1

The shares of the Chinese investors in new variety breeding and seed production of wheat and corn shall not be less than 34%.

2

Investment shall be prohibited in the research and development, cultivation, and plantation of rare and unique precious and superior varieties in China, as well as the production of related propagative materials (including valuable genes in planting, animal husbandry, and aquaculture).

3

In addition to the production of genetically modified seeds (seedlings), investment shall be prohibited in breeding genetically modified varieties of crops, as well as livestock, poultry, and aquatic breeds.

II. Mining

4

Investment shall be prohibited in the exploration, mining, and beneficiation of rare earths, radioactive materials, and tungsten. (Unless permitted, it is forbidden to enter rare earth mining areas or obtain mine geological information, production processes and technology, and ore samples.)

III. Manufacturing

5

Except for special purpose vehicles, new energy vehicles, and commercial vehicles, the Chinese investors shall hold no less than 50% of the shares in complete automobile manufacturing. A foreign investor may establish two or less joint ventures in China for the production of similar vehicle products. (In 2022, restrictions will be lifted on the shareholding percentage of foreign investors in passenger car manufacturing as well as that the quantity of joint ventures invested by a foreign investor to produce similar vehicle products.)

6

Production of satellite television broadcast ground receiving facilities and key components.

IV. Production and Supply of Electricity, Heat, Gas, and Water

7

The construction and operation of nuclear power plants must be controlled by Chinese investors.

V. Wholesale and Retail

8

Investment shall be prohibited in the wholesale and retail of tobacco, cigarettes, re-dried leaf tobacco, and other tobacco products.

VI. Transportation, Warehousing, and Post Services

9

Domestic water transport companies must be controlled by Chinese investors. (Foreign investors are not allowed to operate domestic waterway transport business and indirect activities by operating or chartering Chinese vessels or shipping space. Waterway transport operators may not use foreign vessels to carry out domestic waterway transport business operations. However, upon the approval of the Chinese government, in the absence of Chinese vessels in China capable of meeting transport requirements, and in the event the port or body of water in which the vessel is docked is opened to foreign vessels, the waterway transport business operator may, within the period or voyage specified by the Chinese government, temporarily use foreign vessels to operate marine transport and towing between Chinese ports.)

10

Public air transport companies must be controlled by Chinese investors, and the proportion of investment by a foreign investor and its affiliates must not exceed 25%. The legal representative must be a Chinese citizen. The legal representative of a general aviation company must be a Chinese citizen. General aviation companies serving the agriculture, forestry, and fishery industries shall be limited to the form of joint ventures, and the controlling stake in other types of general aviation companies shall be held by Chinese investors. (Only Chinese public air carriers may operate domestic air services and provide scheduled and ad hoc international air services as designated carriers in China.)

11

The construction and operation of civil airports must be comparatively controlled by Chinese investors. Foreign investors are not allowed to participate in either the construction or operation of airport towers.

12

Investment shall be prohibited in postal companies, the operation of postal services, and domestic express mail delivery.

VII. Information Transmission, Software, and Information Technology Services

13

Telecommunications companies: Foreign investors are limited to telecommunications services opened up pursuant to China's WTO commitments. The share ratio of foreign investment in value-added telecommunications services (except for e-commerce, domestic multi-party communications, store-and-forward, and call centers) shall not exceed 50%. The basic telecommunications business must be controlled by Chinese investors (the operator must also be a legally established company specializing in basic telecommunications services). The pilot policies covering the original area (28.8 square kilometers) of the China (Shanghai) Pilot Free Trade Zone shall be extended to all pilot free trade zones.

14

Investment shall be prohibited in Internet news and information services, Internet publishing services, Internet audio-visual program services, cyber culture operation (with the exception of music), and Internet public information services (with the exception of content which has been opened up pursuant to China's WTO commitments).

IX. Leasing and Business Services

15

Investment shall be prohibited in legal services in China (with the exception of providing information regarding the impact of China's legal environment). Any foreign investor shall not be appointed as a partner to a Chinese law firm. (Foreign law firms may only enter China in the form of representative offices, and are not allowed to employ practicing lawyers who are Chinese citizens. The supporting staff employed by the representative office shall not provide legal services for its clients. The establishment of a representative office in China or the station of representatives shall be subject to the permission of Chinese judicial authorities.)

16

Market surveys shall be limited to joint ventures, and radio and television ratings surveys must be controlled by Chinese investors.

17

Investment in social survey services shall be prohibited.

18

Investment shall be prohibited in the development and application of human stem cells as well as genetic diagnosis and treatment technology.

19

Investment in humanities and social sciences research institutes shall be prohibited.

20

Investment in the following areas shall be prohibited: geodetic surveying, ocean mapping, aerial imaging and mapping, ground motion measurement, administrative boundary mapping, compilation of topographic maps, maps of world administrative regions, maps of Chinese administrative regions, administrative maps at the provincial level and below, nationwide teaching maps, local teaching maps, real 3-D maps, electronic navigation maps, and regional geological mapping. Also prohibited are surveys of mineral geology, geophysics, geochemistry, earth hydrogeology, environmental geology, geological disasters, and remote sensing geology. (Mining rights holders are not subject to this special administrative measure in working within the scope of their mining rights.)

X. Education

21

Pre-school education institutions, regular upper secondary schools, and higher education institutions shall be limited to the form of Chinese-foreign cooperative schools, which must be dominated by Chinese investors (the principal or main administrative head should have Chinese nationality, and reside in China. Chinese members shall comprise no less than half of the Council, board of directors, or joint administrative committee). (Foreign educational institutions and other organizations or individuals shall not solely establish schools or any other educational institutions that are primarily open to Chinese citizens (excluding non-academic vocational training institutions, and academic vocational education institutions). However, foreign educational institutions may cooperate with a Chinese educational institution to jointly establish educational institutions mainly targeting Chinese citizens.)

22

Investment shall be prohibited in compulsory education institutions and religious education institutions.

XI. Health and Social Work

23

Investment in medical institutions shall be limited to the form of joint ventures.

24

Investment in the establishment of news organizations (including but not limited to news agencies) shall be prohibited. (Establishment of resident news agencies in China and assignment of resident correspondents to China by foreign news organizations shall be subject to approval by the Chinese Government. Provision of news services by foreign news agencies in China shall be subject to review and approval by the Chinese government. Business cooperation between Chinese and foreign news organizations must be led by the Chinese side and must be approved by the Chinese government.)

25

Investment shall be prohibited in the editing, publication, and production of books, newspapers, periodicals, audio-video products, and electronic publications. (However, subject to the approval of the Chinese government, and provided that the Chinese cooperative party holds the operating dominance rights and the right to the final review of content, and that the parties also satisfy all other conditions as approved by the Chinese government, a Chinese-foreign publisher may engage in cooperative news publishing projects implemented by Chinese and foreign parties. Unless approved by the Chinese government, it is prohibited to provide financial information services in China.)

26

Investment shall be prohibited in the establishment and operation of all levels of radio stations, television stations, radio and television channels (frequencies), and radio and television transmission coverage networks (including transmitters, relay stations, radio and television satellites, satellite up-link stations, satellite transmission stations, microwave stations, monitoring stations, as well as cable radio and television transmission coverage networks). The provision of radio and television video on-demand services and installation of satellite television broadcast ground receiving facilities shall be prohibited. (Landing of overseas satellite channels shall be subject to examination and approval.)

27

Investment in radio and television program production and operation (including introduction business) enterprises shall be prohibited. (Introduction of overseas films, television dramas, and of other overseas television programs via satellite transmission shall be applied by organizations designated by the National Radio and Television Administration. A licensing system is applied to television series (including television animation) produced through Chinese-foreign cooperation.)

28

Investment shall be prohibited in film production companies, distribution companies, and cinema operators, as well as film introduction business. (However, upon approval, foreign enterprises may be allowed to produce films with Chinese enterprises.)

29

Investment shall be prohibited in auction companies engaged in cultural relic auctions, cultural artifact stores, and state-owned museums that house cultural relics. (The transfer, mortgage, and renting of immovable cultural relics and cultural relics which are prohibited from leaving the country to foreigners shall be prohibited. The establishment and operation of intangible cultural heritage investigation organizations shall be prohibited. Intangible cultural heritage surveys, as well as archaeological investigation, exploration, and excavation in China by overseas organizations or individuals, shall adopt the form of cooperation with Chinese organizations and be subject to special examination, approval, and licensing.)

30

Performing arts groups must be controlled by Chinese investors.