《外商投资安全审查办法》快评

2021-01-06 18:58:24 436

A Snapshot of the Measures for the Security Review of Foreign Investment

《外商投资安全审查办法》快评

Linli Law

霖理法律英语

By Order No. 37, the National Development and Reform Commission (“NDRC”) and the Ministry of Commerce of the People’s Republic of China (“MOFCOM”), with approval from the State Council, has issued a set of rules for examination of security matters in connection with foreign investment projects in China. The Measures for the Security Review of Foreign Investment (the “Measures”) will come into force in January 18, 2021.

经国务院批准，国家发展和改革委员会与商务部针对在华外商投资项目发布第37号令，规定了有关安全审查的制度。《外商投资安全审查办法》（简称“《办法》”）将于2021年1月18日施行。

Whenever things are ready, they are set for success. If you have foreign investment projects in China, or if you are working with foreign investment projects in China, it is of interest to you for understanding these Measures as early as possible.

凡事预则立。如果你在华有投资项目，或为在华投资项目工作，为了你所在权益，应尽早了解该《办法》。

According to the Statistic Bulletin of FDI in China 2020 issued by the MOFCOM, the amount of foreign capital actually used in 2019 reached US $141.23 billion, rising by 2.1% year on year. The number of foreign entities in 2019 is 40,910 and declined by 32.4%.[1] Due to COVID-19, naturally a sharp downward curve will be seen in the year 2020. However, as China’s economy emerged first with positive growth rate after effective measures were taken to control the spread of COVID-19 pandemic, foreign investment entities in China will mostly prefer to grow with the market in China.

根据中华人民共和国商务部发布的2020年度《中国外资统计公报》，2019年中国实际使用外资金额 1412.3 亿美元，同比增长 2.1%。中国新设立外商投资企业 40,910 家，同比下降 32.4%。由于新冠疫情影响，2020年可能会出现急剧下降的情况。但是，由于中国积极采取措施控制疫情，经济率先复苏，中国的外商投资企业将很有可能呈现进一步增长趋势。

Here below some basic “questions and answers” will help you understand that the security review mechanism in China will be put in place for foreign investment projects in various categories. The security review mechanism is similar to the Committee on Foreign Investment in the U.S. review mechanism for foreign investors entering the US market. That effectively means that Chinese market continues to be open to foreign investment, while the thresholds will be subject to more rules oriented toward security concerns that international investors who have been familiar with the US security questions need to look in the Chinese market. An array of approximate reviews open our visions in the next years of foreign investment in this side of the world. It is no doubt a linear upgrade from all-round encouragement of foreign investment by all levels of government department to managing foreign investment in a non-discriminatory, transparent, and balanced supervisory manner. Our perspectives aim to point to the concerns how disputes may arise in foreign investment area or in connection with investor-State dispute resolution as well.

下文通过一些基本的问答方式帮助你了解，类似于美国外国投资委员会对于进入美国市场的外商投资适用的审查机制，中国的安全审查机制也将会适用于外商投资的方方面面。这将意味着中国市场将对外商投资继续开放，但同时准入门槛将被提高，熟悉美国安全审查机制的人士也将要熟悉中国对于国际投资者的安全审查考量。类似于美国的安审机制将拓宽我们对国际投资进入中国市场的视野。从过去各级政府部门鼓励外商投资到目前无歧视、有透明度、平衡地监管外商投资，无疑是一种线性成长。我们透视的重点在于关注外商投资领域中的争端解决或投资者-东道国争端的解决办法。

Scope of Projects Affected (Definition)

受影响范围（定义）

“Foreign investment” means the investing activities conducted by a foreign investor directly or indirectly in the territory of the People's Republic of China (hereinafter referred to as “in China”), including the following circumstances:

(1) A foreign investor, alone or together with another investor, invests in a new project or invests by the formation of an enterprise in China.

(2) A foreign investor acquires any equity or asset of an enterprise in China by means of merger or acquisition.

(3) A foreign investor invests in China by any other means.

外商投资，是指外国投资者直接或者间接在中华人民共和国境内（以下简称境内）进行的投资活动，包括下列情形：

（一）外国投资者单独或者与其他投资者共同在境内投资新建项目或者设立企业；

（二）外国投资者通过并购方式取得境内企业的股权或者资产；

（三）外国投资者通过其他方式在境内投资。

The traditional forms of Joint Venture (JV) or wholly foreign owned entity (WFOE) will fall into the definition set out above. If you have a greenfield new project in the form of a JV or a WFOE, or if you are a foreign investor and would like to buy the assets or equity of an existing JV and an existing WFOE (ordinarily considered as Mergers & Acquisitions (M&A)), you will need to watch out the security review under the Measures, depending on the nature of the project.

传统的合资企业或外商独资企业将落入上述范围内。如果以合资或外商独资形式进行的新项目，或外商投资者有意以收购资产、股权的方式投资合资企业或外商独资企业（通常以企业并购形式），则应根据投资项目性质重点关注《办法》下的安全审查机制。

Time and Legal Jurisdiction of Effectiveness

生效时间与管辖法域

· Time: The Measures shall enter into force on January 18, 2021.

生效时间：2021年1月18日

· Jurisdiction: investing activities conducted by a foreign investor directly or indirectly in the territory of the People's Republic of China. Where an investor from the Hong Kong Special Administrative Region, the Macao Special Administrative Region, or the Taiwan region makes any investment that affects or may affect national security, these Measures shall apply mutatis mutandis. It is not clear whether merely investment into HK or Macao will also in any event be affected by these rules, but this is subject to the existing rules.

管辖法域：外国投资者在中国境内直接或者间接进行的投资活动。香港特别行政区、澳门特别行政区、台湾地区投资者进行投资，影响或者可能影响国家安全的，参照《办法》的规定执行。对于进入香港或澳门的投资是否会受到这些规定的影响尚不明确，但这显然应按现有规则考量。

Proactively Reporting for Review before Making the Foreign Investment

投资前主动申报义务

Scope

范围

(1) Investment in the arms industry, an ancillary to the arms industry, or any other field related to national defense security and investment in an area surrounding a military installation or an arms industry facility.

(2) Investment in important agricultural products, important energy and resources, critical equipment manufacturing, important infrastructure, important transportation services, important cultural products and services, important information technology and Internet products and services, important financial services, key technology, or any other important field related to national security, resulting in the foreign investor's acquisition of actual control of the enterprise invested in.

（一）投资军工、军工配套等关系国防安全的领域，以及在军事设施和军工设施周边地域投资；

（二）投资关系国家安全的重要农产品、重要能源和资源、重大装备制造、重要基础设施、重要运输服务、重要文化产品与服务、重要信息技术和互联网产品与服务、重要金融服务、关键技术以及其他重要领域，并取得所投资企业的实际控制权。

For the purposes of subparagraph (2) of the preceding paragraph, "acquisition of actual control of the enterprise invested in" shall include the following circumstances:

(1) The foreign investor holds not less than 50% of the equities of the enterprise.

(2) The foreign investor holds less than 50% of the equities of the enterprise, but has voting rights that have a material effect on the resolutions of the board of directors or the members' or shareholders' meeting.

(3) The foreign investor is otherwise caused to be able to have a material effect on the business decision-making, personnel, finance, and technology, among others, of the enterprise.

前款第二项所称取得所投资企业的实际控制权，包括下列情形：

（一）外国投资者持有企业50％以上股权；

（二）外国投资者持有企业股权不足50％，但其所享有的表决权能够对董事会、股东会或者股东大会的决议产生重大影响；

（三）其他导致外国投资者能够对企业的经营决策、人事、财务、技术等产生重大影响的情形。

The Office of the Working Mechanism shall have the power to require the parties to report any foreign investment within the scope specified in the first paragraph of this article.

对本条第一款规定范围内的外商投资，工作机制办公室有权要求当事人申报。

Which Body is in Charge of the Review

审查负责部门

Foreign Investment Security Review Working Mechanism.

Under the leadership of the NDRC and the MOFCOM and located in the NDRC, the Office of the Working Mechanism shall be responsible for the routine work in relation to the security review of foreign investment.

外商投资安全审查工作机制。

工作机制办公室设在国家发展改革委，由国家发展改革委、商务部牵头，承担外商投资安全审查的日常工作。

Process of Report, including Time Lines

提交审查的步骤与时间线

·Process

步骤

A party which reports foreign investment to the Office of the Working Mechanism shall submit the following materials:

(1) A written report.

(2) An investment plan.

(3) A statement on whether the foreign investment affects national security.

(4) Other materials required by the Office of the Working Mechanism.

The written report shall contain the name, domicile, and business scope of the foreign investor, basic information on the investment, and other matters prescribed by the Office of the Working Mechanism.

The Office of the Working Mechanism may, as needed for work, authorize the relevant departments of the people's governments of provinces, autonomous regions, and municipalities directly under the Central Government to collect and transfer the materials specified in the first paragraph of this article.

当事人向工作机制办公室申报外商投资，应当提交下列材料：

（一）申报书；

（二）投资方案；

（三）外商投资是否影响国家安全的说明；

（四）工作机制办公室规定的其他材料。

申报书应当载明外国投资者的名称、住所、经营范围、投资的基本情况以及工作机制办公室规定的其他事项。

工作机制办公室根据工作需要，可以委托省、自治区、直辖市人民政府有关部门代为收取并转送本条第一款规定的材料。

·Time Lines

时间线

The Office of the Working Mechanism shall, within 15 working days of receiving the materials that satisfy the requirements of Article 6 of these Measures, as submitted by a party or transferred by the relevant department of the people’s government of a province, autonomous region, or municipality directly under the Central Government, decide whether a security review of the reported foreign investment is required, and notify the party in writing. Before the Office of the Working Mechanism makes the decision, the party may not make the investment. If the Office of the Working Mechanism decides that security review is not required, the party may make the investment. If the Office of the Working Mechanism decides that security review is not required, the party may make the investment.

工作机制办公室应当自收到当事人提交或者省、自治区、直辖市人民政府有关部门转送的符合本办法第六条规定的材料之日起15个工作日内，对申报的外商投资作出是否需要进行安全审查的决定，并书面通知当事人。工作机制办公室作出决定前，当事人不得实施投资。工作机制办公室作出不需要进行安全审查决定的，当事人可以实施投资。

The security review of foreign investment shall be divided into general review and special review. If the Office of the Working Mechanism decides to conduct a security review of a reported foreign investment, it shall complete the general review within 30 working days of the decision. During the review period, the party may not make the investment. The special review shall be completed within 60 working days of initiation; and under exceptional circumstances, the review period may be extended. The party shall be notified in writing of the extension of the review period. During the review period, the party may not make the investment.

外商投资安全审查分为一般审查和特别审查。工作机制办公室决定对申报的外商投资进行安全审查的，应当自决定之日起30个工作日内完成一般审查。审查期间，当事人不得实施投资。特别审查应当自启动之日起60个工作日内完成；特殊情况下，可以延长审查期限。延长审查期限应当书面通知当事人。审查期间，当事人不得实施投资。

Consequences of Approval and Non-Approval

通过及未通过后果

Where the Office of the Working Mechanism decides that a reported foreign investment passes security review, the party may make the investment; where it decides to prohibit the investment, the party may not make the investment, or if the investment has been made, shall dispose of its resultant equities or assets within a specified period and take other necessary measures to restore the state before the investment was made and eliminate the effect on national security; or where it decides that security review is passed conditionally, the party shall make the investment subject to the imposed conditions.

工作机制办公室对申报的外商投资作出通过安全审查决定的，当事人可以实施投资；作出禁止投资决定的，当事人不得实施投资，已经实施的，应当限期处分股权或者资产以及采取其他必要措施，恢复到投资实施前的状态，消除对国家安全的影响；作出附条件通过安全审查决定的，当事人应当按照附加条件实施投资。

Any Remedial Measures for Unfavorable Decisions from the Examination (whether such Decisions can be the Subject of Administrative Litigation/Judicial Review)

不予通过的救济措施（是否可以对该决定提起行政诉讼／司法审查）

No judicial remedies seem to be expressly made available under the Measures. It is not entirely clear whether the unfavorable decision is appealable under the Administrative Litigation Law of the PRC. According to Article 35 of the Foreign Investment Law of the PRC, a decision legally made upon a security review shall be final. Given the above provisions, it is uncertain whether the foreign investors are entitled to resort to administrative remedies, according to the Administrative Reconsideration Law of the PRC and the Administrative Litigation Law of the PRC. Moreover, these Measures will be enforced by a trans-department working mechanism, which may complicate the administrative review procedure. This accountability matter needs to be further monitored with open minds.

在该《办法》下似乎没有明示的司法救济措施。《中华人民共和国行政诉讼法》下是否可以对不予准许决定提起行政诉讼尚不明确。根据《中华人民共和国外商投资法》第35条，依法作出的安全审查决定为最终决定。根据上述条文，外国投资者是否有权根据《中华人民共和国行政复议法》《中华人民共和国行政诉讼法》诉诸救济措施有待商榷。此外，该《办法》将由跨部门机制进行实施，这将会使行政复议程序更加复杂。未来我们需要以更加开放的眼光看待这些涉及问责机制的事项。

In short, foreign investment in China will become more challenging under published rules while the approval process will become more sophisticated when the issue of security review is introduced into the landscape under the above-mentioned Measures. We will keep our eyes open on the continual growth of foreign investment in China, particularly as the Regional Comprehensive Economic Partnership Agreement (RCEP) and the Comprehensive Agreement on Investment between European Union and China come into operation between countries in Asia and South-East Asian countries, and between EU and China in the coming years. These Measures should be read together with the Categories of Industries for Encouraging Foreign Investment (2020 Version) (Order No. 38). To an international investor, it is not the investment in certain project that counts; it is the country in which the investment is made that counts, particularly in the post-pandemic era.

总之，随着《办法》落地，引入安全审查机制将使外商投资审核机制更为成熟，因而未来外商在华投资将面临更多透明规则上的挑战。我们将持续关注外商在华投资增长趋势，尤其在是《区域全面经济伙伴关系协定》与《中欧全面投资协定》在亚洲、东南亚国家及欧盟与中国之间实施后的情况。该《办法》应该与国家鼓励外商投资产业目录（2020版）（第38号令）一并解读。对于国际投资者而言，投资不完全在于某个项目的投资，更在于在哪个国家进行投资，尤其是后疫情时代的投资。

[1] Statistic Bulletin of FDI in China 2020, Ministry of Commerce of the People’s Republic of China, accessed 31 December 2020, <http://images.mofcom.gov.cn/wzs/202011/20201111182920243.pdf>.

北京霖理律师事务所是北京市司法局批准设立的律师事务所，主要业务覆盖国际仲裁、知识产权和商事投资合同争议解决。霖理法律英语是“为了法律的目的学习简洁英语”而开创的公众号，是霖理律师事务所涉外业务的研发平台，旨在促进法律英语和中文法律语言的应用和普及，努力打造中文社区内生的法律英语的多元生态，促进复合型法律职业人士交流经验互动学习。

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