China's newly published "Measures for the Security Review of Foreign Investments" (the "NSR Measures") came into effect on January 18, 2021. The NSR Measures is a refinement of the provisions for security review of foreign investment in the Foreign Investment Law of early 2020 and represents the latest development in China's effort in building a national security review framework for foreign investments.
Under Article 4 of the NSR Measures, notification must be made to the NSR Office for any contemplated foreign investments into certain sensitive areas. These notifiable investments are divided into two categories:
- National Defence
- Important Fields
According to the NSR Measures, once a foreign investor notified the NSR Office, the procedures includes:
- Preliminary Review
- General Review
- Special Review
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