Compared with the 2020 version, the 2021 version that has just come out reduced the number of entries from 33 to 31 in the nationwide list, and from 30 to 27 in the pilot free trade zone list, down by 6.1% and 10%. This fully demonstrates the confidence and the firm resolve of the Chinese government to expand high-level opening-up, and share market opportunities with the world. The main changes to the lists are as follows:

First, the manufacturing sector is opened wider. The access limits in car making was removed, and the access limit on the ground receiving facilities for satellite TV broadcasting and production of key components was also removed in both the nationwide list and the PFTZ list. This means all the entries on manufacturing sector have been removed from the PFTZ list, shaping a new landscape of all-dimensional opening-up of the manufacturing sector.

Second, pilots for service opening-up are extended. In the PFTZs, the JV requirement for market surveys was removed, while for radio and television rating surveys, the controlling stake shall be held by the Chinese party. Foreign investment in social surveys is allowed.

Third, the negative-list based administration is more targeted. To meet the diverse financing needs of domestic companies that operate businesses prohibited by the negative lists, and to expand investment channels for foreign investors, efforts are made to realize more targeted administration based on the negative lists. When certain conditions are met, domestic companies that operate businesses prohibited by the negative lists are allowed to issue stocks and get listed overseas.

Fourth, the negative lists-based administration are optimized. In accordance with the Foreign Investment Law and its implementing rules, it is further clarified that the market access negative list apply to both domestic and foreign investors. Foreign-invested enterprises must be subject to the foreign investment negative list when investing in China. In this way, investors and FIEs can have a clear picture of the policies and make investment decisions based on the negative lists. Thank you.