The legislative history of China's Security Review System is summarized in chronological order as follows:

中國(guó)安审制度的历史发展脉络按时间顺序总结如下：

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The Security Review Measures consist of 23 articles and provide a framework for the enforcement authority, the review scope, and the application mechanism of the security review, etc.

《安审办法》共二十三条，对安全审查的主管部门、审查范围、申报机制等问题作出了框架式的规定。

Below are the key contents of the Security Review Measures:

《安审办法》的主要内容总结如下：

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The Security Review Measures do not specify what are subject to the security review, which leaves room for the enforcement authority to decide.  Referring to both the Security Review System for M&A of domestic enterprises by foreign investors and Security Review System for foreign investments in some free trade zones, what are subject to the security review may include but not limited to:

《安审办法》对安全审查的具體(tǐ)内容没有(yǒu)作出详细规定，这為(wèi)主管部门留下解释空间。参考外资并購(gòu)境内企业安全审查制度，及在自贸區(qū)试点实施的外资安全审查措施，安全审查的内容可(kě)能(néng)包括但不限于：

(1) The impact of foreign investments on national defense, including domestic products’ production capacity, domestic service provision capacity, and relevant equipment and facilities required by national defense;

外商(shāng)投资对國(guó)防安全，包括对國(guó)防需要的國(guó)内产品生产能(néng)力、國(guó)内服務(wù)提供能(néng)力和有(yǒu)关设备设施的影响；

(2) The impact of foreign investments on the stable operation of the national economy;

外商(shāng)投资对國(guó)家经济稳定运行的影响；

(3) The impact of foreign investments on the order of basic social life;

外商(shāng)投资对社会基本生活秩序的影响；

(4) The impact of foreign investments on national cultural security and public morality;

外商(shāng)投资对國(guó)家文(wén)化安全、公共道德的影响；

(5) The impact of foreign investments on national network security; and

外商(shāng)投资对國(guó)家网络安全的影响；及

(6) The impact of foreign investments on research and development capability of key technologies related to national security.

外商(shāng)投资对涉及國(guó)家安全关键技术研发能(néng)力的影响。

Note: Items (1) - (3) and (6) above are subject to the security review on foreign M&A of domestic enterprises in the Notice on M&A Security Review; Items (4) and (5) (i.e., the impact of foreign investments on national cultural security, public morality, and network security) are the new requirements in the Security Review Measures in PFTZ compared with the Notice on M&A Security Review.

注：上述第（1）—（3）项及第（6）项系《并購(gòu)安审通知》对外资并購(gòu)境内企业的安全审查内容；第（4）项及第（5）项（即审查外商(shāng)投资对國(guó)家文(wén)化安全、公共道德、网络安全的影响）系《自贸區(qū)安审办法》在《并購(gòu)安审通知》基础上对外商(shāng)投资审查的新(xīn)增内容。

In addition to the enforcement authority, review scope, and the application mechanism described above, the Security Review Measures also have detailed provisions on the foreign investors’ application procedure, and the enforcement authority’s security review execution procedure.  Depending on specific situations of different foreign investment projects, the security review may include phases such as consultation, application and acceptance, general review, and special review, etc.

除前述的主管部门、审查范围及申报机制外，《安审办法》还就外國(guó)投资者的申报及主管机关执行安全审查的流程作出了详细的规定。根据不同外商(shāng)投资项目的具體(tǐ)情况，安全审查可(kě)能(néng)包括申报前咨询、申报与受理(lǐ)、一般审查、特殊审查等阶段。

The schedule below summarizes each step and the respective time frame in the security review procedure:

安全审查流程中所涉及的步骤、审查期限总结如下：

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Notes: * During the period of the security review, the time for the parties to provide additional materials shall not be included in the time frame；If the parties amend the investment plan, the time frame shall be restarted from the date when the Working Mechanism Office receives the amended investment plan.

注：* 安全审查期间，当事人补充提供材料的时间不计入审查期限；当事人修改投资方案的，审查期限自工作机制办公室收到修改后的投资方案之日起重新(xīn)计算。

** The security review decision made following the law is a final decision and is not subject to remedies, such as administrative reconsideration or administrative litigation.

** 依法作出的安全审查决定為(wèi)最终决定，行政复议、行政诉讼等救济手段不适用(yòng)于安全审查决定。

As can be seen from the above schedule, the number of projects that need general review and special review will decrease step by step. The system is designed to reduce the burden on foreign investors as much as possible.

由上表可(kě)见，安审制度将分(fēn)层递进，进入一般审查和特别审查的项目梯次减少，尽可(kě)能(néng)避免增加外國(guó)投资者的负担。

As mentioned above, while providing the framework on the security review, the Security Review Measures remain silent on certain issues.  For example, there is no black-and-white rule on whether some special investment models, such as the VIE structure, are subject to the Security Review Measures.  We hope that the enforcement authority will provide more explanations of related issues during the implementations and enforcements.

如前文(wén)所述，《安审办法》在对安全审查作出框架性规定的同时，仍对部分(fēn)问题作出留白处理(lǐ)。例如，VIE架构等特殊投资形式是否适用(yòng)于《安审办法》。我们相信，主管机关会在执法过程中对相关问题作出澄清，或作出更為(wèi)细化的规定。

The Security Review Measures limit the review scope within the fields related to national defense industry and the important fields related to national security.  Therefore, we understand that the direct impacts on most of the foreign investors in China are relatively small.  However, foreign investors should still pay attention to the security review that may be required in the investment projects, which should be an important part of due diligence for many foreign-invested projects in China.  We hereby provide some suggestions for foreign investors:

由于《安审办法》将审查范围限定在了國(guó)防安全领域及关系國(guó)家安全的重要领域，我们理(lǐ)解，其对于一般外國(guó)投资者在中國(guó)投资的直接影响可(kě)能(néng)比较有(yǒu)限。但是，外國(guó)投资者仍应充分(fēn)重视在中國(guó)投资活动中可(kě)能(néng)涉及的安全审查问题，这应成為(wèi)外商(shāng)投资项目尽职调查的重要组成部分(fēn)。我们建议外國(guó)投资者：

1. Investigate and analyze a specific project’s risk of security review before making any decision, and communicate with the enforcement authority when necessary; and

在作出投资决策前，对具體(tǐ)项目的安全审查风险进行充分(fēn)论证，必要时与主管机关积极沟通；

2. Consider the impact of security review on the arrangement for a specific project, e.g., adding the completion of security review as a condition precedent in the transaction documents; and

考虑安全审查对具體(tǐ)项目安排的影响，例如将完成安全审查作為(wèi)交割的先决条件；及

3. Monitor the developments in the implementation of the Security Review Measures, including any detailed rules and procedures, and any cases.

持续关注《安审办法》的实施情况，包括相关的新(xīn)规和流程，以及通过安全审查的案例。