[Relevant responsible officials of the National Development and Reform Commission answer reporters’ questions on the "Outside Investment Management Measures"] On October 22, the National Development and Reform Commission announced the "Outside Investment Management Measures" to better ensure the development and safety of foreign investment in the system. The new measures will come into effect on December 1, 2026, when the "Measures for the Administration of Overseas Investment by Enterprises" issued in 2017 (hereinafter referred to as the "Measures (2017)") will be simultaneously abolished. Recently, relevant responsible comrades from the National Development and Reform Commission answered reporters’ questions on the new methods. 1. Why should we revise and introduce new measures? Foreign investment means overseas investment. Since the implementation of the "Measures (2017)", under the guidance of the high-quality Belt and Road Initiative, China's overseas investment has made great progress, with the flow increasing from US$158.3 billion in 2017 to US$213.6 billion in 2025, and the stock increasing from US$1.8 trillion to US$3.4 trillion. Overseas investment promotes the steady "going out" of Chinese products, services, brands, standards, etc., thereby allowing domestic investors to obtain investment income and many practitioners to obtain job opportunities. The implementation of major landmark projects and "small but beautiful" people's livelihood projects has truly promoted mutual benefit, win-win and common development between China and investment destination countries. At the same time, the external environment has undergone complex and profound changes, with rising unilateralism and protectionism, frequent local conflicts and turbulence, and increasing risks for the development of foreign investment. To adapt to the new situation, the Third and Fourth Plenary Sessions of the 20th Central Committee of the Communist Party of China made important arrangements for improving the foreign investment management service system and effectively implementing foreign investment management. In June 2026, the State Council announced the administrative regulations "Regulations of the State Council on Foreign Investment." In order to implement the decisions and arrangements of the Party Central Committee and the State Council, promote the high-quality development of foreign investment, protect investors and their legitimate rights and interests in foreign investment, and safeguard national sovereignty, security, and development interests, the National Development and Reform Commission has revised the "Measures (2017)" in accordance with the law and formed new measures based on in-depth investigation and research and extensive solicitation of opinions based on the ideas of benchmarking, problem-oriented, overall continuation, and connection. 2. How can the new approach better suit the actual development of foreign investment? The "Measures (2017)" mainly target overseas investments by domestic enterprises and non-enterprise organizations. In recent years, foreign investment entities have become more diversified and their forms have become more diverse. In view of the fact that the "Regulations of the State Council on Outbound Investment" defines the connotation and extension of outbound investment and keeps pace with the times and clarifies that investors include domestic enterprises, other organizations and resident individuals, the new measures accordingly reiterate that investors include domestic enterprises, other organizations and resident individuals, further implement the main status of all types of investors in outbound investment, improve services and protection measures, and support investors in conducting outbound investment activities in accordance with market-oriented principles. At the same time, the new measures are connected with the current system, and investors can continue to invest in overseas financial markets through channels such as qualified domestic institutional investors, Hong Kong Stock Connect, and cross-border wealth management connect. 3. How do the new measures better protect the rights and interests of foreign investment? The "Measures (2017)" set up a reporting system for major adverse situations in order to protect the safety of personnel and assets related to overseas investment. In recent years, a few countries (regions) have adopted discriminatory measures, and some have required China to provide technology and data or dispose of equity and assets, which has harmed China's rights and interests. In response to such problems, the new measures implement a series of provisions related to the protection of foreign investment in the "Regulations of the State Council on Foreign Investment", improve the reporting system for major adverse situations, and set up an annual reporting system for foreign investment information to cover the above situations. Investors informing the management department of the above situation will help to jointly protect the rights and interests of foreign investment. 4. How can the new approach better prevent and respond to overseas risks? Based on the prevention and response to overseas risks, the "Measures (2017)" has set up systems for reporting on the status of large non-sensitive projects (i.e., overseas reinvestment) and project completion reports. In recent years, some countries (regions) have experienced turbulent situations, changeable policies, and rising political and security risks. Some investors underestimated overseas risks and responded poorly, ultimately suffering losses. In response to such problems, the new measures implement a series of provisions of the "Regulations of the State Council on Overseas Investment" related to monitoring, early warning and risk prevention of foreign investment, improve overseas reinvestment reporting and other systems, and at the same time, set up a preliminary work status reporting system for a small number of large-amount projects related to China's diplomatic relations with relevant countries. Investors informing the management department of the above situation will help to jointly prevent and respond to overseas risks. 5. How to implement the new measures in the next step? The new measures will come into effect on December 1, 2026. The National Development and Reform Commission will work with the development and reform departments of provincial governments to promote the implementation of the new measures. First, a new version of the supporting format text has been revised and released to further clarify the specific materials and corresponding filling guidelines that need to be submitted in the approval, filing, reporting and other aspects, so that investors can apply according to the regulations. The second is to update and publish FAQs on foreign investment to help investors understand policy requirements. The third is to improve the national foreign investment management and service network system to facilitate investors to consult and handle business online.