Does the State Council restrict overseas investment in real estate, hotels, cinemas and sports clubs?

Recently, the General Office of the State Council forwarded the Guiding Opinions on Further Guiding and Regulating the Direction of Overseas Investment (hereinafter referred to as "Opinions") issued by the National Development and Reform Commission, the Ministry of Commerce, the People's Bank of China and the Ministry of Foreign Affairs, and deployed and strengthened the macro guidance of overseas investment to guide and standardize the direction of overseas investment and promote the sustained, rational, orderly and healthy development of overseas investment.

The Opinions pointed out that the current international and domestic environment is undergoing profound changes, and China enterprises have both good opportunities and many risks and challenges in overseas investment. It is necessary to take the supply-side structural reform as the main line and the "Belt and Road" construction as the guide, further guide and standardize the direction of overseas investment of enterprises, promote enterprises to carry out overseas investment activities in a reasonable and orderly manner, prevent and deal with overseas investment risks, promote the sustained and healthy development of overseas investment, and achieve mutual benefit and common development with investment destination countries.

The overseas investment encouraged by the Opinions includes: First, focus on promoting overseas investment in infrastructure that is conducive to the construction of the Belt and Road and the interconnection of surrounding infrastructure; Second, steadily carry out overseas investment to drive the export of superior production capacity, high-quality equipment and technical standards; Third, strengthen investment cooperation with overseas high-tech and advanced manufacturing enterprises; Fourth, participate in the exploration and development of overseas energy resources on the basis of careful evaluation of economic benefits; Fifth, strive to expand agricultural cooperation with foreign countries; The sixth is to promote overseas investment in the service industry in an orderly manner.

The overseas investment restricted by the Opinions includes: first, overseas investment in sensitive countries and regions that have not established diplomatic relations with China, are at war or need to be restricted by bilateral and multilateral treaties or agreements concluded by China; Second, overseas investment in real estate, hotels, cinemas, entertainment and sports clubs; The third is to set up equity investment funds or investment platforms without specific industrial projects abroad; Fourth, using backward production equipment that does not meet the technical standards of the investment destination country for overseas investment; Fifth, overseas investment that does not meet the environmental protection, energy consumption and safety standards of the investment destination country.

The overseas investments prohibited by the Opinions include: first, overseas investments involving the export of core technologies and products of military industry that have not been approved by the state; Second, overseas investment in technologies, processes and products that China prohibits from exporting; Third, overseas investment such as gambling and pornography; Fourth, overseas investment prohibited by international treaties concluded or acceded to by China; Fifth, other overseas investments that endanger or may endanger national interests and national security.

The Opinions require that classified guidance should be implemented, management mechanism should be improved, service level should be improved, and security should be strengthened. All regions and departments should earnestly strengthen organizational leadership and overall coordination, implement work responsibilities, promptly formulate and introduce supporting policies and measures, and solidly promote related work to ensure effective results.