocational training institutions is limited to contractual joint venture.

Investment in non-profit preschool education, secondary vocational education, high school education, higher education and other educational institutions as well as non-operating educational training institutions and vocational training institutions is limited to contractual joint venture, and it is not allowed to set up branches.

It is prohibited to invest in compulsory education institutions and military, police, politics, religion, Party school and other education institutions in special fields; It is prohibited to invest in for-profit preschool education, secondary vocational education, high school education, higher education and other educational institutions.

Health and Social Services

Q83 Health

Q831 Hospital, Q832 Community healthcare and health center, Q833 Out-patient department (clinic), Q835 Maternity and infant hospital (center, station), Q839 Other healthcare services

For investment in a medical institution, the total investment shall not be less than RMB 20 million, it is not allowed to set up branches, and the operating period shall not exceed 20 years.

Cultural, Sports and Entertainment Industries

R85 News and publishing

R851 News, R852 Publishing

It is prohibited to invest in news agencies.

It is prohibited to invest in the publishing of books, newspapers, and periodicals.

It is prohibited to invest in the publishing and production of sound and video recordings and electronic publications.

R86 Radio, television, movie, and video recording and production

R861 Radio, R862 Television, R863 Movie and television program production, R864 Movie and television program distribution, R865 Movie show, R866 Sound recording and production

It is restricted to invest in the construction and operation of movie theaters (Chinese parties as controlling shareholders).

It is restricted to invest in the production of radio and television programs and movies (limited to contractual joint venture).

It is prohibited to invest in radio and television program production and operation companies, movie production companies, distribution companies, and theater companies.

R87 Arts and Cultural Industries

R871 Artistic creation and performance, R872 Art performance venues, R873 Libraries and archives, R874 Cultural relics and non-material cultural heritage protection, R875 Museums, R876 Martyrs cemeteries and memorials, R877 Mass cultural activities, R879 Other arts and cultural activities

Investment in arts and cultural industries shall comply with relevant regulations.

R88 Sports

R882 Sports venues

It is prohibited to invest in the construction and operation of golf courses.

R89 Entertainment

R891 Indoor entertainment activities

It is prohibited to invest in operating places for Internet access services (cybercafés)

R892 Amusement parks

It is restricted to invest in the construction and operation of large theme parks.

R893 Lottery industry

It is prohibited to invest in the gambling and lottery industry (including horse race tracks for gambling purposes).

R899 Other entertainment industries

It is prohibited to invest in the pornography industry.