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CHINA Restrictions on Investment into Free Trade Zones in China Further Loosened On 16 June 2017, China officially released its updated negative list for admission of foreign investment in the free trade zones, which will be implemented with effect from 10 July 2017. Compared to the 2015 version, the new negative list has cut 10 items and 27 restrictions across eight industries. Railway transport equipment manufacturing, pharmaceutical manufacturing (except for manufacturing traditional Chinese patent medicines with confidential prescriptions and investing in applications of processing technology of traditional Chinese medicines prepared in ready-to-use forms), road transport, reinsurance cede-in or cede-out business, accounting and audit are no longer included in the "negative list". Now the number of items on the list has been reduced essentially by half compared to the 2013 version, from 190 to 95.
Apart from newly lifted restrictions, the new negative list also extends its scope of application beyond the four free trade zones in Shanghai, Tianjin, Guangdong and Fujian, to cover other seven new free trade zones approved in March, which are in Chongqing, Liaoning, Zhejiang, Henan, Hubei, Sichuan and Shaanxi.
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Draft Measures on Transfer of Personal and Important Data out of China Released On 11 April 2017, the Cyberspace Administration of China released a highly anticipated draft of the Measures on Security Assessment of the Cross-Border Transfer of Personal Information and Important Data (the "Draft Measures") for public comments, for a period of one month until 11 May 2017. The Draft Measures were released pursuant to the Cybersecurity Law ("CSL"), which took effect from 1 June 2017.
Under the CSL, operators of critical information infrastructure are required to store personal information and important data collected and generated during their operations in the People's Republic of China within the country itself, and if such data needs to be transferred overseas, to obtain a security assessment from the authorities prior to such transfer. The Draft Measures extend the scope of this requirement to cover network operators as well. The Draft Measures also set out the types of data to be localised, the factors to be considered in a security assessment, and when the security assessment should be requested.
Click here to read our client update.
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Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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Rajah & Tann Singapore LLP
Shanghai Representative Office
Unit 1905-1906, Shui On Plaza,
333 Huai Hai Middle Road,
Shanghai 200021 PRC
http://cn.rajahtann.com
Contacts:
Chia Kim Huat
Partner
D (65) 62320464
F (65) 64282188
[email protected]
Yang Lih Shyng
Partner
D 86 21 6120 8818
F 86 21 6120 8820
[email protected]
Linda Qiao
Senior International Counsel
D 86 21 6120 8818
F 86 21 6120 8820
[email protected]
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