The National Development and Reform Commission ("NDRC") has recently issued the Catalog of Sensitive Sectors for Outbound Investment (2018 Edition) (the "Catalog"), effective from March 1, 2018.
The Catalog includes the following sectors, such as the research, development, manufacturing, and maintenance of weaponry, the exploitation and utilization of water resources across borders, and the news media. Additionally, according to the Circular of the General Office of the State Council on Forwarding the Guiding Opinions of the National Development and Reform Commission, the Ministry of Commerce, the People's Bank of China and the Ministry of Foreign Affairs on Further Guiding and Regulating the Outbound Investment Direction (Guo Ban Fa [2017] No.74), enterprises' outbound investment in certain sectors, such as the real estate industry, hospitality industry, cinemas, entertainment industry, sports clubs, and equity investment funds or investment platforms that are established in foreign countries or regions not for specific industrial projects, shall be restricted.