2018 AMERICAN BUSINESS IN CHINA WHITE PAPER

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2 2018 AMERICAN BUSINESS IN CHINA WHITE PAPER

3 Unless otherwise indicated, all charts are from the 2018 AmCham China Business Climate Survey. 若无特别说明, 文中所有图表皆来自于中国美国商会 2018 年度商务环境调查 All monetary conversions are based on the average 2017 exchange rate of US $1.00=RMB 所有的人民币换算为美元都是依据 2017 年 7.03:1 的平均汇率计算的 The American Chamber of Commerce in the People's Republic of China 中国美国商会 2018 by the American Chamber of Commerce in the People's Republic of China (AmCham China), all rights reserved. This report may not be reproduced either in part or in full without the prior written consent of AmCham China. ii 2018 White Paper AmCham China

4 Table of Contents 目录 Chairman s Message... II 主席致辞 Part One: Business Climate Overview 商务环境综述 American Businesses Continue to Innovate... 2 Despite Increased Uncertainty and Complexity 不确定性和复杂性增加, 美国企业创新继续 2018 White Paper Recommendation Scorecard 年 白皮书 主要建议一览表 Part Two: Industrial Policy and Market Access 产业政策和市场准入 Civil Society 企业可持续性和非营利性参与 Competition Law 竞争法规 Compliance 合规 Customs and Trade 关税和贸易 Government Procurement 政府采购 High-Tech Trade Promotion and Export Controls 高科技贸易促进和出口管制 Human Resources 人力资源 Intellectual Property Rights 知识产权 Investment Policy 投资政策 Standards, Certification, and Conformity Assessment 标准 认证和合格评定 Tax Policy 税收政策 Visa Policy 签证政策 Part Three: Industry-Specific Issues 具体行业问题 Agriculture 农业 Automotive Industry 汽车制造业 Banking and Capital Markets 银行和资本市场 Civil Aviation 民用航空 Cosmetics 化妆品 Direct Sales 直销 Express Delivery Services 快递服务 Food and Beverage 食品与饮料 Healthcare Services, Pharmaceuticals, and Medical Devices 医疗卫生服务 药品和医疗器械 Information and Communications Technology and Cybersecurity 信息和通信技术以及网络安全 Insurance 保险 Legal Services 法律服务 Machinery Manufacturing 机械制造业 Media and Entertainment 媒体和娱乐业 Oil and Gas, Energy, and Power 油气 能源和电力 Real Estate 房地产 Retail and E-Commerce 零售和电子商务 Sports 体育 Part Four: Regional Issues 区域性问题 Northeast China 中国东北 Shanghai 上海 Southwest China 中国西南 Tianjin 天津 Wuhan 武汉 Acronyms 缩写表 AmCham China 2018 White Paper I

5 Chairman s Message 2018 is the 40th anniversary of China s famous Eleventh Third Plenum when it began the process of opening up and reforming its economy, and China now aims to be a Moderately Prosperous Country by AmCham China recognizes and applauds China s extraordinary accomplishments lifting millions out of poverty and growing its middle class. The US-China trade and investment relationship has played no small part in China s economic success. And AmCham China continues to play an important, constructive role to support a healthy and growing bilateral economic relationship based on fairness and reciprocal treatment. In that spirit we are publishing our 20th annual White Paper, a comprehensive analysis of China s economic policies and practices with respect to foreign trade and investment. US and Chinese policy makers pay close attention to the White Paper. This year the world s two largest economies face some of their most significant bilateral challenges in the past 40 years: how to reconcile China s government funding and protection of state-owned and stateinfluenced enterprises versus the American model based on market forces. The White Paper will help both sides better understand each other as the governments work toward solutions. AmCham China has developed its policy priorities as a positive response to common themes recurring throughout this year s White Paper. One priority is Building Trust Through Clarity and Consistency. The stability and predictability provided by an unambiguous and even-handed regulatory environment will be important for China s continued growth, by boosting confidence of private companies both domestic and foreign that their investments will be fairly protected under law. The gap between policy as stated and as enforced remains significant. Another policy priority is Promoting Development through Open Investment. This is especially important given the increasing scrutiny of the US-China commercial relationship, and the questions being raised internationally about Chinese companies enjoying greater market access overseas compared to the access foreign-invested companies have in China. A third priority is Stimulating Innovation through Global Cooperation. To realize its innovation goals, China should open its digital as well as physical doors to allow information to flow more freely. Creativity is the product of diverse ideas combined in an environment where standards are set based on broad participation and protection of intellectual property. Finally, AmCham China members volunteer countless hours to share their experiences, build consensus with industry cohorts, draft the 40 industry and cross-cutting chapters, and painstakingly wordsmith the final product both in English and Chinese. To these volunteers I want to express my special appreciation. I am very proud to be affiliated with them, the lifeblood of the Chamber. I d also like to acknowledge the American Chambers in Shanghai and Southwest China, who also provided valuable insights from their members. Particular II 2018 White Paper AmCham China

6 主席致辞 2018 年是中国著名的 十一届三中全会 召开 40 周年, 会议开启了经济改革开放的进程, 而从现在到 2020 年, 是中国全面建成小康社会社会的决胜期 中国美国商会 ( 商会 ) 认可并赞赏中国政府在脱贫攻坚 扩大中产阶级方面所取得的非凡成就 中美的贸易投资为中国经济发展做出了积极贡献 商会将继续在公平和互惠待遇的基础上, 在支持健康的 不断增长的双边经济关系中, 发挥重要的建设性作用 本着这种精神, 商会发布了第 20 期年度 美国企业在中国白皮书 ( 以下全书简称 白皮书 ), 综合分析了关于外国贸易和投资的中国经济政策和实践 中美两国的政策制定者一直以来密切关注着 白皮书 今年, 世界上最大的两个经济体面临着过去四十年里一些最重大的双边挑战 : 如何协调中国政府对国有国资企业的资助和保护, 使之与基于市场力量的美国模式抗衡 鉴于中美政府均致力于实现双赢的解决方案, 白皮书 将帮助双方更好地了解彼此 商会对今年 白皮书 反复出现的共性问题作出了积极回应并制定了相应政策重点 第一项政策重点是, 努力建立明确不变的信任 透明的监管环境所提供的稳定性和可预测性, 对中国的持续增长至关重要 商会建议通过确保国内外私营企业的投资受到法律的公平保护, 以提振信心 然而, 政策规定和执行之间的差距仍然很大 另一项政策重点是, 通过开放投资促进发展 这一点尤其重要因为中美加强了对两 国经贸关系的审视, 而国际上对中国企业在海外能进入的市场远多于外资企业在华的 情况颇有微词 第三项政策重点是, 通过全球合作促进创新 为了实现创新目标, 中国应该开放其 数字门户和实体门户, 让信息更自由地流动 制定标准应以广泛参与和知识产权保护 为本, 这样开放的环境才能孕育出多元化思想结合的产物 创造力 最后, 商会会员自愿花费了无数个小时分享他们的经验, 与业界同仁达成共识, 起草了 40 个行业和领域的章节, 并精心制作了最终版本, 包括英文和中文版 我想向这些志愿者表达特别的感谢 我为能与他们共事而感到自豪, 因为他们是商会的命脉 另外我也向上海美国商会和西南美国商会表达感谢, 在他们的帮助之下 白皮书 也包含了来自他们会员的宝贵建议 同时也特别感谢我们的政策委员会主席罗斯, 今年 AmCham China 2018 White Paper III

7 gratitude goes to Les Ross, chair of our Policy Committee, who again this year worked tirelessly to ensure we have the most substantive and well-written publication possible. Also thanks to Katie Beck and her team for their work over eight months to produce a White Paper that meets AmCham China s demanding standards. So whether one studies this year s White Paper from A to V (or from Agriculture to Visa Policy), or to investigate specific topics, the 2018 AmCham China White Paper will once again be an important tool facilitating mutual understanding and advancing our bilateral economic relationship. William Zarit Chairman The American Chamber of Commerce in the People s Republic of China May 2018 IV 2018 White Paper AmCham China

8 他又一次孜孜不倦地工作, 以确保我们出版的 白皮书 内容真实可靠 语言清晰通达 还要感谢白晓白和她的团队这八个月以来辛勤工作并制作出符合商会高标准要求的 白 皮书 因此, 无论是按照目录顺序通读, 还是摘选议题研读,2018 年 白皮书 将再次 成为促进相互理解和双边经贸关系的重要工具 蔡瑞德 中国美国商会主席 2018 年 5 月 AmCham China 2018 White Paper V

9 VI 2018 White Paper AmCham China

10 Part One: Business Climate Overview

11 AMERICAN BUSINESSES CONTINUE TO INNOVATE DESPITE INCREASED UNCERTAINTY AND COMPLEXITY Business Climate Overview American Businesses Continue to Innovate Despite Increased Uncertainty and Complexity Introduction China s economic development has progressed along a unique path as a product of historical tradition, technological context and government intervention. The result is an economy that now differs, sometimes significantly, from others in many respects. There is much to commend in adopting novel approaches to novel situations, but it is also important to recognize what is different, and what is ineffective or inefficient. It is particularly important to recognize that China s success means that it can no longer credibly defend protectionist policies on the grounds that it is still a developing country and that special dispensations granted when it joined the WTO are still warranted. The US and China are strongly intertwined through trade and investment, and, for the past 40 years our commercial ties have consistently helped to maintain the bilateral relationship, despite periods of political and military tension. However, extensive market access barriers, protectionism, an opaque regulatory system, and discriminatory enforcement, among other practices, result in an uneven playing field for many US companies operating in China. This 20th edition of the American Business in China White Paper explores cross-cutting, industry-specific, and regional issues faced by AmCham China s member companies in 2017 and early 2018, and offers practical recommendations for addressing these challenges that will, if implemented, benefit both foreign companies and the Chinese economy as a whole. We hope that this year s White Paper will serve as a constructive tool for both the Chinese and US administration in looking for ways to maintain a mutually beneficial bilateral economic relationship. China at Home and Abroad Shifting Dynamics in the Promotion of Global Free Trade In 2017, China continued to expand its presence globally and sought to position itself as a champion for free trade as the Trump Administration has sought to reexamine the role of the US in global trade on all fronts, including by adopting more protectionist approaches. China held the Belt and Road Forum (BRF) in May 2017 in Beijing, hosting a total of 29 foreign state and government leaders and representatives from more than 130 countries as well as 70 international organizations. The BRF resulted in a joint communiqué that reiterated China s stated commitment to free and inclusive trade and globalization. President Xi further expressed China s position at the Asia-Pacific Economic Cooperation (APEC) Leaders Meeting in Da Nang, Vietnam in November, stating that China will stick to a path of peaceful development and promote the building of a new type of international relations based on mutual respect, fairness and justice, and win-win cooperation. Regardless of whether, or to what extent, China puts such commitments into practice, Xi s statements contrast with the America First agenda that the Trump Administration has put forward and the US decisions to leave key international institutions and agreements that address global issues, such as the 2015 Paris Agreement on climate change and the Trans-Pacific Partnership. While AmCham China is encouraged by China s reaffirmed commitments to opening its markets, it remains to be seen how or if such commitments will be transformed into actionable policy items, and whether they will effectively facilitate reciprocity and the creation of a level playing field. Going into 2018, bilateral relations between China and the US have become an increasing concern to US businesses in China. We were pleased to see continued high-level communications between US and Chinese leaders first in April 2017 at Mar-a-Lago, then in November 2017 in Beijing and encourage both governments to remain open to resolve problems via constructive, candid, and effective communication. However, trade tensions between the US and China, particularly those surrounding the Section 232 and 301 investigations, have raised serious concerns that such tensions will escalate into a trade war with retaliatory measures from both sides, potentially leading to a further deterioration of bilateral relations, including the commercial relationship. That the US is willing to risk these disruptions, however, does indicate how seriously it views China s cyber theft, as well as its forced technology transfer and discriminatory industrial policies White Paper AmCham China

12 不确定性和复杂性增加 美国企业创新继续 不确定性和复杂性增加 美国企业创新继续 商 务 环 境 综 述 引 言 作 组织的 29 位外国国家和政府领导人和代表出席了论坛 一 带一路 国际合作高峰论坛发表了联合公报 重申了中国 为历史传统 技术背景和政府干预的产物 中 国的经济发展沿着独特的道路前进 这导致了 中国经济与其他国家的经济有诸多不同的地方 在经济发展中采用新颖的方法处理新情况非常值得赞扬 对 自由包容的贸易和全球化 的承诺 习主席在 11 月越 南岘港举行的亚太经合组织 APEC 领导人会议上 进 一步表明了中国的立场 指出中国将 坚持走和平发展道路 推动建立相互尊重 公平正义 合作共赢的新型国际关系 但认识到什么是不同的 什么是无效的或低效的也很重要 特别关键的是, 要认识到中国的成功意味着它不能再持守 无论中国是否或在多大程度上落实这些承诺 习近平 保护主义政策 也不能因为中国仍然是一个 发展中国家 主席的声明与特朗普政府提出的 美国第一 议程 以及 而继续得到在加入世贸组织时所获得的特殊豁免 美国作出退出解决全球性问题的关键国际机构和协议的决 定均形成鲜明对比 例如 2015 年 巴黎协定 和 跨太平 美国和中国通过贸易和投资紧密交织在一起 在过去 40 年里 尽管存在政治和军事紧张时期 中美的商业关系 一直在为维持良好的双边关系而助力 然而 广泛的市场 准入壁垒 保护主义 不透明的监管体系以及歧视性执法 洋伙伴关系协定 尽管商会对中国重申开放市场的承诺 感到鼓舞 但是否以及如何能够将这些承诺转化为可执行 的政策项目 及其是否会有效促进互惠和创造公平的竞争 环境 还有待观察 等做法 导致许多在华经营的美国公司遭遇了竞争环境不 公平的情况 进入 2018 年 中美双边关系已成为在华美国企业日益 关注的问题 尽管商会乐见于中美两国领导人继续保持良 白皮书 第 20 版探讨了中国美国商会 商会 会员 企业在 2017 年和 2018 年初面临的跨领域 特定行业和地 区性问题 并为解决这些挑战提供了实用建议 如果这些 建议得以实施 外国企业和整体中国经济将会受益 商会 希望今年的 白皮书 能够成为中美两国政府寻求维护双 边经济互惠关系的有助益的工具 好的高层沟通 先是于 2017 年 4 月在美国佛罗里达州海湖 庄园 后于 2017 年 11 月在中国北京 并鼓励两国政府保 持开放态度 通过建设性的 坦率的 有效的沟通来解决 问题 中美之间的贸易紧张局势 特别是围绕 232 和 301 部分调查的贸易紧张局势引起了两国的严重担忧 认为这 种紧张局势将升级为贸易战 双方都有可能采取报复措施 可能导致双边关系特别是商业上的进一步恶化 然而 美 中国的内政外交 国愿意承担这样的风险表明了美国政府非常严肃地看待中 国强制技术转让 网络盗窃和歧视性产业政策的行为 推动全球自由贸易 2017 年 特朗普政府试图以保护主义的角度来重新审 加大国内改革力度 视美国在全球贸易中在各方面所扮演的角色 中国正继续 2017 年 中国政府为改善商业环境和鼓励外商投资做 扩大在全球的影响力 并努力将自己定位为自由贸易的拥 出了一系列努力 2017 年 1 月发布的 关于促进进一步 护者 开放和积极利用外资的若干措施的通知 国发 2017 中国于 2017 年 5 月在北京举办了 一带一路 国际合 作高峰论坛 BRF 共有来自 130 多个国家和 70 个国际 第 5 号 提出了 20 个方向性措施清单 旨在简化政府行 政程序 并加强在华外资企业的监管环境 2017 年 8 月 AmCham China 2018 White Paper 3

13 AMERICAN BUSINESSES CONTINUE TO INNOVATE DESPITE INCREASED UNCERTAINTY AND COMPLEXITY Business Climate Overview Ramping up for Domestic Reforms In 2017, the Chinese government made a series of efforts to improve the business environment for and encourage investment by foreign businesses. Released in January 2017, the Circular on Several Measures to Promote Further Openness and the Active Utilization of Foreign Investment (Guo Fa (2017) No. 5) offers a list of 20 directional measures that seek to streamline government administrative procedures and enhance the regulatory environment for foreign businesses in China. On August 16, 2017, the State Council released the Circular on Measures to Promote Foreign Investment (Guo Fa (2017) No. 39) (Circular No. 39) to enhance the business environment and facilitate the growth of foreign investment in China. It is rare for the State Council to issue two sets of policies on the same topic in the same year. The issuance of Circular No. 39 provided a wider range of policy benefits to the business community, addressed specific issues with a more detailed implementation plan, and gave the green light to local governments to focus on actively implementing policies rather than ensuring accountability. We welcome and appreciate such efforts by the Chinese government to improve the environment for foreign businesses in China. However, issues such as lack of consistency in policy implementation still persist in the daily operations of businesses in China, and perhaps require more than directional measures to address. Another reason for foreign businesses to be cautiously optimistic is the removal of equity ownership caps in the financial sector in On November 10, following President Trump s visit to China, the Chinese government announced its decision to further open up its financial market to foreign businesses by removing equity ownership caps for foreign securities, asset management companies, commercial banks, and insurance providers. While the decision to remove equity ownership caps is a long-anticipated move that highlighted the importance of reforming the financial market and improving the US-China bilateral relationship, the key again lies in the actual implementation of these reforms, which remains to be seen. See the Banking and Commercial Markets chapter for more on this topic. The Chinese government has repeatedly emphasized that 2018 marks the 40th anniversary of China s reform and opening, stressing that significant investment reforms can be expected this year. Our members eagerly await further announcements along these lines and hope that any reforms will be swiftly implemented. More information on related issues can be found in the Investment Policy chapter. The Two Sessions held in March 2018 rolled out a new leadership lineup for Xi s second term as China s President and a massive government overhaul plan that could potentially have a profound impact on foreign businesses in China. The government has focused on reducing overlapping enforcement, strengthening control, and promoting regulatory effectiveness and efficiency when designing the restructure, reducing the number of ministerial-level agencies by eight and vice ministerial-level agencies by seven, and adding seven new ministries and four administrations. How does the estimated 2017 revenue of your China operations compare with 2016 results? 2017 年贵公司在华业务的经营收入预计与 2016 年相比有何变化? 100% 80% 60% Down Comparable Up 40% 20% Technology and other R&D-intensive industries Services Consumer Industrial & Resources White Paper AmCham China

14 不确定性和复杂性增加 美国企业创新继续 16 日 国务院发布 关于促进外商投资办法的通知 国 发 2017 第 39 号 39 号文 以改善经营环境 并促 进外商在华投资增长 国务院在同一年就同一议题发布两 套政策的情况很少见 第 39 号通知的发布为企业界提供 了更广泛的政策利益 通过更详细的实施计划解决了具体 问题 并为地方政府重视积极执行政策而不是确保问责制 开了绿灯 商会欢迎并赞赏中国政府为改善在华外资企业 环境所做的努力 然而 政策实施缺乏一致性等问题仍然 存在于在华企业的日常运营中 可能不仅仅需要方向性措 更多信息可以参阅投资政策章节 2018 年 3 月举行的 两会 推出了中国国家主席习近 平第二个任期的新领导班子 并出台了一项大规模的政府 商 务 环 境 综 述 改革计划 该计划可能对在华外资企业产生深远影响 政 府在设计重组时 重点关注减少重叠执法 加强控制 提 高监管效力和效率 并减少了 8 个部委级机构 7 个副部 委级机构 增加了 7 个新部委和 4 个行政部门 随着中国 正朝着缓慢稳定增长的发展阶段迈进 商会鼓励中国政府 有效处理系统性风险等问题 增强整体商业环境 施来解决 外国企业持谨慎乐观态度的另一个原因是 2017 年取 消了金融行业的股权上限 11 月 10 日 继特朗普总统访 对不确定商业环境的评估 华之后 中国政府宣布决定进一步向外资企业开放金融市 在增长放缓 承诺改革以及不确定双边贸易关系的背 场 取消外国证券 资产管理公司 商业银行和保险公司 景下 商会发布的 2018 年 商务环境调查报告 提供了一 的股权上限 尽管取消股权上限的决定是一项期待已久的 幅复杂图景 在华的美国企业继续适应日益严峻的环境 举措 凸显了改革金融市场和改善中美双边关系的重要性 尽管强劲的全球经济有助于确保在华企业能稳定地盈利 但这些改革的落地实施 仍有待观察 有关该主题的更多 但人们对中国作为世界第二大经济体有远远更高的期望 信息 请参阅银行与商业市场章节 在经历了数年日益悲观的前景之后 2017 年各会员 中国政府一再强调 2018 年是中国改革开放 40 周年 企业对经济增长的乐观态度和信心有所增加 近六成的 并有望在今年进行重大投资改革 商会会员急切等待进一 公司将中国列为三大投资重点之一 ( 较 2016 年有所改善 步的公告 并希望任何改革都能迅速实施 关于相关问题 但仍低于历史平均水平 ) 46% 的受访者相信政府将在 未来三年内进一步向外商投资开放中国市场 去年这一 数字是 34% 另一方面 对许多公司来说 监管仍然存 Are you confident that the Chinese government is committed to further opening China s market to foreign investment in the coming three years? 您是否相信中国政府在未来三年将进一步向外资 开放市场 No や Unsure 烁㹁 以前受欢迎 与前两年类似 受访者仍然认为监管解释不一致 法 律和执法不明确 以及劳动力成本不断上升是他们面临的 两个最大挑战 今年 监管合规风险上升为第三大挑战 尽管存在一些积极迹象 但今年的不确定性似乎有所增加 Yes 僽 投资展望 监管和执法挫败积极性 100% 26 在问题 75% 的会员企业仍然认为外国公司在中国不如 17 尽管存在挑战和不确定性 中国仍然在大部分会员企 业的投资议程上占据重要位置 三分之一的会员计划在 80% 2018 年将其在华投资扩大 10 以上 60% 在整个经济领域 国内的中国企业不断壮大 争夺市 场份额和顶尖人才 会员们担心 不平等的法规执行和国 40% 20% 内公司的优惠待遇可能会导致国内商业竞争失衡 损害在 义复苏 华外资企业的业绩 而去年 会员企业担心中国的保护主 2017 虽然环保标准等法律的执行有益于社会 但有些受访 AmCham China 2018 White Paper 5

15 AMERICAN BUSINESSES CONTINUE TO INNOVATE DESPITE INCREASED UNCERTAINTY AND COMPLEXITY Business Climate Overview We encourage the Chinese government to address issues, such as systemic risks and how to enhance the overall business environment, as China moves toward a development phase with slower and steadier growth. Assessments of the Uncertain Business Environment Amidst this background of slower growth, promised reforms, and an uncertain bilateral trade relationship, AmCham China s 2018 Business Climate Survey Report provided a complex picture of American business continuing to adapt to an increasingly challenging environment. A strong global economy helped ensure that profitability remained steady, although it was still below levels one would expect in the world s second largest economy. After several years of an increasingly pessimistic outlook, optimism and confidence in growth increased among members in Nearly six in 10 companies rank China among their top three investment priorities (an improvement from 2016, but still below the historical average). Moreover, 46 percent of respondents are confident the government will further open China s market to foreign investment within the next three years, up from 34 percent last year. On the other hand, regulation remains a concern for many, and 75 percent of member companies continue to feel foreign companies are less welcome in China than they have been in the past. Similar to the prior two years, survey respondents continued to cite inconsistent regulatory interpretation, unclear laws and enforcement, and rising labor costs as their top two challenges. This year, regulatory compliance risks rose to be the third-greatest challenge. Although there are a number of positive signs, uncertainty seems to have increased this year. Investment Outlook: Regulation and Enforcement Dampen Enthusiasm Despite the challenges and uncertainty, China continues to loom large on the investment agenda for most member companies. One-third of members plan to expand their investment in China by more than 10 percent in Across the economy, domestic Chinese firms are a growing force, competing for both market share and top talent. Members voiced concerns that unequal enforcement of regulations and preferential treatment of domestic companies may be tipping the competitive balance toward domestic firms, hurting their results. Last year, members were concerned about a resurgence of protectionism in China. While the enforcement of laws like environmental standards is socially beneficial, some worry that enforcement is uneven and has become a more subtle version of protectionism, with foreign companies bearing more than their fair share. Some 46 percent of companies continue to feel foreign companies are treated unfairly compared to local companies, with some members asserting in interviews that they are more likely to undergo tax audits or reviews of work permits or visas than local rivals. Increased regulatory fairness, predictability, and greater transparency are the steps respondents say would have the greatest impact on their level of investment in China. Specific reforms members would like to see include greater access to officials and consistent implementation of national policies at the local level. Half of respondents said that the steps most needed to help foreign business in China are the creation of a level playing field and investment reciprocity. Concerns remain about a two-speed China, a business environment in which Technology and other R&D-intensive industries and Consumer sectors grow well, while other sectors find less success. In 2017, 64 percent of companies enjoyed a rise in revenue, with the strongest growth coming from the Industrial & Resources sector. More than three-quarters (76 percent) of those companies reported higher revenue in 2017, compared with 43 percent in Technology and R&D-intensive companies are the most optimistic about market growth potential in More than three-quarters (77 percent) expect industry market growth of five percent or more. However, it is also important to note that Technology is the sector with the greatest concernes about unfair treatment of foreign companies compared with local companies, most likely to report challenges caused by domestic protectionism, and also the sector that places the highest importance on a positive bilateral relationship to ensure business growth in China. Respondents are clear that a strong bilateral relationship between China and the US is important for business growth. One-quarter of respondents see some type of treaty between the two countries as the single most valuable step the US government could take to improving American firms ability to operate in China. Rising costs and changes in the regulatory environment are the prime reasons 23 percent of respondents say they have moved or plan to move capacity out of China. Nearly half of those are moving to developing Asia, and 22 percent to the US. For their part, Chinese regulators also have an opportunity, to build transparency and equity into their rules and enforcement. Those steps would improve confidence in the market and unlock increased foreign investment. AmCham China s 2018 Policy Priorities While the following chapters of the White Paper provide many specific and detailed recommendations, the below priority areas are emphasized to set an overarching framework under which the more specific recommendations can be understood. We believe that any actions to address the imbalances in the US-China trade and investment relationship can be best solved by keeping these issues in mind White Paper AmCham China

16 不确定性和复杂性增加 美国企业创新继续 者带着担心执法不均衡 成为保护主义更微妙的一种形式 Expanded list of 2018 top challenges 䎃 䮋䧶 䪈㾝 邍 >50% 25 50% 使外国公司承担过多责任 约 46 的公司仍然认为 与当 地公司相比 外国公司受到了不公平待遇 一些会员企业 <25% *ODPOTJTUFOU SFHVMBUPSZ JOUFSQSFUBUJPO BOE VODMFBS MBXT BOE FOGPSDFNFOU 务审计 工作许可或签证的审查 60% 岁䖒岁錞䪄遤 荝 幡嘽 Rising labor costs 䧭劥㟞 Regulatory compliance risks 港盗ざ錞굥ꤗ 商 务 环 境 综 述 在采访中表示 比起当地竞争对手 他们更有可能接受税 受访者表示 提高监管的公平性 可预测性和更大的 透明度 对其在华投资体量产生的积极的影响最大 会员 企业希望看到的具体改革包括增加更多与中国政府官员沟 通的渠道以及确保地方一级能全面落实和执行国家相关政 56% 策 一半的受访者表示 帮助在华外资企业最需要的措施 是创造公平的竞争环境和互惠互利的投资 36% 人们对 双速中国 的担忧依然存在 在这种商业环 境中 科技和其他研发密集型产业和消费行业的发展势头 良好 而其他行业表现平平 2017 年 64% 的公司收入有 Shortage of qualified employees 緃 ざ呔涸プ䊨 Increasing Chinese protectionism 㕂 䫡 倗 紩 0CUBJOJOH SFRVJSFE MJDFOTFT 蜦 湱Ⱒ雽〳霆 㔮 32% 所增长 来自工业和资源部门的增长最为强劲 2017 年 超过四分之三 (76%) 的公司收入有所增加 而 2016 年这一 数字为 43% 32% 对 2018 年保持最乐观态度的是科技和研发密集型企业 超过四分之三 (77%) 的企业预计行业市场增长率达到 5% 28% 或更多 值得注意的是 科技行业是最为关注外国公司受 到与当地企业不公平待遇的 受访者清楚地表明 中美两国之间强大的双边关系对 Shortage of qualified management 緃㼱ざ呔涸盗椚➃プ Internet access quality and/or censorship 翫緸翫鸑餘ꆀㄤ㹎叅㾓誋 Unfair or onerous taxes Ⱆ䎂䧴籖ꅾ涸玘佐 26% 企业增长至关重要 四分之一的受访者认为 中美两国签 署相关条约是美国政府为提高美国企业在华经营能力所能 采取的唯一最有价值的措施 23% 23% 的受访者表示已经或计划将产能迁出中国 主要 原因是成本的上涨和监管环境的变化 其中近一半的企业 21% 正在转向其他亚洲发展中国家 22% 的企业正准备迁往美 国 中国监管机构能做的是将透明度和公平性纳入相关法 律法规和执法中 这些措施将增强市场信心 并吸引更多 Industry overcapacity 遤 腊鵂ⶥ Requirements to comply with Chinese standards or inability to participate in standards setting 銳宠痗ざ 㕂叻ⲥ 腊 叻ⲥⵖ㹁 21% 的外国投资 政策重点 21% 尽管 白皮书 的以下章节提供了许多具体和详细的 建议 商会仍重点强调以下优先领域 以确定一个总体框 架来理解更具体的建议 商会认为 通过牢记这些主题 任何解决中美贸易和投资关系不平衡的行动都可以得到最 12 Intellectual property rights infringement 濼霋 勉 勉 20% 好的解决 AmCham China 2018 White Paper 7

17 AMERICAN BUSINESSES CONTINUE TO INNOVATE DESPITE INCREASED UNCERTAINTY AND COMPLEXITY Examples of Lack of Reciprocity in the Bilateral Investment Relationship Business Climate Overview There are many examples of unfair treatment of US companies in China due to investment limits, restrictive regulations, selective enforcement, and procurement barriers. The examples listed below are certainly not exhaustive, but they illustrate the market access challenges and lack of reciprocity that contributes to the lack of a level playing field. Industry China US Agriculture Foreign investment in biotech crop breeding, seed production, and commercialization is prohibited. Foreign investment in biotechnology is permitted without an equity cap. Automotive Foreign companies must form a joint venture with a Chinese partner, foreign equity is capped at 50 percent, and the number of joint ventures per investor is capped. Foreign investment in the automobile industry is permitted without an equity cap. Construction, Engineering, and Design Wholly foreign-owned construction enterprises are restricted to undertaking foreign-funded projects or projects with foreign investment equal to or greater than 50 percent, except for projects that cannot be undertaken by Chinese construction enterprises because of technical difficulties. There are no funding related restrictions on the types of construction projects firms can undertake based on foreign ownership. Healthcare Services Foreign investment in medical institutions is subject to a 70 percent equity cap. Foreign investment in medical institution is permitted without an equity cap. Information and Communications Technology Foreign participation in the provision of cloud services is subject to a 50 percent equity cap and licensing restrictions. Foreign investment in the provision of cloud services is permitted without an equity cap. Insurance Foreign investment in life insurance is subject to a 50 percent equity cap. In late 2017, it was announced that the cap would increase to 51 percent in three years and would be removed in five years. Foreign investment in the insurance industry is generally permitted without an equity cap, but some states impose restrictions based on government ownership. Legal Services Foreign law firms cannot hire Chinese lawyers to practice Chinese Law. Chinese law firms can hire US lawyers and practice US law. Media and Entertainment Foreign-owned companies cannot distribute films in China without restrictions. The Chinese government schedules film release dates. Chinese companies can distribute films in the US without restrictions and can determine their own release dates. Retail Local governments often force wholly foreign-owned retailers to set up separate legal entities in their jurisdictions, imposing increased tax and administrative burdens on these companies. There are no common practices that create higher tax and administrative burdens on foreign retailers. Securities Foreign-invested securities broker-dealers have traditionally been subject to a 49 percent equity cap. Announcements in late 2017 provide for 51 percent ownership, to be expanded to 100 percent ownership in three years. Foreign investment in the securities industry is permitted without an equity cap White Paper AmCham China

18 不确定性和复杂性增加 美国企业创新继续 双边投资关系缺乏对等案例 商 务 环 境 综 述 由于投资限制 限制性规定 选择性执法和采购壁垒 在华美国企业受到不公平待遇的例子比比皆是 以下为其中 部分案例 表明了市场准入面临的挑战和对等性的缺乏 导致了不公平竞争环境 遤 㕂 繠 㕂 ⱚ 犜姺㢪 䫏餴欰暟䪮助 暟肫猫ծ猫㶩欰 ㄤ կ 雽㢪 䫏餴欰暟䪮助 尵剣肅劥 ꣳկ 导鲨遤 㢪㕂 䗳곢 㕂ざ 䧭用ざ餴 㢪餴肅勉 ꣳ 罜嫦ぜ䫏餴罏 涸ざ餴 侨ꆀ㖲剣 ꣳկ 雽㢪 䫏餴导鲨遤 尵剣肅勉 ꣳկ 䒊瘰ծ䊨玐ㄤ霃雦 㢪 杝餴䒊瘰 ꣳ 䪬䱹㢪 䫏餴고湡 䧴㢪 䫏餴 䧴 涸고湡 㔔䪮助 㔮 㕂䒊瘰 腊䪬䬐涸고湡ꤑ㢪կ 呏䰘㢪㕂䨾剣勉 〳 䪬䬐涸䒊瘰고湡碫㘗 㶸㖈 餴ꆄ湱Ⱒꣳⵖկ 毫剪 毫劼匬涸㢪 䫏餴肅勉 ꣳ կ 毫劼匬㢪 䫏餴尵剣肅勉 ꣳկ 䜂鸑 䪮助 㢪㕂 䲿 剪 㼜 ⵌ 涸肅勉 ꣳㄤ雽〳ꣳⵖկ 雽㢪 䫏餴 剪 涸䲿 霃肅勉 ꣳկ ꤗ ➃㼑 ꤗ㢪 䫏餴 ⵌ 涸肅勉 ꣳկ 䎃劣 㹒䋒霪 ꣳ㼜㖈 䎃ⰻ 荛 䎇㼜㖈 䎃ⰻ 嶊կ 菚䞔ⲃ 㢪 䫏餴㖈 ꤗ遤 尵剣肅勉 ꣳ 㕂㹻呏䰘佟䏎䨾剣勉 ꣳⵖկ 岁䖒剪 㢪㕂䖒䋗 䨾 腊翴霼 㕂䖒䋗䪄遤 㕂岁䖒կ 㕂䖒䋗 䨾〳 翴霼繠㕂䖒䋗 䎇䪄遤繠㕂岁䖒կ 㯮 㬛 㢪餴Ⱆ 㖈 㕂 腊偽ꣳⵖ㖑 遤歏䕧կ 㕂佟䏎㸝䱗歏䕧 僥傈劍կ 㕂Ⱆ 〳 ꣳⵖ㖑㖈繠㕂 遤歏䕧 〳 荈遤 Ɀ㹁 僥傈劍կ 㖑倰佟䏎絑䌢鶖 㢪 杝餴 㖈Ⱖ盗 鳙薴㔵ⰻ霃用 杝涸岁➃㹊 㟞 鵯 Ⱆ 涸玘佐ㄤ遤佟餏䬐կ 尵剣絛㢪㕂 鸣䧭刿넞涸玘佐ㄤ遤佟餏䬐涸 菚 岁կ 霆 ⵚ 絡 㢪 䫏餴霆ⵚ絑紬 涸肅勉 ꣳ 䎃䎃䏀Ⱆデ㹒䋒肅勉 ꣳ 䎃ⰻ㼜䲿넞荛 կ 霆ⵚ 㢪 䫏餴尵剣肅勉 ꣳկ 以明确性和一致性建立信任 明确的监管环境所提供的稳定性和可预测性 对于中 国的持续增长至关重要 商会促请中国政府在参与制定和 而且也会增强国内和海外私营企业对中国商业环境的信心 并使他们的投资受到法律的公平保护 最大挑战 (2018 商务环境调查 实施法律过程中海纳百川 来缩短立法与执法之间的可行 性差距 而且 更高的透明度不仅有助于政府打击腐败 不一致 / 不明确的法律和执行仍然是商会会员面临的 超过半数的会员认为 如果能够实现 监管环境的透 AmCham China 2018 White Paper 9

19 AMERICAN BUSINESSES CONTINUE TO INNOVATE DESPITE INCREASED UNCERTAINTY AND COMPLEXITY Business Climate Overview Building Trust through Clarity and Consistency The stability and predictability provided by an unambiguous regulatory environment will be important for China s continued growth, and we urge the Chinese government to close the effectiveness gap between legislation and its enforcement through an inclusive process for participation in the formulation and implementation of laws and regulations. Moreover, greater transparency would not only assist the government s fight against corruption, it would also boost confidence in private companies, both domestic and overseas, that their investments will be fairly protected under law. Inconsistent/unclear laws and enforcement are still the top challenge for AmCham China members (2018 Business Climate Survey). Greater transparency, predictability and fairness of the regulatory environment was cited by more than half of members as a potentially very or extremely significant driver of new investment (2018 Business Climate Survey). China ranks 78 out of 190 in the Ease of Doing Business index for 2016, just ahead of San Marino (The World Bank). In terms of regulatory quality and rule of law in the Worldwide Governance Indicators, China deteriorated between 2010 and 2015 (The World Bank). China ranks 80 out of 113 countries for regulatory enforcement in the 2016 Rule of Law Index, just ahead of Uzbekistan, compared with 71 out of 102 countries the previous year (World Justice Project). To improve transparency and equal enforcement of laws and regulations, we recommend that the Chinese government do the following: Continue progress in providing 30-day notice and comment periods for all draft laws and regulations across the board, and preferably 60 days where needed. Extend the commitment to all courts to online publication of all court cases within seven working days of a ruling as required by 2016 regulations. Improve transparency by releasing formal findings and case histories of anti-monopoly related investigations. Clarify customs and tax regulations so that foreign companies can fully comply and make more informed investment decisions. End the use of window guidance and release public directives instead. Provide written explanations whenever administrative agencies deny or provide conditioned approvals for license applications or other approval applications, and adhere to decision deadlines provided for in relevant laws and regulations. Promoting Development through Open Investment The benefits of open, vibrant markets extend well beyond foreign-invested enterprises. We believe government policy should help all parties in Chinese society including consumers, farmers, and private companies. This is especially important given the increasing scrutiny of the US-China commercial relationship and the questions being raised internationally about the greater market access enjoyed by Chinese companies overseas compared to the access foreign-invested companies have in China. The economic and technological impact of foreign-invested companies, and the ripple effects through their supply chains and the spending of employees, averaged 33 percent of China s GDP from 2009 to (Developing China: The Remarkable Impact of Foreign Direct Investment). And yet: China ranked 59 out of 62 countries in the Total FDI Restrictiveness Index in the last review in 2016, just ahead of Myanmar (Organization of Economic Cooperation and Development). Survey data shows a general trend of companies diversifying away from the China market (2018 Business Climate Survey). More companies say the investment environment is deteriorating or staying the same rather than improving (65 percent vs. 35 percent) (2018 Business Climate Survey). Around half of members (46 percent) believe foreign companies are treated unfairly; 75 percent feel less welcome than before (2018 Business Climate Survey). To improve the investment environment, we recommend that the Chinese government do the following: Implement market opening in more sectors to achieve a more balanced investment relationship. If Chinese businesses can make an investment in the US, American companies should be able to make the same investment in China without equity caps. Ensure that national security reviews and secure and controllable technology requirements are narrowly applied and are not used for economic protectionism or to implement industrial policy. Actively work with the US to negotiate a robust US-China BIT with a short negative list, narrowly crafted exceptions, and text that ensures the full benefits of the treaty can be effectively reached within China s unique market. Make bold reforms in PFTZs and implement successful reforms nationwide on an expedited basis White Paper AmCham China

20 不确定性和复杂性增加 美国企业创新继续 How are foreign companies in your industry treated by government policies and enforcement relative to local companies? 您所在行业的外资企业在政府政策和执法方面的待遇与本地企业相比如何? 100% 80% % 40% 59 20% 46 商 务 环 境 综 述 Foreign companies receive preferential treatment vs. local companies 㢪餴 蜦䖤 䟃䖉麁 Foreign companies are treated equally vs. local companies 㢪餴 蜦䖤ず瘝䖉麁 Foreign companies are treated unfairly vs. local companies 㢪餴 蜦䖤 Ⱆ䎂䖉麁 Consumer Industrial & Resources 0 Technology and other R&D-intensive industries 䪮助ㄤⰦ 灇 遤 Services 剪 遤 嶊餩遤 䊨 ㄤ餴彂遤 明度 可预见性和公平性将是潜在的新投资非常重要 停止使用 窗口指导 发布公共指示 或极为重要的推动力 (2018 商务环境调查 行政机构拒绝或批准许可申请或及批准其他有条件性 2016 年 经营环境指数 排名中 中国在 190 个国家 申请时 需提供书面解释 并遵守相关法律和法规所 中排名第 78 位 略高于圣马力诺 世界银行 规定的决定期限 在全球治理指标的监管质量和法治方面 中国在 2010 通过开放投资促进发展 年至 2015 年期间有所下降 ( 世界银行 ) 开放 活跃市场所带来的好处不仅仅针对外商投资企 在 2016 年的法治指数中 中国的监管执行在 113 个国 业 商会认为 政府所制定的政策应该为中国社会各方提 家中排名第 80 位 略高于乌兹别克斯坦 而前一年则 供帮助 包括消费者 农民和私营企业 这一点尤其重要 中国在 102 个国家中排名第 71 世界正义项目 因为中美商业关系会受到越来越多的审视 而国际上对中 为了提高法律法规的透明度和平等执行 商会建议中 国企业在海外能进入的市场远多于外资企业在华的情况颇 国政府 : 继续对所有法律法规草案提供 30 天的通知期和评论期 有微词 工支出产生的连锁反应 从 2009 年至 2013 年平均占 并视需要延长至 60 天 中国 GDP 的 33 发展中中国 外商直接投资 根据 2016 年法规的要求 在裁决后 7 个工作日内 将 的显著影响 所有法庭案件在网络公布的承诺扩展到所有法院 然而 通过发布有关反垄断调查的正式调查结果和案例 来 提高透明度 外商投资企业的经济和技术影响 以及其供应链和员 在 2016 年最近一次审查中 中国的总体外商直接投资 限制指数在 62 个国家中排名第 59 位 仅略高于缅甸 明确海关和税务条例 使外国公司能够完全遵守并作 ( 经济合作与发展组织 ) 出更明智的投资决策 调查数据显示 目前在华外资企业的总体趋势是从注 AmCham China 2018 White Paper 11

21 AMERICAN BUSINESSES CONTINUE TO INNOVATE DESPITE INCREASED UNCERTAINTY AND COMPLEXITY Business Climate Overview Ensure equal participation for foreign and domestic firms in the Made in China 2025 initiative and take measures to ensure that the initiative focuses on high-quality innovation and does not cause market-distorting overcapacity in its target industries. Allow foreign companies to participate on an equal footing with domestic competitors when bidding for government procurement contracts. Stimulating Innovation through Global Cooperation messages of the White Paper in accordance with the new government structure. To realize its innovation goals, China will need to strengthen its infrastructure and open its institutions to allow information to flow more freely. Creativity is the product of diverse ideas combined in an environment where standards are set with broad participation and intellectual property is protected from theft. We believe the rapid pace of innovation exceeds the ability of any single government to manage, meaning that technology regulation requires public-private engagement across borders. Innovation is a top three priority for half (49 percent) of our members (2018 Business Climate Survey). Lack of sufficient IP protection, increased restrictiveness of data security-related policies, standards-related restrictions, and the increased restiveness in localization policies are all cited by members as barriers to increasing innovation in China (2018 Business Climate Survey). After strong improvements at the end of the last decade, the standard of intellectual property rights protection in China has stagnated (The International Property Rights Index 2016). We recommend that the Chinese government: Develop a comprehensive trade secrets law. Continue the successful development of intellectual property courts and limit administrative enforcement in patent disputes. Open all standards development technical committees to FIEs so that they can participate on an equal basis with domestic companies. Promote the Internet as a platform for global interaction and limit restrictions on cross-border data flows such as those proposed in the Cybersecurity Law to encourage international collaboration and innovation. China rolled out a plan to streamline its central government structure during the 2018 Two Sessions and efforts to complete this overhaul remained ongoing throughout the drafting process of this year s White Paper. Therefore, some chapters may refer to government departments that are now obsolete. AmCham China will closely follow the restructuring efforts and look forward to delivering the White Paper AmCham China

22 不确定性和复杂性增加 美国企业创新继续 重于中国市场逐渐转向多元化的市场分布 (2018 商务 经过过去十年年末有效改善 中国的知识产权保护标 环境调查 ) 准出现了停滞 国际产权指数 2016 更多公司表示投资环境正在恶化 65% 或保持不变 商会建议中国政府 : 35% 而没有得到改善 2018 商务环境调查 制定全面的商业机密法 大约一半的会员 (46%) 认为外国公司受到不公平待遇 继续发展知识产权法庭 限制专利纠纷的行政执法 向外资企业开放所有标准制定技术委员会 使其能够 而 75% 的会员认为受欢迎程度不如以前 (2018 商务 环境调查 ) 商 务 环 境 综 述 与国内公司平等参与 为了改善投资环境 商会建议中国政府 : 在更多行业实施市场开放 实现更加平衡的投资关系 如果中国企业能够在美国投资 美国公司也应该能够 促进互联网作为全球互动平台 并减少对跨境数据流 的限制 如在 网络安全法 中建议的一样 政府应 鼓励国际合作和创新 在没有股权上限的情况下在中国进行同样的投资 中国政府在 2018 年两会期间推出了党和国家机构调整 确保国家安全审查和 安全可控 技术要求得到正确 和有限地应用 而不是出于经济保护主义或实施产业 政策的目的 积极地与美国协商和制定一个强大的中美双边贸易协 方案, 在今年 白皮书 起草过程中, 完成这项改革的努 力仍在进行中 因此, 有些章节中提到的部分政府部门现 已重组或不再保留 商会将会密切关注最新进展, 并将尽 力紧跟形势发展 在 白皮书 中提供最更新的信息 定 精简负面清单 精确定义各种例外情况 同时把 协定中的条款以最大程度在国内市场落实到位 在自贸区内进行大胆改革 加快推进全国范围内改革 的成功 确保国内外公司平等参与 中国制造 2025 倡议 并 采取相关措施 确保该倡议专注于高质量创新且不会 造成目标行业市场扭曲的产能过剩 允许外国公司在竞标政府采购合同时 与国内竞争者 平等参与 通过全球合作促进创新 为了实现创新目标 中国需要加强基础设施建设 开 放机构 让信息更加自由地流动 创造力是在广泛参与制 定标准并保护知识产权免受盗窃的环境下 将不同的想法 结合起来的产物 商会认为创新的快速步伐超出了任何单 一政府的管理能力 这意味着技术监管需要跨国界的公私 合作 创新是近半数 49 商会会员的三大优先事项之一 2018 商务环境调查 会员企业认为 阻碍在华创新的因素有 知识产权保 护的缺乏 数据安全相关政策和标准规定的局限性的 增加以及本土化政策的抵触情绪的上涨 2018 商务 环境调查 AmCham China 2018 White Paper 13

23 2018 WHITE PAPER RECOMMENDATION SCORECARD 2018 White Paper Recommendation Scorecard Business Climate Overview The Recommendation Scorecard is an important tool that helps AmCham China track the progress made each year in its top areas of concern. The following table is an index of the priority recommendations from each of the 2017 and 2018 AmCham China White Paper chapters. The progress rating indicates AmCham China members perception of the level of progress either high, moderate, or low achieved by relevant government officials in addressing the priority challenge designated in each chapter of the 2017 White Paper. The final column indicates each chapter s priority recommendation for Chapter 2017 Recommendation Progress Rating 2018 Recommendation Agriculture Chinese Government Improve the sustainability and competitiveness of Chinese agriculture by opening up the industry to foreign investment in seed technology, modern agricultural processing, and bulk transportation. Moderate Progress Improve the sustainability and competitiveness of Chinese agriculture by opening the industry up to foreign investment in seed technology, modern agricultural processing, and bulk transportation. US Government Work with Chinese officials through bilateral dialogues, including the Joint Commission on Commerce and Trade, Strategic and Economic Dialogue, and US-China bilateral investment treaty negotiations to address the investment restrictions faced by US agriculture producers. Low Progress Work with Chinese officials through any official or unofficial bilateral dialogues to address trade and investment restrictions faced by US agricultural producers. Automotive Policy Chinese Government Give enterprises more opportunities to participate in discussions and submit opinions at the early policy drafting stages, so that policies and standards can better meet market needs and facilitate the healthy development of the market and the industry. Low Progress Give enterprises more opportunities to participate in discussions and submit opinions at the early policy drafting stages, so that policies and standards can meet market needs better and facilitate the development of the market and the industry. Banking and Capital Markets Chinese Government Bonds Market Continue to reinforce supervision and regulate development of market intermediaries so as to better protect the interests of investors. High Progress Further align market practices to global standards and establish a corporate trustee structure to further protect investors. Commercial Banking Remove all kinds of quotas in the banking sector, including on foreign debt. Moderate Progress Accelerate market opening to allow foreign banks greater participation. Credit Rating Remove or ease foreign ownership restrictions on foreign-affiliated CRAs. High Progress Implement CRA opening up across markets and products. Securities Continue to liberalize the securities sector, with the priority on removing the foreign ownership cap on broker-dealers. Moderate Progress Eliminate ownership cap for securities JVs with further consideration of securities JVs business scope expansion, JV partner qualification, foreign investor qualification, and offshore infrastructure leverage. Custodian Service N/A N/A Remove restriction and allow subcontract (or fen bao ) or subcontract in disguised form (or zhuan bao ) for foreign fund administrators to provide QDLP service. Eliminate the CSRC Administrative Measures and allow foreign branches to provide full scope of custody services. RMB Internationalization N/A N/A Improve policy communication to help guide market expectations; promote use of RMB in cross-border investment and trade, particularly in Belt and Road projects White Paper AmCham China

24 2018 年 白皮书 主要建议一览表 此主要建议一览表帮助中国美国商会追踪重点关注领域的年度发展进程 下表列出了商会 2017 年及 2018 年 白皮书 商 务 环 境 综 述 各章节提出的主要建议 相关政府官员积极应对 2017 年 白皮书 各章节所提及的挑战 并取得一定进展 进展评分正是表明了会员企业对政 府相关改革进展的评价 进展明显 有所进展或进展缓慢 最后一栏列出 2018 年 白皮书 各章节的主要建议 2017年白皮书主要建议汇总 章 节 2018年白皮书主要建议汇总 进展评价 农 业 允许外资投资种子技术 现代农业加工和粮食 中国政府 散货运输 从而提高中国农业的可持续性和竞 允许外资投资种子技术 现代农业加工和粮食 有所进展 争力 争力 通过中美商贸联委会 中美战略经济对话和中 美国政府 美双边投资协定谈判等双边对话平台与中方官 散货运输 从而提高中国农业的可持续性和竞 通过官方和非官方两种双边对话平台与中方官 进展缓慢 员合作 解决美国农业企业所面临的投资限制 员合作 解决美国农业企业所面临的贸易和投 资限制 汽车制造业 政策制订和起草的早期阶段 给与企业更多参 中国政府 与讨论 反馈意见的机会 让政策 标准更符 政策制订和起草的早期阶段 给与企业更多参 进展缓慢 合市场需求 更有利于市场和行业的健康发展 与讨论 反馈意见的机会 让政策 标准更符 合市场需求 更有利于市场和行业的健康发展 银行和资本市场 中国政府 债券市场 继续加强监管 规范市场中介机构的发展 以 商业银行 取消银行业的所有额度限制 包括外债额度 便更好地保护投资者的利益 进展明显 进一步调整市场惯例使之符合全球标准 建立 公司受托人结构以进一步保护投资者 加快市场开放 让外资银行更多参与 允许外 有所进展 资银行建立基于风险 而非基于产品的信息技 术体系 信用评级 证券 取消或放宽对外商投资信用评级机构所有权的 比例限制 继续开放证券行业 重点是取消证券经纪公司 的外资持股比例限制 在市场和产品上实施信用评级机构开放 根据 进展明显 国际共识和最佳实践 采用新的或者经过修订 的针对信用评级行业发展的规定 进一步考虑证券合资企业的业务范围扩张 合 有所进展 资伙伴资格 外国投资者资格以及境外基础设 施杠杆等 取消证券合资企业的所有权上限 允许基金行政服务管理人分包或转包 在现行 托管服务 体系 基础设施和运营模式下继续开展 QDLP N/A N/A 基金行政管理服务 修改中国银监会第 12 号通 知和中国证监会 证券投资基金托管业务管理 办法 允许外资分行提供全面的托管服务 人民币国际化 加强政策沟通来引导市场预期 在跨境投资和 N/A N/A 贸易中 尤其在一带一路项目中推广使用人民 币 AmCham China 2018 White Paper 15

25 2018 WHITE PAPER RECOMMENDATION SCORECARD Chapter 2017 Recommendation Progress Rating 2018 Recommendation Business Climate Overview Chengdu (Southwest China) Sichuan and Chengdu Governments Chongqing (Southwest China) Chongqing Government Avoid discriminating against otherwise qualified FIEs when bidding on government projects. Enforce the accurate reporting of the social insurance base but reduce the percentage of the employee s salary that a company is required to contribute to social insurance in order to be fair to all companies. No Rating Provided Low Progress Enhance transparency in financial services, including a reliable credit rating system. Enhance transparency in financial services, including a reliable credit rating system. Civil Aviation Chinese Government Adopt an ATFM framework that incorporates a SWIM system and CDM among air traffic control, airlines, and airport authorities to enable growth and efficiency and manage and alleviate delays. No Rating Provided Adopt a national ATFM framework that incorporates a SWIM system and CDM procedures for air traffic control, airline, and airport experts to enable growth and efficiency through enhanced system management that also alleviates delays. Civil Society Chinese Government Clarify ambiguous language in the Overseas NGO Law related to scope of activities requiring registration, geographic scope, and other concerns. [MPS, NPC] Moderate Progress Update and expand the list of PSUs and provide clear procedures and better incentives for government entities to act as PSUs. [MPS, State Council, NPC] US Government Continue to reiterate deep and abiding concerns regarding the Overseas NGO Law in exchanges with relevant government stakeholders in China. [US Department of State] Moderate Progress Continue to reiterate strong and abiding concerns regarding the Overseas NGO Law in exchanges with relevant government stakeholders in China. [US Department of State] Competition Law Chinese Government Issue formal guidelines confirming that foreignqualified lawyers (i.e., PRC-qualified lawyers working in foreign law firms) and foreign counsel will be allowed to attend meetings and investigations of all three agencies, alongside local counsel, to implement China s JCCT commitment. Low Progress Issue formal guidelines confirming that foreignqualified lawyers (i.e., PRC-qualified lawyers working in foreign law firms) and foreign counsel are allowed to attend meetings and investigations of all three agencies, alongside local counsel, to implement China s JCCT commitment. Compliance Chinese Government Provide a clear definition of commercial bribery and further detail on the liability of companies for employee conduct in final version of the revised AUCL. Low Progress Provide clear definitions and explanations of legal requirements that directly impact compliance. For example, clear definitions in the final version of the AUCL regarding commercial bribery and companies liability for their employees behavior will assist companies with developing and enforcing robust and practical programs for commercial bribery compliance. US Government Engage in bilateral dialogue, workshops, and in-depth scientific exchanges to support the implementation of transparent and predictable regulatory systems, and a common understanding of compliance tools and objectives. Low Progress Engage in bilateral dialogue in-depth exchanges to support the implementation of transparent and predictable regulatory systems, and a common understanding of compliance tools and objectives. Cosmetics Chinese Government Promulgate the Cosmetic Supervision and Administration Rule after soliciting the opinions of all relevant stakeholders. Moderate Progress Promulgate the Cosmetics Supervision and Administration Rule after soliciting the opinions of all relevant stakeholders. Customs and Trade Chinese Government Comprehensively push forward the reform of integrated customs clearance and continue to promote trade facilitation. High Progress Remove or improve the stated time limits for preliminary adjudication White Paper AmCham China

26 章节 2017 年白皮书主要建议汇总进展评价 2018 年白皮书主要建议汇总 成都 ( 中国西南 ) 四川省和成都市政府 重庆 ( 中国西南 ) 重庆市政府 政府项目招标避免歧视合格的外资企业 要求准确报告社会保险基数, 调低企业缴纳社会保险适用的员工工资比例, 确保所有企业的公平待遇 未提供评价 进展缓慢 提高金融服务的透明度, 包括可靠的信用评级体系 提高金融服务的透明度, 包括可靠的信用评级体系 商务环境综述 民用航空 中国政府 利用空中交通流量管理 (ATFM) 框架, 使广域信息管理系统 (SWIM) 和空管部门 航空公司 机场当局间的协同决策机制 (CDM) 相结合, 以提高容效, 减少航班延误 未提供评价 启用全国空中交通流量管理框架, 包括关于空中交通控制 航空公司和机场专家的全系统信息管理体系和协同决策体系, 通过减少延误的强化系统管理来促进增长和提高效率 企业可持续性和非政府组织参与 中国政府 明确 境外非政府组织法 中需进行登记的 活 动 范围 地域和其他方面的表述 [ 公安部 全国人民代表大会 ] 有所进展 更新 / 扩大业务主管单位名录, 同时为担任业务主管单位的相关政府机构制定明确的程序及设立更好的激励措施 [ 公安部 国务院 全国人民代表大会 ] 美国政府 在与中国政府相关方进行交流时, 继续重申对 境外非政府组织法 的深度长久关切 [ 美国国务院 ] 有所进展 在与中国政府相关方进行交流时, 继续重申对 境外非政府组织法 的深度长久关切 [ 美国国务院 ] 竞争法规 中国政府 兑现中国在美中商贸联委会上做出的承诺, 发布明文规定, 明确允许合格的外国律师 ( 包括在外资律所工作的合格的中国律师 ) 和法律顾问与本地法律顾问一同出席和参与三部委的会议和调查 进展缓慢 兑现中国在美中商贸联委会上做出的承诺, 发布明文规定, 明确允许合格的外国律师 ( 包括在外资律所工作的合格的中国律师 ) 和法律顾问与本地法律顾问一同出席和参与三部委的会议和调查 合规 中国政府 提供对直接影响合规的法律要求的明确定义和解释 例如, 在 反不正当竞争法 最终修订版本中明确定义商业贿赂, 详细说明公司对员工行为承担的责任, 将有助于公司制定和执行强有力的 实用的商业贿赂合规计划 进展缓慢 提供对直接影响合规的法律要求的明确定义和解释 例如, 在 反不正当竞争法 最终修订版本中明确定义商业贿赂, 详细说明公司对员工行为承担的责任, 将有助于公司制定和执行强有力的 实用使用的商业贿赂合规计划 美国政府 参与双边对话与研讨会, 深入开展科学交流, 为实施透明且可预测的监管制度提供支持, 针对合规工具和目标达成共同理解 进展缓慢 参与双边对话, 深入开展交流, 为实施透明且可预测的监管制度提供支持, 针对合规工具和目标达成共同理解 化妆品 中国政府 在听取各方意见的基础上, 尽快出台 化妆品监督管理条例 有所进展 在广泛听取各方意见的基础上, 尽快出台 化妆品监督管理条例 关税和贸易 中国政府全面推进通关一体化, 推动贸易便利化 进展明显删除或改进预判决的规定时限 AmCham China 2018 White Paper 17