NDRC Publishes New ODI Administrative Measures

On 22 October 2026, the PRC National Development and Reform Commission (“NDRC”) published the Administrative Measures for Outbound Investment (the “New Measures”), which will take effect on 1 December 2026. The New Measures will replace the existing Administrative Measures for Enterprise Outbound Investment (“NDRC Order No. 11”), the principal NDRC regulations governing outbound direct investment (“ODI”) since March 2018.

The New Measures implement, at the NDRC level, the Regulations on Outbound Investment promulgated by the PRC State Council in June 2026 (the “State Council Regulations”), giving further effect to the State Council’s outbound investment framework. They also broadly retain the policy direction, structure and key provisions of the draft Administrative Measures for Outbound Investment released by the NDRC for public consultation in August 2026 (the “Draft Measures”), with targeted refinements to certain reporting timelines.