Research On The Legal Issues Of Negative List System Of Foreign Investment In China

Foreign investment,as an extremely active part of the world economy,has injected fresh vitality into the global economic development with continuous liberalization.The establishment and improvement of international investment rules have also become the mainstream of global economic activities.Therefore,the concept of foreign investment access in China must closely follow international economic rules and be in line with international standards.The previous positive list management mode in China is increasingly unable to adapt to the high-speed opening development of national economy.China introduced the negative list management model in the Shanghai Pilot Free Trade Zone for the first time in 2013.Due to the change of situation at home and abroad,in the field of foreign investment in China to make sweeping reform of legal system,established the basic law in the field of foreign investment,and determine the admittance of foreign negative inventory management system,in the legislation of system of admittance of foreign capital certainly illustrates the negative list in the field of foreign investment is an important system,also is the important measure of China’s high standards of the international trade rules.Despite the achievements,China’s negative list system for foreign investment access is still immature.In order to better understand the negative list system for foreign investment access,it is necessary to analyze it from its legal basis.From the Angle of "autonomy of private law","anything is viable without law prohibition" or "legal reservation",it shows the rationality and feasibility of the existence of this system.In addition,the negative list system for foreign investment access can be said to be the product of the collision between international capital flows and national economic sovereignty.On the one hand,the country needs to open wider to the outside world,attract international capital and promote the reform of domestic economic system.On the other hand,the country should be wary of the threat of foreign capital to national economic security.The negative list system for foreign investment access has a long history in the world.Developed countries,represented by the United States,often use the negative list management model in international treaties and agreements,while developing countries,represented by the Philippines,are more accustomed to determine the negative list system through domestic legislation.Through a comparative study on the legislative status and specific application of negative lists in different types of countries,it can be concluded that developing countries are cautious in the field of investment access,while developed countries are flexible in the use of negative lists.The Shanghai Free Trade Zone officially introduced the negative list system for foreign investment access,and the Foreign Investment Law gave it a certain legal status.After several years of practice,the advantages and advanced nature of the negative list system for foreign investment access have become more and more obvious.But at the same time,China must also realize that the negative list system of foreign investment access as a new system can be improved.The "Three Laws on Foreign Investment" have been replaced by the Foreign Investment Law,and the traditional positive list and approval system has been replaced by the negative list and record-keeping system.This has undoubtedly put forward new requirements for ongoing and post-operational supervision.The security review system for foreign investment also has the problem of improper connection with the negative list system for foreign investment access.There are also problems in the design of the negative list,such as lack of transparency,lack of openness and unclear legal basis.In view of the above problems,China should improve the corresponding regulatory system and the security review system for foreign investment matching the negative list,so as to ensure and guarantee the implementation of the negative list system for foreign investment access to the greatest extent from the institutional perspective.On the content of the negative list,China should learn from international experience,make the special management measures in the negative list more clear,and increase the legal basis for the formulation of measures.At the same time,China should take a comprehensive look at the development of its domestic industries,give consideration to both opening up and industrial protection when drawing up the negative list,and make good use of the "transitional period" arrangement to reserve development space for China’s future potential industries.