出海企业的贸易合规义务以及外国企业所面临的贸易反制风险——《国务院关于对外投资的规定》述评
Trade Compliance Obligations of Outbound Businesses and the Trade Countermeasure Risks Facing Foreign businesses - A Review of the Provisions of the State Council on Outbound Investment
当前，中国企业正主动或被动地卷入出海浪潮。就被动出海的背后原因，其中既有美欧等国对于涉华供应链实施的出口管制，也有美欧等国基于在涉及用工、环境以及补贴等领域对华歧视性的推定而设置的种种不合理的进口关税与非关税壁垒。这些措施要么影响在华企业的上游供应链（例如美国等对于高端半导体行业的对华出口管制措施），要么阻碍在华企业下游供应链产品进入欧美等市场。在此背景下，中国企业出海既是为拓展国际市场所需，亦是为应对上述欧美等国威胁涉华产业链的韧性和安全的措施所迫。
Chinese companies are currently being drawn, whether by choice or by necessity, into the wave of overseas business operations. As regards the underlying causes of involuntary overseas expansion, these include both the export controls imposed by the United States, the European Union, and other countries on China-related supply chains, and the various unjustified import tariffs and non-tariff barriers that such countries have erected on the basis of discriminatory presumptions against China in areas such as labour, environment, and/or subsidies. These measures either affect the upstream supply chains of China-based enterprises (for instance, the export controls imposed by the United States and others on the high-end semiconductor sector in respect of China) or obstruct the entry of the downstream supply-chain products of China-based companies into the markets of the European Union, the United States, and elsewhere. Against this background, the overseas investment of Chinese companies is driven both by the need to develop international markets and by the necessity of responding to the foregoing measures by which the United States, the European Union, and other countries threaten the resilience and security of China-related industrial and supply chains.
2026年6月1日所公布、2026年7月1日起施行的《国务院关于对外投资的规定》（下称“对外投资规定”）明确了出海企业的贸易合规义务，并针对外国歧视中国投资、贸易的行为规定了反制措施。
The Provisions of the State Council on Outbound Investment (hereinafter, the "Provisions"), promulgated on 1 June 2026 and effective from 1 July 2026, formulate the trade compliance obligations of outbound companies and lay down countermeasures in respect of foreign acts that discriminate against Chinese investment or trade.
一、境外投资以及活动的安全审查
I. Security Review of Outbound Investment and Related Operations
对外投资规定首次在行政法规层面明确境外投资安全审查制度（第十五条），并且将审查对象从对外投资准出阶段延伸至对外投资后的境外资产和权益的后续转让以及处分等活动。这意味着，境外投资完成后，相关资产并非完全脱离中国对外投资安全监管；如果该资产涉及关键技术、重要数据、战略资源、关键基础设施、核心供应链节点或平台控制权，其出售、剥离、重组、质押、托管、和解安排或控制权变更，仍可能因影响国家安全而进入审查范围。
For the first time at the level of administrative regulations, the Provisions establish a security review regime for outbound investment (Article 15) and extend the scope of review from the outbound-approval stage to subsequent activities following the outbound investment, such as the transfer and disposal of overseas assets and interests. This means that, once an outbound investment has been completed, the relevant assets do not fall entirely outside China's regulatory oversight of outbound investment security: where such assets involve key technologies, important data, strategic resources, critical infrastructure, or control over core supply-chain nodes or platforms, their sale, divestment, restructuring, pledge, custodial arrangement, settlement arrangement, or change of control may still fall within the scope of review due to national security reasons.
二、ODI核准备案仅为合规环节之一
II. ODI Approval and Filing as Initial Step of Compliance
对外投资规定强调了对外投资活动必须遵守跨境资金、进出口管制、数据流动、人员出入境、网络安全、税收及国资监管等法律制度和监管规定（第十四条）。企业不能再将ODI核准备案误认为一劳永逸的合规节点。企业应在项目立项、交易结构设计以及项目实施和经营阶段识别是否存在相关法律和监管风险。这些法律和监管风险可能涉及（1）禁止、限制性货物和技术出口；（2）两用物项出口；（3）数据出境安全；（4）个人信息出境；（5）经营者集中申报；（6）境外国资监管；以及（7）税务备案等问题。
The Provisions reiterate that outbound investment activities must comply with the legal and regulatory regimes governing cross-border funds, import and export controls, data flows, the entry and exit of personnel, cybersecurity, taxation, and the supervision of state-owned assets, among others (Article 14). Companies shall not treat ODI approval and filing as a once-and-for-all compliance milestone for outbound investment. Rather, companies must identify whether any relevant legal or regulatory risks arise at the stages of project initiation, transaction structuring, and project implementation and operation. Such legal and regulatory risks may concern, among other matters: (1) the export of prohibited or restricted goods and technologies; (2) the export of dual-use items; (3) the security of outbound data transfers; (4) the outbound transfer of personal information; (5) the notification of concentrations of undertakings; (6) the supervision of overseas state-owned assets; and (7) tax filing.
三、出海企业的中国贸易合规义务
III. Chinese Trade Compliance Obligations of Outbound Business Investors
对外投资规定第十三条规定了出海企业三个层面的中国贸易合规义务：
Article 13 of the Provisions sets out three levels of Chinese trade compliance obligations for outbound companies:
第一，投资者开展对外投资活动，不得出口、使用国家禁止出口，或者未经许可出口国家限制出口的货物、技术、服务及相关数据（合称“禁限物项”）。
First, in carrying out outbound investment activities, an investor must not export or use goods, technologies, services, and related data whose export is prohibited by the State, nor export without a licence those whose export is restricted by the State (altogether, "prohibited or restricted items").
第二，投资者开展对外投资活动，不得变相违法出口上述禁限物项。这些变相出口行为包括通过跨境派遣技术人员、组织人员赴中国境外工作、跨境提供技术指导、安排人员跨境培训等方式，向境外转移中国禁限物项。
Secondly, in carrying out outbound investment activities, an investor must not unlawfully export the aforesaid prohibited or restricted items by disguised means. Such disguised export includes transferring China's prohibited or restricted items abroad through means such as cross-border secondment of technical personnel, expatriation of personnel to work outside China, cross-border provision of technical guidance, and arrangement of cross-border training of personnel.
第三，需要注意的是，前述规定要求投资者开展对外投资活动时，不得使用违反中国法律的禁限物项。通常理解，对外投资活动包括海外运营。因此，中国投资者对其海外下属公司使用上述违反中国法律的禁限物项的行为，承担合规义务与违法责任。而之前的2014年商务部《境外投资管理办法》和发改委2017年《企业境外投资管理办法》仅规定“不得出口”相关物品，而未规定“不得使用”违反中国法律的禁限物项。
Thirdly, it shall be noted that the foregoing provision requires that, in carrying out outbound investment activities, a Chinese investor must not use prohibited or restricted items in breach of Chinese law. It is generally understood that outbound investment activities include overseas operations. Accordingly, a Chinese investor bears compliance obligations and liability for unlawful conduct in respect of the use, by its overseas subsidiaries, of prohibited or restricted items in breach of Chinese law as described above. By contrast, the earlier Measures for the Administration of Overseas Investment issued by the Ministry of Commerce (MOFCOM) in 2014 and the Measures for the Administration of Overseas Investment by Enterprises issued by the National Development and Reform Commission (NDRC) in 2017 provided only that the relevant items "must not be exported" and did not provide that prohibited or restricted items "must not be used" in breach of Chinese law.
四、限制向境外公权力机构提供信息
IV. Restrictions on Flow of Information to Foreign Public Authorities
根据第二十二条，对外投资规定对出海企业在下列两类场景中向境外提供材料的行为设置了监管条件：一是参与对外投资相关的境外仲裁或诉讼；二是受到境外司法、执法机构调查。在上述情形下，企业确需向境外提供证据或其他材料的，须同时满足两方面的监管要求：一是材料出境本身不得违反国家秘密、数据安全、个人信息保护、技术出口管理、出口管制、司法协助等法律法规；二是依法须经主管机关准许的，必须履行相应的前置审批或备案程序。
Under Article 22, the Provisions impose regulatory conditions on the provision of materials abroad by outbound companies in the following two scenarios: first, participation in overseas arbitration or litigation relating to outbound investment; and second, subjection to investigation by overseas judicial or law-enforcement authorities. In such cases, where a company does need to provide evidence or other materials abroad, it must satisfy two sets of regulatory requirements at the same time: first, the cross-border transfer of the materials must not in itself contravene the laws and regulations governing state secrets, data security, personal information protection, the administration of technology export, export control, judicial assistance, and the like; and secondly, where the permission of the competent authority is required by law, the company must complete the corresponding prior approval or filing procedures.
五、关于对外投资领域的反制措施
V. New Countermeasures of China in Outbound Investment
针对外国国家（地区）或国际组织，如其违反国际法和国际关系基本准则，并在投资经营等方面对中国采取歧视性禁止、限制或者其他类似措施，有关部门可采取限制相关货物、技术进出口或国际服务贸易等反制措施，并可将相关主体列入反制清单。
In respect of foreign states (or regions) or international organisations, where they violate international law and the basic norms governing international relations and adopt discriminatory prohibitive, restrictive, or other similar measures against China in respect of investment and business operations, the relevant departments may take countermeasures such as restricting the import and export of relevant goods and technologies or international trade in services, and may designate the relevant parties onto the Name List of Countermeasures.
针对投资目的地的投资壁垒，如中国投资者在目的国家（地区）遭遇与贸易有关的投资壁垒或其他投资经营障碍，商务主管部门可自行或会同其他部门组织开展调查，并据此采取调整国别投资政策、限制相关货物技术进出口或国际服务贸易等措施，发挥投资者母国的保护功能。
In respect of investment barriers in the host country, where a Chinese investor encounters trade-related investment barriers or other obstacles to investment and business operations in the host state (or region), the competent department of commerce may, on its own or together with other departments, organise and conduct an investigation, and may accordingly take protective measures such as adjusting the country-specific investment policy and restricting the import and export of relevant goods and technologies or international trade in services.
在上述两种情况下，外国企业对华贸易以及投资有关的贸易活动均可能受到影响。
Under the circumstances of countermeasures as outlined above, foreign companies may be affected in their trade business with China or related investment activities in China.
六、出海中国企业的合规要点
VI. Key Compliance Points for Outbound Chinese Investors
第一，企业需要考虑审查既有境外投资项目的合规状态，重点核查已设立境外主体、境外并购标的、境外再投资、境外融资担保、员工持股平台或类似控制安排是否存在未按规定办理核准备案、备案信息与实际情况不一致、未及时办理变更、未履行再投资报告义务等问题。
First, Chinese companies need to consider reviewing the compliance status of their existing outbound investment projects, with particular attention to whether established overseas entities, overseas M&A targets, overseas reinvestment, overseas financing guarantees, employee shareholding platforms, or similar control arrangements give rise to any of the following issues: failure to complete approval and filing as required, inconsistency between the filed information and the actual circumstances, failure to make change filings in a timely manner, or failure to perform reinvestment reporting obligations.
第二，企业就新的对外投资项目进行事先全面合规评估。
Secondly, Chinese companies shall conduct a comprehensive compliance assessment in advance of any new outbound investment project.
第三，企业应建立“货物、技术、服务、数据、人员”五项跨境流动内控清单，确保技术出口、两用物项出口、数据出境、个人信息出境合规。
Thirdly, Chinese companies shall establish an internal-control checklist for the five categories of cross-border flows, namely goods, technologies, services, data, and personnel, so as to ensure compliance in respect of technology export, the export of dual-use items, outbound data transfers, and the outbound transfer of personal information.
第四，企业应完善境外投资安全和敏感行业自我评估机制。对于涉及关键技术、战略资源、重要数据或核心算法的项目，应单独评估出海、境外重组、资产处置、核心权益转让及项目退出是否可能影响国家安全，进而做出符合国家安全大势的稳妥决策。
Fourthly, Chinese companies shall refine their self-assessment mechanisms for outbound investment security and for sensitive sectors. For projects involving key technologies, strategic resources, important data, or core algorithms, Chinese companies shall separately assess whether overseas expansion, overseas restructuring, asset disposal, the transfer of core interests, and project exit may affect national security of China, andthereby make prudent decisions consistent with the overarching requirements of national security.
第五，企业需要确保海外经营遵守中国关于出口物项的监管规定，避免使用违反中国出口监管的物项和数据等。
Fifthly, Chinese companies shall ensure that their overseas operations comply with China's regulatory requirements concerning exported items, and avoid using items or data that contravene the export regulation of China.
