Key players: Issuing agencies are NDRC and Ministry of Commerce; approved via State Council. Supports the 2025 Action Plan for Stabilizing Foreign Investment, issued February 19, 2025 (State Council executive meeting, General Office notice). Targets foreign investors, multinational corporations for regional headquarters, equity investments, and M&A under Foreign Investment Law. Incentives include 15% enterprise income tax in encouraged regions, tariff exemptions on imported equipment, land priority, tax credits for reinvestment, foreign exchange easing, and simplified approvals.[1][2][3][4][6][8][9]
Context and timeline: Follows declining foreign investment (e.g., 133% drop in January 2025 amid global slowdown, geopolitics), aiming to boost high-standard opening-up, new quality productive forces, and modernization. Action Plan (Feb 2025) expands market access in biotech/telecom/education/healthcare, eases financing/M&A, promotes "Invest in China" brand. Catalogue implements this by guiding FDI to strategic sectors/regions, differing from 2022's producer services focus by emphasizing consumption and chains.[1][2][4][6][9][12]
Newsworthy now: Released days ago (Dec 15, 2025), amid 2025's high BRI engagement ($85B investment) but domestic FDI stabilization needs; signals policy push for innovation/resilient chains as economy targets advanced manufacturing/services amid global tensions.[1][5][9][14]