Foreign Investment Negative List 2025

Understanding the Negative List

The Special Management Measures for Foreign Investment Access (Negative List) defines industries where foreign investment is restricted or prohibited. Everything not on the list is open to foreign investment on equal terms with domestic investors.

Key Changes in the 2025 Edition

• Further relaxation in manufacturing sector 鈥?most manufacturing industries fully open
• New openings in telecom value-added services
• Pilot programs in medical and education sectors in FTZs
• Kashgar FTZ-specific: case-by-case authorization available for restricted industries

Prohibited Industries

Prohibited for foreign investment include: rare earth mining, news media, film production/distribution (partial), and certain national security-related sectors.

Restricted Industries (Require Approval)

• Financial services (banking, insurance, securities)
• Telecommunications (base services)
• Education (compulsory education institutions)
• Medical institutions (public hospitals)

Kashgar FTZ Special Article 18

Under the Xinjiang FTZ Regulations, Article 18 provides a "special authorization" mechanism: even for restricted industries, the FTZ management committee can grant case-by-case approval if the investment serves regional development goals.