Shanghai launches pilot program for equity trust property registration (Issue 134)

Foreign Affairs Office of the Shanghai Municipal People's Government

Laws and Regulations

National

1. Full Text of the Outline of the 15th Five-Year Plan for National Economic and Social Development Released

[Keywords: Outline of the 15th Five-Year Plan for National Economic and Social Development]

On March 12, the Fourth Session of the 14th National People’s Congress voted to adopt the Outline of the 15th Five-Year Plan for National Economic and Social Development of the People’s Republic of China. The full text of the document was released on March 13. It is an inspiring blueprint for building China into a modern socialist country in all respects during the 15th Five-Year Plan period.

Source: Xinhuanet

2. Eco-environment Code adopted

[Keywords: Eco-environment Code]

On March 12, the Fourth Session of the 14th National People’s Congress voted to adopt the Ecological and Environmental Code of the People’s Republic of China. The document will take effect on August 15, 2026.

Sources: Website of the NPC, Ministry of Ecology and Environment

Shanghai

1. Shanghai Launches Pilot Program for Equity Trust Property Registration

[Keywords: Equity trust, Property registration]

Recently, the Financial Commission Office of the CPC Shanghai Municipal Committee and three other authorities jointly issued the Notice on Launching a Pilot Program for Equity Trust Property Registration. The document specifies requirements for pre-registration of trust products, application procedures for issuing supporting documents, procedures for equity changes or establishment registrations, and feedback on registration results. It improves the full-process management of equity trust property registration and sets out the filing procedures for equity charitable trusts.

Source: Shanghai Finance

2. Pudong New Area Promotes High-quality Development of Trade in Services

[Keywords: Trade in services]

Recently, the Pudong New Area Commission of Commerce issued the Three-year Action Plan (2026–2028) for Promoting High-quality Development of Trade in Services in Pudong New Area. The document puts forward 27 tasks across six areas, aiming that by 2028, the district’s trade in services will exceed USD 140 billion in scale, accounting for over 50% of Shanghai’s total. The document also targets USD 70 billion in digital trade, and seeks to foster more than 10 billion-yuan enterprises in trade in services.

Source: People’s Government of Pudong New Area, Shanghai

Q&A

At a press briefing held by the State Council Information Office to interpret the Draft Outline of the 15th Five-Year Plan for National Economic and Social Development, an official of the National Development and Reform Commission (NDRC) answered questions from journalists

During the 15th Five-Year Plan period, can the negative list for foreign investment access be further shortened? What specific opening-up measures will be introduced in service sectors such as telecommunications, healthcare, and education? Is there a clear timetable?

Continuously optimizing the foreign investment environment through measures such as expanding market access is an important part of expanding high-standard opening-up. The Draft Outline of the 15th Five-Year Plan for National Economic and Social Development fully implements the plans set out in the Recommendations of the CPC Central Committee and elaborates on such aspects as actively expanding opening-up, improving the quality and level of trade and investment cooperation, promoting high quality “Belt and Road” cooperation, and working to build a community with a shared future for mankind. It is committed to building a new system for a higher-standard open economy so that China can share development opportunities and pursue common development with other countries. Here, I would like to highlight three key areas of measures.

First, we will actively expand opening-up. In recent years, China has continuously raised the opening-up standard. The negative list for foreign investment access has been reduced to 29 items, and all restrictions on foreign investment in the manufacturing sector have been completely removed. Going forward, we will focus on the services sector to further expand market access and areas of opening-up. We will promote the orderly opening-up of sectors such as telecommunications, internet, education, culture, and healthcare, and advance the comprehensive pilot and demonstration work for expanding opening-up in the services sector. We will further shorten the negative list for foreign investment entry so that foreign-funded enterprises will have “more room” to invest in China. At the same time, we will build diverse opening-up frontiers. At the end of last year, the entire island of the Hainan Free Trade Port officially commenced the island-wide special customs operations. During the 15th Five-Year Plan period, we will continue to raise the opening-up standards in key areas such as trade, investment, and flow of production factors. We will implement the strategy to upgrade pilot free trade zones, and support eligible pilot free trade zones in taking the lead in pioneering institutional innovations in such fields as the digital economy, sci-tech innovation, and offshore trade.

Second, we will promote innovative development of trade. In 2025, China’s total imports and exports of trade in goods reached USD 6.35 trillion, and the volume of trade in services exceeded USD 1 trillion. China has become a major trading partner of more than 160 countries and regions worldwide. During the 15th Five-Year Plan period, we will work to improve the quality and efficiency of foreign trade and promote balanced growth in imports and exports. We will revise the catalogues of encouraged technology, product, and service imports; improve the negative list management system for cross-border trade in services; and improve the policy environment for bonded maintenance and remanufacturing and new forms of offshore trade. Furthermore, we will continue to host major international exhibition events such as the China International Import Expo (CIIE), the China Import and Export Fair (Canton Fair), and the China International Fair for Trade in Services (CIFTIS) to provide broader market opportunities for countries around the world.

Third, we will expand space for two-way investment cooperation. During the 14th Five-Year Plan period, China attracted more than USD 750 billion in paid-in foreign investment, while its outbound investment reached 190 countries and regions. During the 15th Five-Year Plan period, we will continue to improve the foreign investment environment, fully apply national treatment for foreign-funded enterprises, improve the service and supporting system for foreign investment, and effectively ensure that foreign investors are able not only to enter the market but also to operate smoothly. We welcome more foreign-funded enterprises to invest in China and share the vast development opportunities in fields such as advanced manufacturing, modern services, high technologies, and energy conservation and environmental protection. At the same time, we will improve the overseas integrated services system and support eligible enterprises in carrying out mutually beneficial outbound investment and cooperation.

We are confident that by continuously expanding high-standard opening-up and promoting reform and development through opening up, China will effectively facilitate the dual circulation of domestic and international markets, share development opportunities with countries around the world, and open up broader prospects for mutually beneficial cooperation and win-win outcomes.

Source: State Council Information Office

Expert Perspective

Foreign Investment Guide to China: Interpretation of Key Revisions and Highlights of the Catalogue of Encouraged Industries for Foreign Investment (2025 Edition)

By Zhang Peng, Wang Siming [Beijing Dentons Law Offices]

On December 15, 2025, with the approval of the State Council, the NDRC and the Ministry of Commerce (MOFCOM) released the Catalogue of Encouraged Industries for Foreign Investment (2025 Edition) (the “2025 Catalogue”). As the latest policy framework for directing foreign investment, the 2025 Catalogue officially took effect on February 1, 2026, replacing the Catalogue of Encouraged Industries for Foreign Investment (2022 Edition) (the “2022 Catalogue”).

One Key Highlights of the 2025 Catalogue

The 2025 Catalogue maintains its dual-structure approach:

National Catalogue of Encouraged Industries for Foreign Investment: Applicable nationwide.
Catalogue of Priority Industries for Foreign Investment in Central and Western Regions: Applicable to the Central, Western, and Northeastern China, as well as Hainan Province.

The number of items has increased significantly, further expanding the scope of encouraged foreign investment. Specific highlights are as follows:

1. Advanced Manufacturing: Expanding into High-End, High-Precision, and Frontier Sectors

While the 2022 Catalogue focused on addressing supply chain bottlenecks and emphasized iterative upgrading of technologies, the 2025 Catalogue continues to prioritize the manufacturing sector in the National Catalogue, while placing greater emphasis on cutting-edge technologies in niche manufacturing fields. Key new additions include:

Biopharmaceuticals: Development and production of nucleic acid drugs.
High-end Medical Device: R&D and manufacturing of zero-magnetic medical equipment.
Intelligent Manufacturing & Testing: Manufacturing of intelligent testing equipment; R&D and production of high-speed cameras; smart energy management and control systems, along with related metrology, testing, and monitoring devices.
Marine & Aerospace: Design, R&D, and manufacturing of underwater robots for ships and deep-sea operations, as well as the development and manufacturing of key basic components for robots.

2. Modern Services: Extending from Producer Services to Consumer Services

Another notable shift in the 2025 Catalogue is that, while it continues to support producer services, (such as the addition of common technology platforms for new materials and the operation of virtual power plants together with related technology R&D), it also significantly expands service consumption sectors closely related to people’s daily lives, reflecting a policy orientation toward boosting consumption:

Pet Economy: For the first time, veterinary hospitals and pet grooming services have been included in the National Catalogue.
Culture, Tourism & Leisure: Newly added items nationwide include (i) travel agency operations; (ii) consulting, planning and operation services for the camping industry; (iii) homestay design, brand development, and operations; (iv) sports tourism services.
Other Services: These include property management services and "Internet+Healthcare" services.

3. Catalogue of Priority Industries for Foreign Investment in Central and Western Regions: Tailored to Local Strengths

The 2025 Catalogue, based on the specific circumstances of the central and western regions, the northeastern region, and Hainan Province, has added more targeted entries, combining resource endowments with the development of distinctive high-tech industries. It aims to further expand openness in service sectors. Notable additions include the following:

Heilongjiang: Winter sports equipment (R&D and manufacturing); specialized cold-region industries.
Liaoning: Cruise tourism products and operation services; modern shipping services.
Henan: Modern logistics; R&D and production of high-end and intelligent hoisting machinery and components; Artificial Intelligence (AI) software development.
Hubei: New energy storage equipment; R&D, manufacturing, and production of traction batteries, related non-ferrous metals and composite materials.
Hunan: R&D of key technologies and equipment for general aviation aircraft.
Guizhou: R&D and production of computing power infrastructure software and hardware.
Qinghai: Wind power plant operation.
Ningxia: Digital dairy-related industry.
Shaanxi: R&D and manufacturing of ceramic matrix composites; R&D and manufacturing of intelligent robotics.
Chongqing: R&D and manufacturing of small and medium-sized agricultural machinery specifically designed for hilly and mountainous areas.
Sichuan: Development of metaverse infrastructure technologies and product manufacturing; design and production of digital content (such as games, digital audio).
Hainan: Marine environmental governance and ecological restoration; tropical disease research, diagnosis, and prevention; R&D and manufacturing of deep-sea search, rescue and salvage technology and equipment, etc.

[To Be Continued]

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