Most foreign-invested companies do not require a special approval, anymore, before they may be established. Since a few years, China has applied the principle that unless the business in which the company wants to operate is on the so-called "negative list", no specific foreign-investment approval is required.
The "the negative list" is updated once per year, and is gradually reducing the barriers for the market entries of foreign investors through green field investments. Refer to the negative list 2021 here.
The following foreign investments are subject to security review: a) investments in fields that concern state defense and security, in geographical areas surrounding military installations or facilities; and b) investments in important fields that concern state security, if the foreign investors have actual control over the Chinese company.
Of course, for the conduct of certain businesses, a company – whether foreign invested or not – may require specific approvals and licenses.
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