King & Wood Mallesons

Asia-Pacific 100 position: 3

Catalogue of investment projects subject to government verifications overhauls Chinese outbound investment regulatory regime

In the strong spirit of reform as enshrined in those key policy documents promulgated at the close of the Third Plenary Session of the Eighteenth Congress of the Communist Party of China’s Central Committee, the State Council promulgated on 2 December 2013 the Catalogue of Investment Projects Subject to Governmental Verifications (2013), with a view to promoting the ‘reduction and decentralisation, to the greatest extent possible, of verification powers to truly implement the investment decision-making power of enterprises’.

This is the first revision made to the previous catalogue released by the State Council in 2004; the pillar policy that established the very verification regime that has been in force since then. The 2013 catalogue mostly covers investments that require governmental verifications (as opposed to a simple process of filing for records) — broadly speaking, there are three types…

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