新版外商投資產業指導目錄將於6月出台，這是在全球化遭遇波折，國際經貿秩序面臨重大挑戰背景下，中國釋放出的堅定維護全球多邊主義和自由貿易投資體系，深化推進制度性開放的強烈信號。

中國對外開放走過了40年歷程, 開放經濟體制也經歷了一條“政策型開放→商品及要素流動型開放→制度型開放”的發展路徑。近年來，全球化遭遇挫折，國際國內形勢出現重大變化，如何適應全球化新變局，如何改革完善對外領域中不適應新國際規則的政策掣肘，如何以高質量開放推動高質量發展，已成為關係中國經濟社會長期發展的重大命題。

今年3月，中國發佈《外商投資法》，確定參照“競爭中性原則”進行國內改革。這些舉措是中國進行制度型開放的重要步驟，中國正在營造與國際高水平對接的經貿規則體系，建立促進市場經濟發展的營商環境，形成全面開放的新格局。而近期，中國國家發改委新聞發言人在談到有關負面清單修訂情況時強調，關鍵在於“精簡”兩個字，“我們對清單只做減法，不做加法”。這意味着“清單更短，開放更大”將是2019年外商投資產業指導目錄的基本原則。

事實上，2018版指導目錄就推出了分別適用於全國（48條）和自貿試驗區（45條）的兩張負面清單，全面放寬了一二三產業市場准入，涉及金融、交通運輸、商貿流通、專業服務、製造、基礎設施、能源、資源、農業等各領域。2019年新的《鼓勵外商投資產業目錄》進一步擴大鼓勵外商投資範圍，優化外商投資產業和區域結構。與2017版的限制類條目35條，禁止類條目28條相比，2019版全面廢止限制類、禁止類。特別是基本放開製造業領域，體現出中國鼓勵外資深入參與中國開放型經濟體系和全球的產業鏈升級過程，並推動外商投資高度本地化，與中國經濟和市場進一步深度融合。

歷史經驗證明，一個國家的市場越開放，就越會成為全球價值窪地。根據聯合國貿發會議最新發佈的《2019全球外國直接投資報告》，在逆全球化風潮愈演愈烈，以及一些主要經濟體紛紛加大投資門檻和壁壘導致全球外國直接投資持續低迷的大背景下，中國吸引外商直接投資逆勢上漲。2018年中國吸引國際資本流入量達到1390億美元，為全球第二資本流入國。而中國商務部的最新數據也顯示，今年1至5月，發達經濟體對華投資增長顯著。新加坡、韓國、日本、美國、英國等對華實際投入金額同比分別增長33.9%、66.9%、5.1%、16.3%和56.9%。隨着中國全面對外開放步伐加快以及營商環境持續改善，中國將持續保持全球投資吸引力。

然而，在創造更加開放的制度環境的同時，也需要法律、規則、規範等來保障國家核心利益不受到重大威脅。中美貿易摩擦升級加劇，以及高科技博弈的展開，已對全球產業鏈、供應鏈安全構成嚴重威脅，產業安全問題變得日益突出。當前，美國《外國投資風險審查現代化法案（2018）》顯著擴大了外國投資委員會審查的法律基礎，它涉及三大重點領域：一是重要的工業技術，包括人工智能、機械人、納米和微芯片技術等；二是基礎設施，包括港口設施和運營、能源與電力生產與分配、公路和鐵路、通信系統，以及數據中心；三是與國家安全相關的科技和製造業，如航空航天、遙感和電信硬件。與此同時，美國已全面修訂現行出口管制法規，強化“長臂管轄”行為。特朗普簽署《2019財年國防授權法案》，作為其重要組成部分的《出口管制改革法案》提高了對外國控股公司，特別是中國公司的限制條件，增加了對“新興和基礎技術”的出口管制，建立了跨部門協商機制以提高執法能力。從中長期看，中美科技博弈的大幕剛剛拉開，中國在促進產業開放、市場開放的同時，也需要在外商投資負面清單制度以及產業指導目錄的框架下，加快完善國家安全保障制度。

The new 2019 version of the Negative List for Foreign Investment and the Catalogue of Industries for Guiding Foreign Investment will be released in June. This is a strong signal that China will maintain global multilateralism and a system of free trade and investment, deepening the promotion of institutional openness at a time when globalization is encountering setbacks and challenges face the international economic order.

China has been open to the outside world for 40 years, and its open economic system has also developed: from openness in policy, openness now includes commodities and institutions. In recent years, the pace of globalization has suffered setbacks, and major changes have taken place internationally and domestically. How to adapt to shifting globalization, how to reform and improve policies to fit new international rules, and how to promote high-quality development have become major questions concerning the long-term development of China's economy and society.

In March of this year, China issued a new Foreign Investment Law and decided to carry out domestic reforms based on the principle of competitive neutrality. These measures are an important step for China to carry out institutional openness. China is creating a system of economic and trade rules that is connected with international high standards, and establishing a business environment that promotes the development of the market economy, while forming a new pattern of comprehensive openness. Recently, a spokesperson for China's National Development and Reform Commission stressed that in revising the negative list, the main goal is to streamline: “We won't add anything. We will only subtract from the list.” This means that a shorter list and greater openness will be the basic principles of the new 2019 negative list for foreign investment and the new catalogue of industries for guiding foreign investment.

In fact, the 2018 version of the negative list for foreign investment reduced the number of national items to 48 and the number of free trade pilot zone items to 45, comprehensively relaxing market access for primary, secondary, and tertiary industries — involving sectors such as finance, transportation, trade and commerce, professional services, manufacturing, infrastructure, energy, resources, and agriculture. The 2019 version of the list will further expand the scope for encouraging foreign investment while improving foreign investment industries and regional structures. Compared with the 2017 version of the list, which listed 35 items in the restricted category and 28 items in the prohibited category, the 2019 version will completely abolish the restricted and prohibited categories. In particular, the basic liberalization of manufacturing reflects China's encouragement of foreign investment's participation in China's open economic system, as well as the upgrading of the global industrial chain, which will make foreign investments become highly localized and deepen their integration with the Chinese market.

History has proven that the more open a country's market is, the more it will become a hub of global value. According to the latest World Investment Report by the United Nations Conference on Trade and Development, the trend of deglobalization has intensified. Against the backdrop of some major economies' increased investment thresholds and barriers that have led to a global downturn in foreign direct investment, China has attracted foreign direct investment to oppose this trend. In 2018, capital flows into China reached $139 billion, making it the world's second-largest recipient. The latest data from the Ministry of Commerce also shows that from January to May of this year, investments flowing into China from developed economies have grown significantly. Investments from Singapore, South Korea, Japan, the United States, and the United Kingdom increased by 33.9%, 66.9%, 5.1%, 16.3%, and 56.9%, respectively. With the acceleration of China's comprehensive opening up and the continuous improvement of the business environment, China will continue to remain an attractive place for global investments.

However, in creating a more open institutional environment, China must protect its core interests from major threats using laws, rules, and norms. The escalation of China-US trade frictions and the development of high-tech competition have become serious threats to the global industrial chain and to supply chain security, with industrial security issues becoming increasingly prominent. Currently, in the United States, the Foreign Investment Risk Review Modernization Act of 2018 significantly expands the legal basis for the Foreign Investment Committee to review investments in three key areas: one, important industrial technologies, including artificial intelligence, robotics, nano, and microchip technologies; two, infrastructure, including port facilities and operations, energy and power production and distribution, roads and railways, communications systems, and data centers; and three, national security-related technologies and manufacturing, such as aerospace, remote sensing, and telecommunications hardware. At the same time, the United States has comprehensively revised its existing export control regulations and has strengthened its long-arm jurisdiction. President Donald Trump has signed the National Defense Authorization Act for fiscal year 2019, an important part of the Export Control Reform Act, which increases restrictions on foreign holding companies, especially Chinese companies, increases export controls on emerging and basic technologies, and establishes an inter-departmental consultation mechanism to improve law enforcement capabilities. In the medium and long term, China-US science and technology competition has just begun. While promoting open industry and the opening of its market, China also needs to accelerate the improvement of its national security system under the framework of the foreign investment negative list system and the industry guidance catalogue.