隨著全球緊張局勢加劇，中國正在建構經濟堡壘（2/2）

Recently The New York Times reported the following:

China Builds an Economic Fortress as Global Tensions Rise (2/2)

Beijing says the changes are needed for national security, but they could complicate efforts by Chinese companies to find growth overseas.

The NYT - By Alexandra Stevenson and Murphy Zhao - Reporting from Hong Kong. Alexandra Stevenson is the Shanghai bureau chief for The Times, reporting on China’s economy and society.

Published June 5, 2026

Updated June 6, 2026

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Green Light, Red Light

What is new in the rules unveiled this week is the effort to slow the overseas expansion of Chinese companies.

The measures restrict the movement of certain talent in sectors deemed sensitive, though Beijing has not defined which sectors qualify. They also give officials broader authority to review the movement of capital, including the power to force investors to sell shares or halt investments if national security concerns arise.

The rules also lay the legal groundwork for regulators to bar foreign entities from investing or operating in China, including expelling them from the country, in retaliation for actions taken by their governments against Chinese investments.

To some experts, the most striking effect of these rules is that they could constrain the ambitions of Chinese companies when they are under intense pressure to find new markets and the country’s exports are reaching record levels.

“China has been encouraging companies to go overseas to set up production facilities, invest and bypass any constraints that may exist on manufacturing in China,” said Lester Ross, a longtime China expert and senior counsel at Wilmer Hale.

Yet these new rules could complicate that, he added.

Chinese officials are calling the new rules a “milestone” for outbound investment. But for many investors, the vague definition of what constitutes a national security concern has led to significant uncertainty.

Déjà Vu?

The idea that companies or individuals need approval to invest overseas may seem unusual. But China has long restricted money flowing out of the country and currently limits individuals to moving $50,000 abroad each year. That tool has become increasingly important as economic growth has slowed.

Nor is China the first country to screen outbound investment. The Biden administration in 2024 imposed restrictions on U.S. financing of Chinese semiconductor, quantum computing and artificial intelligence sectors.

The European Union has also urged its member states to review investments in those same sensitive sectors.

But unlike the United States and Europe, Beijing has defined national security far more broadly. And its rules are correspondingly more expansive.

For lawyers and trade advisers, the flurry of restrictions from multiple governments signals the end of an era.

The Chinese government cited “profound changes unseen in a century” as justification for the new State Council rules. The argument resonated with Zhou Yong, a lawyer with Junhe, a Chinese law firm.

“From a legal standpoint, the restructuring of international business rules has been brought about by great power competition and technological progress,” Mr. Zhou said.

“China,” he added, “hopes to have some tools of its own.”

Translation

隨著全球緊張局勢加劇，中國正在建構經濟堡壘（2/2）

北京方面稱，這些變革是為了國家安全，但可能會使中國企業在海外尋求成長的努力變得更加複雜

（繼續）

綠燈與紅燈

本周公佈的新規旨在減緩中國企業的海外擴張。

這些措施限制了某些被認為敏感產業的特定人才流動，但北京方面並未明確界定哪些產業屬於敏感產業。這些措施也賦予官員更大的權力來審查資本流動，包括在出現國家安全問題時強制投資者出售股票或停止投資的權力。

這些規則也為監管機構提供了法律依據，使其可以禁止外國實體在中國投資或經營，甚至將其驅逐出境，以報復其政府對中國投資的行動。

一些專家認為，這些規則最顯著的影響在於，它們可能會限制中國企業的雄心壯志，而此時中國企業正面臨著尋找新市場的巨大壓力，而中國出口額正創歷史新高。

長期研究中國問題、Wilmer Hale律師事務所高級顧問Lester Ross表示: 「中國一直鼓勵企業到海外設立生產基地、進行投資，以繞過中國製造業可能存在的各種限制」。

但他補充說，這些新規可能會使情況變得複雜。

中國官員稱這些新規是對外投資的「里程碑」。但對許多投資者而言，國家安全問題的模糊定義導致了極大的不確定性。

似曾相識？

企業或個人需要獲得批准才能進行海外投資的想法或許聽起來有些不尋常。但中國長期以來一直限制資金外流，目前規定個人每年向境外轉移資金不得超過5萬美元。隨著經濟成長放緩，這項措施的重要性日益凸顯。

中國並非第一個審查對外投資的國家。拜登政府在2024年對美國投資中國半導體、量子運算和人工智能領域的計劃實施了限制。

歐盟也敦促其成員國審查在這些敏感領域的投資。

但與美國和歐洲不同，北京對國家安全的定義遠較寬鬆，其相關規定也相應更為廣泛。

對律師和貿易顧問而言，多國政府接連的限制措施標誌著一個時代的終結。

中國政府以「百年未有之大變局」為由，為國務院的新規辯護。這項說法引起了中國Junhe律師事務所律師Zhou Yong的共鳴。

Zhou先生說： “從法律角度來看，國際商業規則的重組是由大國競爭和技術進步帶來的。”

他補充說：“中國希望擁有一些屬於自己的工具。”

So, China is erecting walls to prevent money, technology and companies from leaving the country.  China has announced new rules requiring national security screening for Chinese companies seeking to invest overseas. The move follows regulations introduced in April and taken together, it seems that China is building an economic fortress around its technology and supply chains. Apparently, these restrictions signal the end of globalization.