On 23 June 2020, the National Development and Reform Commission and Ministry of Commerce jointly released China's updated nationwide negative list for foreign investment, together with a separate updated list applicable in China's pilot free trade zones (FTZ). The revisions show China continuing its reform and opening-up policy to foreign investment. The two lists are further synchronised, allowing wider foreign participation in sectors including financial services, manufacturing, agriculture and infrastructure. Both lists will take effect 23 July 2020, with each to replace its 2019 predecessor from the effective date.