《鼓励外商投资产业目录（2025年版）》重要修订和亮点解读

原标题：张芃等：中国外商投资指南：《鼓励外商投资产业目录（2025年版）》重要修订和亮点解读

2025年12月15日，经国务院同意，国家发展和改革委员会和商务部发布了《鼓励外商投资产业目录（2025年版）》（以下简称“2025年版目录”）。作为引导外商投资的最新政策文件，该目录将于2026年2月1日起正式施行，取代《鼓励外商投资产业目录（2022年版）》（以下简称“2022年版目录”）。

On December 15, 2025, with the approval of the State Council, the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM) released the Catalogue of Industries for Encouraged Foreign Investment (2025 Edition) (the "2025 Catalogue"). As the latest policy framework for directing foreign capital, the 2025 Catalogue will officially take effect on February 1, 2026, at which time the 2022 edition Encouraged Industries Catalogue for Foreign Investment (the "2022 Catalogue") will be superseded.

一、2025年版目录的新亮点

Key Highlights of the 2025 Catalogue

2025年版目录延续了以往的结构，分为两部分：

The 2025 Catalogue maintains its dual-structure approach:

• 《全国鼓励外商投资产业目录》：适用于全国范围。
• 《中西部等地区外商投资优势产业目录》：适用于中西部、东北地区和海南省。
• The National Catalogue: Applicable across all mainland provinces.
• The Catalogue of Priority Industries for Central and Western Regions (the “Regional Catalogue”): Applicable to the Central, Western, and Northeastern China, as well as Hainan Province.

在条目数量上有了显著增加，进一步扩大了鼓励外商投资的范围，具体亮点如下：

The new edition features a significant expansion in the number of listed items, widening the scope of incentives for foreign investors. Key highlights include:

1. 先进制造业：向“高精尖”与“前沿”拓展

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

2022年版目录侧重供应链短板，强调技术迭代；2025年版在全国目录中继续将制造业作为重点，但新增内容更侧重于细分领域的尖端技术，重要新增包括：

While the 2022 Catalogue focused on addressing supply chain vulnerabilities and technical iterations, the 2025 Catalogue continues to prioritize manufacturing in the National Catalogue but places greater emphasis on cutting-edge technologies in niche manufacturing fields, major new highlights include:

• 生物医药：新增核酸类药物的开发生产。
• 高端医疗装备：新增零磁医学装备的研发与生产。
• 智能制造与检测：新增智能检测装备制造，高速摄像机研发生产，智慧能源管控系统及相关计量、检测、监测设备。
• 海洋与航空航天：新增船舶及深海用水下作业机器人设计研发制造，机器人关键基础部件的开发制造等。
• Biopharmaceuticals: Development and production of nucleic acid drugs.
• High-end Medical Device: R&D and manufacturing of zero-magnetic medical equipment.
• Intelligent Manufacturing & Inspection: Intelligent inspection equipment manufacturing; 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 vessels and deep-sea underwater work robots; key fundamental robotic components.

2. 现代服务业：从“生产服务”向“消费服务”延伸

Modern Services: Extending from Producer Services to Consumer Services

2025年版目录的另一个显著变化是，除了继续支持生产性服务业（如新增新材料共性技术平台、虚拟电厂运营及相关技术研发等），大幅增加了与百姓生活相关的服务消费领域，体现了支持提振消费的政策导向：

A notable shift in the 2025 Catalogue is the substantial expansion into consumer-facing services to boost domestic demand, while maintaining continued support for industrial producer services (reflected by the inclusion of generic technology platforms for new materials and virtual power plant operations, for example):

• 宠物经济：首次将宠物医院和宠物美容服务纳入全国鼓励范围。
• 文旅休闲：全国范围内新增了旅行社经营，露营产业咨询、规划与运营，民宿设计与品牌开发运营，体育旅游服务等。
• 其他服务：包括物业服务，互联网+医疗健康服务等。
• Pet Economy: For the first time, veterinary hospitals and pet grooming services have been included in the National Catalogue.
• Culture, Tourism & Leisure: Nationwide encouragement for (i) travel agency operations; (ii) camping industry consulting, planning and operation; (iii) boutique homestay (B&B) design, brand development, and operations; (iv) sports tourism services.
• Other Services: Inclusion of property management services and "Internet+Healthcare" services.

3. 中西部等地区目录：结合地方优势“因地制宜”

Regional Catalogue: Localized Strategic Alignment

2025年版目录根据中西部、东北地区和海南省的具体情况，增设了更具针对性的条目，结合资源禀赋发展特色高新技术，服务类产业更为开放，新增亮点如下：

The 2025 Catalogue introduces targeted items that leverage the unique resource endowments and industrial strengths of specific regions, promoting the development of distinctive high-tech industries in line with resource, reflecting greater openness in the service industry. New highlights include:

• 黑龙江：新增冰雪装备研发制造，寒地特色产业。
• 辽宁：新增邮轮旅游产品经营服务，现代航运服务。
• 河南：新增现代物流，高端化、智能化起重工程机械及零部件研发生产，人工智能软件研发。
• 湖北：新增新型储能装备，动力电池及其有色金属、复合材料的研发、制造和生产。
• 湖南：新增通航飞机关键技术及设备研发。
• 贵州：新增算力基础软硬件研发生产。
• 青海：新增风力发电场运营。
• 宁夏：新增乳业数字化相关产业。
• 陕西：新增陶瓷基复合材料的研发及生产制造，智能机器人研发、制造。
• 重庆：新增适用于丘陵山区的中小型农机研发制造。
• 四川：新增元宇宙底层技术开发及产品生产，游戏、数字音频等数字内容设计与制作。
• 海南：新增海洋环境治理、生态修复，热带病研究、诊断与防治，深远海搜救打捞装备技术研发及产品生产等。
• Heilongjiang: Winter sports equipment (R&D and manufacturing); specialized cold-region industries.
• Liaoning: Cruise tourism products and operations; modern maritime shipping services.
• Henan: Modern logistics; High-end automated hoisting machinery and components; R&D of Artificial Intelligence (AI) Software.
• Hubei: Advanced energy storage equipment; R&D, manufacturing, and production of power batteries, related non-ferrous metals and composite materials.
• Hunan: R&D of key technologies and equipment for general aviation (GA) aircraft.
• Guizhou: Computing infrastructure (R&D and production of core hardware and software for compute-power hubs).
• Qinghai: Wind farm operations.
• Ningxia: Digital transformation related industries for the dairy industry.
• Shaanxi: R&D and manufacturing of ceramic matrix composites (CMCs); 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 (games, digital audio, etc.).
• Hainan: Marine remediation and ecological restoration; tropical disease research, diagnosis, and prevention; deep-sea search and rescue equipment and technology.

二、2025年版目录删除或调整的重点项目

Key Deletions or Adjustments in the 2025 Catalogue

删除区域性“汽车整车制造”

Removal of "Complete Vehicle Manufacturing" from Regional Lists

在2022年版目录中，中西部多个省份（如内蒙古、广西、重庆、四川、贵州、云南、陕西、甘肃、青海、宁夏、新疆）的鼓励产业目录中明确列有“汽车整车制造”。在2025年相关省份的目录中，“汽车整车制造”字样已消失，出现以下新特点：

In the 2022 Catalogue, "Complete Vehicle Manufacturing" was listed as an encouraged industry for several provinces in Central and Western China, including Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Shaanxi, Gansu, Qinghai, Ningxia, and Xinjiang. In the 2025 Catalogue, this general category has been removed, the new focus are as follows:

• 鼓励方向转向新能源汽车，在湖北、湖南、安徽、辽宁、海南等省份重点新增或强化了新能源汽车设计、研发及零部件制造相关产业。
• 突出汽车产业链关键环节，如设计研发、“三电”（电池、电机、电控）“三智”（智能驾驶、智能座舱、智能网联）系统、电池回收和综合利用、充换电等相关产业。
• 专用汽车制造得以保留（须执行《汽车产业投资管理规定》）。
• Pivot to New Energy Vehicles (NEVs): Encouragement has shifted exclusively toward NEV design, R&D, and parts manufacturing in provinces like Hubei, Hunan, Anhui, Liaoning, and Hainan.
• Core Automotive Supply Chain Focus: Emphasis is now on the R&D, "Three-Electric" (batteries, electric motors, and electronic control systems) and "Three-Intelligent" (autonomous driving, smart cockpits, and intelligent connectivity) systems, alongside battery recycling and repurposing as well as charging and battery-swapping infrastructure.
• Special-Purpose Vehicles: Remains encouraged, provided that projects comply with the Provisions on the Administration of Investment in the Automotive Industry.

三、外商投资鼓励领域可以享受的优惠政策

Preferential Policies for Encouraged Industries

属于鼓励目录的外商投资企业可享受以下优惠政策：

Foreign-invested enterprises (FIEs) falling under the "Encouraged" categories are eligible for the following benefits:

• 免征关税：在投资总额内进口自用设备免征关税，国家规定不予免税的产品（《外商投资项目不予免税的进口商品目录》和《进口不予免税的重大技术装备和产品目录》所列商品）除外。
• 用地优惠：符合条件的优先供应土地，可以按不低于所在地等别相对应全国工业用地出让最低价标准的70%确定出让底价（起拍价），可以采取长期租赁、先租后让、弹性年期出让等灵活用地方式，降低初期用地成本。
• 所得税优惠：在西部地区和海南省投资，适用15%优惠企业所得税税率。
• 再投资税收优惠：境外投资者以境内企业分配的利润直接投资，属于全国鼓励目录，且符合相关条件，可享受税收抵免优惠。
• Customs Duty Exemption: Duty-free import of self-use equipment within the total investment amount, subject to the standard negative lists for tax-exempt imports as listed in the Catalogue of Imported Goods Not Eligible for Tax Exemption in Foreign Investment Projects and Catalogue of Major Technical Equipment and Products Not Eligible for Import Duty Exemption.
• Land-Use Incentives: Eligible projects will receive priority site allocation with reserve prices (starting bids) set as low as 70% of the national minimum benchmark for industrial land. Flexible models like long-term leasing, "lease-before-own", variable-term grants are encouraged to reduce entry costs.
• Corporate Income Tax (CIT) Incentives: A reduced CIT rate of 15% for investments in the Western regions and Hainan Province.
• Reinvestment Tax Incentives: Foreign investors who reinvest profits generated in China directly into encouraged projects listed in the National Catalogue, and satisfy the prescribed conditions, are eligible for tax credit incentives.

四、结语

Conclusion

《鼓励外商投资产业目录（2025年版）》的修订，体现了中国外资政策向“系统深度融合”的转变。在全球跨境直接投资持续下降的背景下，除了稳定吸引外资总量、持续优化利用外资结构的基本目标外，中国在外资政策导向上更加注重利用外资服务于扩大内需、提振消费、科技创新等国内经济目标，同时强调为外商投资提供更高质量的服务，加强对重点外资项目的扶持，促进外资境内再投资并鼓励本地化生产。随着2026年2月1日施行的窗口期临近，外国投资者可以积极布局新赛道，以更深层次的本土化战略挖掘中国市场的潜力。

The 2025 Catalogue signals a transition in China’s foreign investment policy to "deep systemic integration". Against a volatile global investment backdrop, beyond stabilizing the total volume of investment and continuously optimizing the structure of foreign investment utilization, China is repositioning foreign capital to serve domestic economic goals such as expanding internal demand, boosting consumption, and fostering technological innovation. The government also emphasizes providing higher-quality services to foreign investors, strengthening support for key foreign investment projects, promoting reinvestment of foreign investment within China, and encouraging in-country manufacturing. As the February 1, 2026 effective date approaches, foreign investors are encouraged to proactively position themselves in emerging sectors, leveraging a more profound localization strategy to tap into the potential of China’s massive domestic market.

●参考文献：

[1]www.mofcom.gov.cn/syxwfb/art/2025/art_e78e09254e1242069f1d5ad97f366b2b.html

[2]www.mofcom.gov.cn/syxwfb/art/2026/art_b8453ad04370455dbf99ddb2eb0d353c.html

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