The Shanghai Municipal government has published a negative investment list in the Free Trade Zone. The list has attracted a lot of attention as it lists areas of banned investment targets and industries for the first time.

A negative investment list specifies sectors that are either wholly or partially closed to private foreign or domestic investment.

In the past, foreign investors were put off by vague explanations.

Shanghai Free Trade Zone's negative investment list includes 18 categories, involving 190 management measures.

The negative list concept would allow free foreign investment in any industry not specified.

"Investment by foreign or domestic enterprises in the areas not included in the list will enjoy the same and equal policies." Dai Haibo, deputy secretary of Shanghai Free Trade Zone said.

Foreign investors in these areas would usually be able to get a business license as soon as 4 days.

The Commerce Ministry says the negative list is a big step forward in China's reform of foreign investment management.