Below is the plain English version of the Negative List published by the National Development and Reform Commission (NDRC) of China on June 28, 2018. 以下是国家发展与改革委员会2018年6月28日发布的外商投资的2018年负面清单。

1.Remove the Chinese controlling shareholding limit in breeding new variety and seed production of crop plants (except wheat and corn) 取消小麦、玉米之外农作物新品种选育和种子生产须由中方控股的限制。

2. Remove the Chinese controlling shareholding limit in exploration and mining of special and scarcity coal 取消特殊和稀缺煤类勘查、开采须由中方控股的限制。

3.Remove the restriction of foreign capital market access in exploration and mining of graphite products. 取消石墨勘查、开采的外资准入限制。

4.Remove the limitation of equity and cooperative joint ventures to rare earth metallurgy and separation; remove the prohibition of foreign capital market access regarding tungsten metallurgy. 取消稀土冶炼、分离限于合资、合作的限制，取消钨冶炼的外资准入限制。

5. Remove the foreign capital ownership limit in manufacturing of special cars and new energy complete cars in 2018; remove the foreign capital ownership limit in manufacturing of commercial vehicles in 2020; remove the foreign capital ownership limit in manufacturing passenger vehicles and the limit of joint ventures not exceeding two in 2022. 2018年取消专用车、新能源汽车整车制造外资股比限制，2020年取消商用车外资股比限制，2022年取消乘用车外资股比限制以及合资企业不超过两家的限制。

6. Remove the Chinese controlling shareholding limit in vessel (including sections) designing, manufacturing and repair. 取消船舶（含分段）设计、制造与修理须由中方控股的限制。

7. Remove the Chinese controlling shareholding limit in designing and manufacturing of airplanes and regional airplanes; in designing and manufacturing of helicopters of 3 tons and above level; in the manufacturing of ground effect vehicles and surface effect crafts; and in the designing and manufacturing of unmanned aerial vehicles and aerostatics.  取消干线、支线飞机设计、制造与维修，3吨级及以上直升机设计与制造，地面、水面效应航行器制造及无人机、浮空器设计与制造须由中方控股的限制。

8. Remove the requirement of equity and cooperative joint ventures for designing, manufacturing and repair of general purpose airplanes. 取消通用飞机设计、制造与维修限于合资、合作的限制。

9. No listing of arms and ammunition manufacturing into the Negative List. 武器弹药制造不列入负面清单。

10. Remove the Chinese controlling shareholding requirement for construction and operation of electric power grid. 取消电网的建设、经营须由中方控股的限制。

11. Remove the Chinese controlling shareholding requirement for construction and operation of main railway lines and network. 取消铁路干线路网的建设、经营须由中方控股的限制。

12. Remove the Chinese controlling shareholding requirement for railway passenger traffic operation companies. 取消铁路旅客运输公司须由中方控股的限制。

13. Remove the requirement of equity and cooperative joint ventures for international ocean shipping companies. 取消国际海上运输公司限于合资、合作的限制。

14. Remove the Chinese controlling shareholding requirement for international ship agencies. 取消国际船舶代理须由中方控股的限制。

15. Remove the restriction of foreign capital market access regarding acquisition and distribution of rice, wheat and corn. 取消稻谷、小麦、玉米收购、批发的外资准入限制。

16. Remove the Chinese controlling shareholding limit in construction and operation of chain gas stations established by the same foreign investor limiting to 30 branches and selling multiple supplier products and multiple branded oil products. 取消同一外国投资者设立超过30家分店、销售来自多个供应商的不同种类和品牌成品油的连锁加油站建设、经营须由中方控股的限制。

17. Remove the foreign capital ownership limit with sole foreign ownership not exceeding 20% and aggregate foreign ownership not exceeding 25% in Chinese owned banks. 取消对中资银行的外资单一持股不超过20%，合计持股不超过25%的持股比例限制。

18. Change the requirement of Chinese controlling shareholding in securities companies and securities investment and fund management companies to foreign ownership not exceeding 51% in 2018. Remove such foreign ownership limit in 2021. 2018年将证券公司、证券投资基金管理公司由中方控股改为外资股比不超过51%。2021年取消外资股比限制。

19. Change the requirement of Chinese controlling shareholding in futures companies to foreign ownership not exceeding 51% in 2018. Remove such foreign ownership limit in 2021. 2018年将期货公司由中方控股改为外资股比不超过51%。2021年取消外资股比限制。

20. Extend the foreign ownership in life insurance companies from 50% to 51% in 2018. Remove the foreign ownership limit in 2021. 2018年将寿险公司外资股比由50%放宽至51%。2021年取消外资股比限制。

21. Remove the Chinese controlling shareholding requirement in mapping companies. 取消测绘公司须由中方控股的限制。

22. Remove the regulations prohibiting foreign investment in premises providing internet online services. 取消禁止外商投资互联网上网服务营业场所的规定。

The above 22 removals and changes focus on financial services, manufacturing, infrastructure, energy and agriculture sectors. These removals, if delivered, will expect to allow more foreign ownership and investment from all around the world in the respective industries and sectors in this country. It means that the open door policy is becoming more open after forty years of open door practice. It also means that the reform policy has to be “reforming deeper” in taking more local walls and restrictions away from the ground in the relevant sectors. Local market will be more open and become more leveled a playing field. 这些“取消”和“改变”共22 条，主要涵盖金融、制造业、基础设施投资、能源和农业领域。这些“限制取消”一旦兑现，可以想象国内市场上会有世界各地更多的外国投资者来到中国。这意味着已经进行了四十年的开放政策会变得更加开放。改革也将进入更深层次的改革，相关领域中的更多的本土“墙体“和限制会随之被拆掉！本土市场会变成更加开放、更加公平的一个竞争市场。

To hear the steps of positive energy is one thing (which is different from a person down the stairs), to experience such energy is another. The 2018 Negative List lets us all hear the energy is coming down the stairs in 22 sectors. In order to have foreign investors experience such energy, these “removals” must be implemented and delivered one by one as publically announced. Stage by stage, as promised. This means that the various government departments take measures to honor the grand words and promises the country has announced to the outside world from the central level. 

听到正能量的脚步声是一件事 （不同于人已下楼），真正体会到正能量是另一件事。2018年负面清单让我们听到了22领域正能量的脚步声。如果让外国投资者体会到正能量，这些“取消限制“必须按照所颁布的那样一个一个地落实才行，一阶段一阶段地实施。这就意味着相关政府部门要采取措施兑现国家在中央层面对外部世界作出的庄严承诺。

This also means that the “people” in the market, be entities or individuals, need to study the implications of all these removals and support in real terms these actions in welcoming more foreign investors in the market and help the investors do what the law allows them to do in the local market. Level playing field is not built one day but over a long march that, from international perspective, takes place in the local land, with government and people hand in hand and marching forward consistently, bearing in mind that originally trade means business, and business means action: deals matter as per contract, one by one. 

这也意味着作为“人民”的市场上的企业和个人需要学习和理解这些“取消限制”的意义，切实支持中央政府的行动，欢迎更多的外国投资者来到中原市场，并且帮助这些投资者作出法律允许的市场投资。平整公平竞争市场不是一夜完成的事情，而是本地市场在国际视野中的一次“万里长征”，是政府和人民手牵手的长征，前后一致，方向明确。千万记住：原本贸易就是生意，做生意，那就是行动，一单一单依约去做。