Foreign Investment Law of the People's Republic of China (“Foreign Investment Law”), which was issued on March 15, 2019, will be implemented since January 1, 2020.

The investment in China in the future will be governed under the system of Negative List which contains prohibited sectors and restricted sectors. For businesses falling within the scope of prohibited sectors, they will not be allowed to operate, while for those included in the scope of restricted sectors, certain criteria shall be met prior to the investment. On the other hand, for businesses not included in the Negative List, foreign investors will be given the same treatment as domestic investors by the Chinese government.

With the implementation of Foreign Investment Law, the Law of the People's Republic of China on Sino-Foreign Equity Joint Ventures, the Law of the People's Republic of China on Wholly Foreign-owned Enterprises, and the Law of the People's Republic on Sino-Foreign Contractual Joint Ventures (collectively referred to as “Three Laws on Foreign Investment”) shall be repealed simultaneously. Foreign-invested enterprises that have been established in accordance with the Three Laws on Foreign Investment may retain their original forms of business organizations within five years after the implementation of Foreign Investment Law. 

Foreign Investment Law of the People's Republic of China

http://www.mofcom.gov.cn/article/difang/201903/20190302845209.shtml