China's National Development and Reform Commission has released revised rules on outbound investment, effective December 1, 2026. The framework updates approval, filing and reporting requirements relevant to Chinese investors, including those pursuing projects in Russia.
On October 22, 2026, China's National Development and Reform Commission (NDRC) published the revised Measures for the Administration of Outbound Investment under Order No. 49. The measures will enter into force on December 1, 2026, replacing the 2017 framework for enterprise outbound investment.
The rules cover outbound investment by mainland Chinese enterprises, other organizations and resident individuals. Investments involving sensitive countries, regions or industries remain subject to prior NDRC approval.
For non-sensitive projects undertaken directly by locally administered Chinese enterprises, investments of USD 300 million or more must be filed with the NDRC. Projects below that threshold are filed with the relevant provincial development and reform authority.
The revised framework also requires investors undertaking non-sensitive outbound investment through controlled overseas entities to submit an overseas reinvestment report at least ten working days before implementation. It introduces or refines reporting obligations covering project completion or termination and annual outbound investment information.
For Russian businesses seeking Chinese capital in manufacturing, logistics or infrastructure, these requirements should be factored into transaction preparation, regulatory due diligence and financing schedules. Partners should confirm the procedures applicable to each investment structure before committing to an implementation timetable.