On November 3, 2017, the National Development and Reform Commission ("NDRC") issued the Administrative Measures for Outbound Investment of Enterprises (Draft for Comment) (the "Draft for Comment") for public consultation by December 3, 2017.

The Draft for Comment expressly states that outbound investment activities as mentioned herein include, but are not limited to, eight circumstances, such as "setting up or becoming the shareholder of an overseas equity investment fund". The Draft for Comment states that, to make outbound investment, investment subjects shall undergo the examination and approval or record-filing formalities for outbound investment projects. Projects subject to approval administration are sensitive projects implemented by investment subjects either directly or through overseas enterprises under their control, including those involving sensitive industries, such as the cross-border exploitation and utilization of water resources and news media. In addition, the Draft for Comment prescribes that non-sensitive projects directly implemented by investment subjects shall be subject to record-filing administration. In particular, for a project invested by an enterprise under the administration of the Central Government, or a project invested by a local enterprise and for which the amount of investment made by Chinese investors amounts to USD300 million or above, the enterprise shall file the project for a record with the NDRC.