美国：从“卖产品”到“做产业”——中资赴美投资的机遇、暗礁与选州兵法（下）｜人物·域外观察（中英双语）
发布日期：2026-11-05 浏览次数：15
“人物·域外观察”为 QC Global 国别法律实务专栏。
"People · Overseas Perspectives" is QC Global's country-focused legal practice column.
在本栏目中，我们将邀请本所拥有海外留学、长期域外生活经历的律师，结合自身在地学习与生活经验，深度拆解目标国家的营商环境、外商投资政策、出海机遇、潜在风险及实务落地要点，为中国企业跨境投资与海外经营提供国别参考。
In this column, we invite attorneys at our firm with overseas study or long-term international experience to draw on their first-hand knowledge and examine the target country's business environment, foreign investment policies, opportunities, risks, and practical considerations for Chinese companies pursuing cross-border investment and international operations.
本期栏目，我们邀请到盛婕律师。盛婕律师曾于美国明尼苏达大学法学院攻读 LLM 项目，获得法学研究生学位，在美国学习生活期间，对美国司法制度、联邦与州双层监管体系及营商环境有深入的在地观察。下文将由其带来美国出海投资专题分享。
In this column, we invite attorneys at our firm with overseas study or long-term international experience to draw on their first-hand knowledge and examine the target country's business environment, foreign investment policies, opportunities, risks, and practical considerations for Chinese companies pursuing cross-border investment and international operations.
欢迎乾成律所内更多具有海外留学或生活经历，或是对特定国家特别关注的小伙伴踊跃投稿！
We welcome contributions from colleagues at Qiancheng Law Firm who have studied or lived abroad or have a particular interest in a specific country.
目录
1.营商环境：并非一块“铁板”，而是一张“拼图”
I. A Market of Many Moving Parts
2.政策底色：总统更迭与政策不连续性
II. Policy Volatility Is a Business Risk
3.准入规则：欢迎与设限并行的“旋转门”
III. Open for Business—but Selectively
4.出海赛道：中端制造、AI 电力与政府采购的三重机会
IV. Where the Opportunities Are: Manufacturing, AI Infrastructure and Government Procurement
5.合规暗礁：联邦及地区审查、用工、数据与出口管制的关卡
V. The Compliance Landscape: CFIUS, Local Permitting, Employment, Data and Export Controls
6.选州如选战场：纽约、加州、德州政策地图
VI. Choosing a State Is Like Choosing a Battlefield: A Policy Map of New York, California, Texas and Beyond
7.结语
VII. Conclusion
（文章内容较长，故分为上、下两篇。本期为第五至七项）
合规暗礁：联邦及地区审查、用工、数据与出口管制的关卡
V. The Compliance Landscape: CFIUS, Local Permitting, Employment, Data and Export Controls
准入审查门槛
准入审查的核心已不只是是否触发 CFIUS 审查，而是项目是否被认定涉及关键技术、关键基础设施、敏感个人数据、国防供应链、重要矿产、能源安全和敏感地产等。CFIUS 的执法力度近年来创下新纪录，罚款总额近 8800 万美元，单笔最高达 6000 万美元，现场检查次数翻倍至 79 次。
The key question is no longer simply whether a transaction technically triggers CFIUS review. Investors must also assess whether a project touches critical technologies, critical infrastructure, sensitive personal data, defense supply chains, critical minerals, energy security or sensitive real estate. CFIUS enforcement has also intensified, with total penalties approaching $88 million, the largest single penalty reaching $60 million, and the number of on-site inspections doubling to 79.地方政府和社区的审批
联邦层面合规只是起点，建厂、扩产、数据中心、物流仓库，真正卡住项目的是地方规划委员会、市议会、学区、环保组织和邻居。2022 年的密歇根州电池工厂案例就是典型：州政府给了激励，但镇委员会改选后废除供水决议，项目直接停摆。在美选址，不能只看州长和州经济发展局，还要了解项目所在地的镇委员会、市议会的选举周期和社区居民的核心关切。我在明尼苏达期间，曾旁听过一次市议会关于商业项目的听证，反对者并非都是外商身份的反对，更多是对交通、噪音、水资源的关切。中资企业若能在早期主动与镇委员会、社区等沟通，往往比事后打官司更有效。
Federal compliance is only the starting point. For factories, expansions, data centers and logistics facilities, the decisive issues may arise at the local level—from planning commissions and city councils to school districts, environmental groups and neighboring residents. A 2022 battery-plant project in Michigan illustrates the point: although the state government provided incentives, a change in the local township board ultimately led to the reversal of a water-supply resolution, bringing the project to a halt. Site selection therefore requires more than an assessment of the governor’s office or state economic-development agency. Investors should also understand local election cycles and community concerns. During my time in Minnesota, I attended a city-council hearing concerning a commercial project where objections focused primarily on traffic, noise and water resources rather than the investor’s foreign status. Early engagement with local authorities and communities can often be more effective than attempting to resolve disputes after the fact.
劳动用工合规风险
美国的劳动法体系以判例法为主，各州规则差异显著。反种族歧视、性别歧视等红线极多，HR 在招聘环节的岗位要求描述稍有不慎即可能面临诉讼以及侵犯商业秘密的高额索赔风险。
U.S. employment law is heavily shaped by case law, with significant differences among the states. The boundaries around discrimination, retaliation and other prohibited employment practices are extensive, and seemingly routine language in a job posting can create litigation risk.
美国多数州实行“at-will”雇佣原则，雇主可以无因解雇，但绝不能因非法歧视、报复或违反公共政策解雇。中国 HR 习惯写“年龄 35 岁以下”“形象气质佳”“限男性”，在美国这些都可能构成歧视证据。在美国，招聘广告不是宣传文案，而是潜在诉讼证据。
Most states follow the at-will employment doctrine, under which an employer may generally terminate an employee without cause, subject to important exceptions—including unlawful discrimination, retaliation and violations of public policy. Hiring practices common in China, such as specifying an age below 35, requiring a particular appearance, or limiting a position to men, can create evidence of discriminatory intent in the U.S. In this context, a job advertisement is not merely marketing copy; it can become evidence in litigation.
数据合规风险
第 14117 号行政令自 2025 年 4 月生效以来，将中国（含港澳）明确列为受关注国家，对美国人的批量敏感个人数据与政府相关数据纳入国家安全保护框架，并赋予司法部国家安全司民事处罚与刑事追诉的双重执法权。值得关注的是，虽然司法部尚未开展大规模联邦行政处罚，但依托电子通信隐私法（ECPA）形成的民间集体诉讼已呈常态化追责态势。
Since Executive Order 14117 took effect in April 2025, China, including Hong Kong and Macau, has been identified as a country of concern under a national-security framework governing access to bulk sensitive personal data of Americans and certain government-related data. The framework also provides the Department of Justice’s National Security Division with civil and criminal enforcement tools. Although large-scale federal administrative enforcement had not yet been undertaken at the time of the source article, private litigation under the Electronic Communications Privacy Act (ECPA) has become an increasingly relevant risk area.
出口管制与制裁合规
2025 年底，美国正式强化并严格执行“50%规则”——即只要任何被列入实体清单的中国股东直接或间接持有某非美国公司 50%及以上股份，该公司将自动受到同等限制。这一规则直接击碎了许多企业试图通过海外子公司“绕道”获取技术的幻想。但作为中美吉隆坡经贸磋商共识的一部分，该规则已于 2025 年 11 月起暂停执行一年，暂停期至 2026 年 11 月 9 日。而该“50%规则”的自动恢复日（2026 年 11 月 10 日）与中期选举日（11 月 3 日）仅相隔 7 天，这一“巧合”构成了规则命运的关键政治变量。
At the end of 2025, the U.S. formally strengthened enforcement of the so-called “50% rule,” under which a non-U.S. company may become subject to equivalent restrictions where an entity listed on the Entity List holds, directly or indirectly, 50% or more of its equity. The rule was subsequently suspended for one year beginning in November 2025 as part of the Kuala Lumpur economic and trade understanding between China and the U.S., with the suspension scheduled to run through November 9, 2026. The scheduled November 10, 2026 restoration date falls only seven days after the November 3 midterm elections, making the timing a significant policy variable for affected businesses.
此外，2026 年 6 月，美国国防部 1260H 清单扩容至 188 家，新增 65 家中国企业，包括了阿里巴巴、百度、比亚迪、蔚来、药明康德、宇树科技等大量民营企业。自 2026 年 6 月 30 日起美国国防部不得与清单实体直接订立或续签采购合同，间接采购禁令将于 2027 年 6 月 30 日生效。
In June 2026, the U.S. Department of Defense expanded its Section 1260H list to 188 entities, adding 65 Chinese companies, including Alibaba, Baidu, BYD, NIO, WuXi AppTec and Unitree. Beginning June 30, 2026, the Department of Defense may not enter into or renew certain direct procurement contracts with listed entities, with restrictions on indirect procurement scheduled to take effect on June 30, 2027.
税务合规
中国企业在美设立的子公司属于美国联邦税收居民企业，需就全球所得向美国政府申报纳税，适用 21%的统一联邦企业所得税率。需要特别注意的是，中资美国企业每年须在 4 月 15 日前提交 Form 5472，即使零营收也必须申报，未申报则将面临高额罚款。
A U.S. subsidiary established by a Chinese company is generally treated as a U.S. federal tax resident and is subject to U.S. federal tax filing obligations on its worldwide income, with a 21% federal corporate income tax rate. Chinese-owned U.S. businesses should also pay close attention to Form 5472 filing requirements. The filing may be required even where the business has generated no revenue, and failure to file can result in significant penalties.
选州如选战场：纽约、加州、德州政策地图
VI. Choosing the Right State: New York, California, Texas and Beyond
美国 50 个州在公司法、税法、劳动法和外资政策上的差异极大，选州本身就是投资战略的关键一环。以下简要对比重点州的核心变量。
The 50 states differ materially in corporate law, taxation, employment regulation and foreign investment policy. State selection should therefore be treated as a core component of the investment strategy rather than a post-investment administrative decision. The following provides a high-level comparison of several key jurisdictions.
纽约州 2026 年 1 月 1 日起生效的《纽约有限责任公司透明度法案》（LLCTA）是中资企业需要特别关注的新规。该法案要求注册在纽约州的外国实体披露受益所有权信息，包括对行使“实质控制”或持股 25%以上的个人的信息申报。申报义务包括初始披露和年度更新，并需缴纳 25 美元申报费。已在 2026 年 1 月 1 日前注册的外国 LLC 须在 2026 年 12 月 31 日前完成首次申报。
The New York LLC Transparency Act (LLCTA), effective January 1, 2026, is particularly relevant to Chinese businesses operating through New York entities. The law requires certain foreign entities registered in New York to disclose beneficial ownership information, including information concerning individuals who exercise “substantial control” or own more than 25%. Filing obligations include an initial disclosure and annual updates, together with a $25 filing fee. Foreign LLCs registered before January 1, 2026 must complete their initial filing by December 31, 2026.
加州是美国经济总量最大的州，科技、娱乐、农业和清洁能源产业高度发达，但也是合规成本最高的州之一。加州对公司实体征收每年 800 美元的最低特许税，不论盈亏均须缴纳。
California has the largest state economy in the U.S., with major strengths in technology, entertainment, agriculture and clean energy. It is also among the more compliance-intensive jurisdictions. California imposes an $800 annual minimum franchise tax on corporations and certain entities regardless of profitability.
加州近年来在外资土地管控方面动作频繁。S.B.1176 法案旨在限制外国对手实体收购或控制加州农业用地，以保护农业资源和关键基础设施。虽然加州目前对外国投资不设额外的州级备案要求（持股超 25%需提交外资持股声明除外），但州级立法趋势表明对外资特别是中资在土地和关键基础设施领域的审查正在收紧。
The state has also taken steps to tighten controls over foreign ownership of land. S.B. 1176 seeks to restrict the acquisition or control of agricultural land by foreign adversary entities in order to protect agricultural resources and critical infrastructure. Although California does not currently impose a general additional state-level foreign investment filing requirement, other than certain foreign ownership disclosures, the legislative trend indicates increasing scrutiny of foreign—particularly Chinese—investment in land and critical infrastructure.
德州是美国少数不征收州级通用企业所得税的州之一，仅对实体征收特许经营税，且免税门槛较高——2026 年营收低于约 265 万美元的中小型外资实体通常无需缴纳特许经营税。销售税基准税率为 6.25%，叠加地方附加税后总税率上限为 8.25%。
Texas is one of the few states without a general state corporate income tax. Instead, it imposes a franchise tax, subject to a relatively high no-tax threshold. For 2026, smaller entities with revenue below approximately $2.65 million will generally not owe franchise tax. The state sales tax rate is 6.25%, with the combined state and local rate reaching up to 8.25%.
德州近年来持续加大产业定向激励力度。2026 年 1 月 1 日起生效的 SB 2206 大幅扩展了州研发税收抵免，抵免率从 5%提升至 8.722%，并更加紧密地对齐联邦研发抵免规则。在半导体、清洁能源、生命科学和先进制造业领域，德州设有专项补贴计划——半导体项目可申请最高为总投资 15%的州级激励，清洁能源项目可享受每兆瓦时最高 25 美元的生产税抵免，有效期为 10 年。
Texas has also expanded its use of targeted industrial incentives. Effective January 1, 2026, S.B. 2206 increased the state R&D tax credit from 5% to 8.722% and more closely aligned the program with the federal R&D credit framework. Texas also offers targeted incentives for semiconductors, clean energy, life sciences and advanced manufacturing. Semiconductor projects may qualify for state incentives of up to 15% of total investment; qualifying clean-energy projects may receive production tax credits of up to $25 per MWh for ten years.但德州并非没有“隐性风险”。近年来，州审计部门对数据处理服务的销售和使用税稽查力度显著加强，“数据处理”的法定定义极为宽泛，涵盖文字处理、数据录入、数据检索、信息编译等几乎所有计算机化数据处理活动。中资企业在德州部署 IT 基础设施或数据处理业务时，需特别关注这一合规风险。此外，德州是 2025 年首批制定外国人土地所有制限法的州之一，立法重点针对中国投资者。对于计划在德州设立制造基地的中资企业，建厂选址阶段务必审查是否涉及受限土地类别。
Texas nevertheless presents less visible compliance issues. State authorities have increased scrutiny of sales and use tax applicable to data-processing services, and the statutory definition of “data processing” is broad, covering activities such as word processing, data entry, data retrieval and information compilation. Chinese companies deploying IT infrastructure or data-processing operations in Texas should therefore assess this exposure carefully. Texas has also been among the states adopting restrictions on foreign ownership of land, with particular attention to Chinese investors. Manufacturing projects should therefore conduct a land-use and ownership review at the site-selection stage.
除前述重点州外，佐治亚、北卡罗来纳和伊利诺伊等州同样值得中资企业关注。佐治亚州企业所得税率已降至 4.99%，并配套投资税收抵免和研发税收抵免；北卡罗来纳州通过就业发展投资补助（JDIG）向满足投资和就业目标的企业直接发放年度现金补助，在先进制造、生命科学、航空以及半导体和清洁能源领域形成集聚效应；伊利诺伊州则以 EDGE 税收抵免、企业园区和“机会区 2.0”等多层次激励吸引投资，芝加哥可辐射中西部物流与研发。
Other states also merit consideration. Georgia offers a 4.99% corporate income tax rate together with investment and R&D credits. North Carolina uses the Job Development Investment Grant (JDIG) to provide annual cash grants tied to investment and job-creation targets, with established clusters in advanced manufacturing, life sciences, aerospace, semiconductors and clean energy. Illinois offers multiple incentive programs, including EDGE tax credits, Enterprise Zones and Opportunity Zone 2.0, while Chicago provides access to the broader Midwest logistics and R&D ecosystem.
这些州的情况表明，美国仍有不少州对外商投资持积极友好态度，政策工具灵活、激励力度可观，中资企业赴美选州时不应只盯着传统大州，而应拓宽视野，把这些“被低估的备选州”纳入比较，并动态跟踪其政策窗口与限制性立法变化。
The broader lesson is that U.S. state selection should not be limited to the traditional major markets. A number of states offer flexible policy tools and meaningful investment incentives. Chinese investors should broaden the comparison set and continuously monitor both incentive windows and new restrictions.
结语：从审批风险走向落地风险
VII. Conclusion: From Approval Risk to Execution Risk
以我在美学习生活的经历来看，美国市场的机会是真实的，但规则的复杂程度同样真实。中资企业赴美，既要看到中端制造落地、能源基础设施配套等明确的产业机遇，也要对 CFIUS 审查升级、数据合规收紧、出口管制穿透以及州级外资投资限制等风险有充分预判。美国市场对中国企业而言，既非“不可进入”，也非“轻松获利”。当前赴美投资的核心挑战，已从“能否获批”演变为“能否落地、能否经营、能否稳定实现收益”的系统性考验。
Based on my experience studying and living in the U.S., the opportunities in the U.S. market are real—but so is the complexity of the regulatory environment. Chinese investors should recognize the opportunities in localized manufacturing and energy infrastructure while preparing for heightened CFIUS scrutiny, tighter data requirements, expanding export controls and state-level restrictions on foreign investment. The U.S. market is neither inaccessible nor an easy market in which to generate returns. The central challenge is increasingly shifting from whether an investment can obtain approval to whether the project can actually be implemented, operated successfully and generate sustainable returns.
企业需要在项目启动之际，就建立起对政策敏感度、属地复杂性和投后合规运营的完整认知，将审查风险管控嵌入投资全生命周期。合规不是成本，而是在美长期经营的基础设施。
Companies should therefore build an integrated understanding of policy sensitivity, local regulatory complexity and post-investment compliance from the outset of a project. Regulatory risk should be embedded into the investment process throughout the entire lifecycle—from initial structuring and site selection through closing and ongoing operations. Compliance should not be viewed merely as a cost of doing business. For companies seeking to build a sustainable presence in the U.S., it is part of the infrastructure required to operate for the long term.
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