In December 2023, Shanghai unveiled two catalogues outlining the requirements and procedures for the approval and record-filing of investment projects in the city. They are

• the 2024 Detailed Guidelines for the Catalogue of Investment Projects Requiring Approval from the Shanghai Municipal Government《上海市政府核准的投资项目目录细则（2024年本）》
• the 2024 Catalogue of Investment Projects Requiring Record-Filing with the Shanghai Municipal Government《上海市政府备案的投资项目目录（2024年本）》.

The requirements apply to foreign investors as well, albeit with some variations.

There are two negative lists to watch:

• the Special Administrative Measures (Negative List) for Foreign Investment Access
• the Special Administrative Measures (Negative List) for Foreign Investment Access in Pilot Free Trade Zones.

Foreign investors whose projects are NOT prohibited by the negative lists should apply to

• the Shanghai Municipal Commission of Reform and Development for approval, if their total investment, including capital increase, is below $300 million.
• the National Development and Reform Commission for approval, if their total investment, including capital increase, is at or above $300 million.
• the State Council for the record-filing, if their total investment, including capital increase, is at or above $2 billion.

Foreign projects falling outside the negative lists are treated equally as domestic investments, thus subject to the same requirements and procedures for the approval and record-filing of investment projects in Shanghai.

In cases where projects have specific requirements from the State or the municipality related to the Demonstration Zone for Integrated Ecological and Green Development of the Yangtze River Delta Region, the Pudong New Area, the China (Shanghai) Pilot Free Trade Zone and its Lin-gang Special Area, and the Hongqiao International Opening-up Hub, among others, adherence to these special requirements is mandatory.

Source: shanghai.gov.cn