The State Council has forwarded the Instructions on Further Guidance and Norms of Overseas Investment Direction to the National Development and Reform Commission, the Ministry of Commerce, the Central Bank, and the Ministry of Foreign Affairs. Among them, the explicit restrictions are on real estate, hotels, studios, entertainment, sports clubs and other overseas investments, as well as on setting up non-specific industrial projects of equity investment fund or investment platforms, and overseas investments with backward production equipment that does not meet technical standard's investment target. This will form a huge impact on some of China’s investments overseas.