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February 21, 20252025 年 2 月 21 日
MEMORANDUM FOR THE SECRETARY OF THE TREASURY
备忘录致财政部长
THE SECRETARY OF STATE
国务卿
THE SECRETARY OF DEFENSE
美国国防部长
THE ATTORNEY GENERAL司法部长
THE SECRETARY OF COMMERCE
美国商务部长
THE SECRETARY OF LABOR
美国劳工部长
THE SECRETARY OF ENERGY
能源部长
THE SECRETARY OF HOMELAND SECURITY
美国国土安全部长
THE ADMINISTRATOR OF THE ENVIRONMENTAL PROTECTION AGENCY
环境保护局管理员
THE DIRECTOR OF THE OFFICE OF MANAGEMENT AND BUDGET
美国管理与预算办公室主任
THE DIRECTOR OF NATIONAL INTELLIGENCE
国家情报总监
THE UNITED STATES TRADE REPRESENTATIVE
美国贸易代表
THE CHAIRMAN OF THE COUNCIL OF ECONOMIC ADVISERS
经济顾问委员会主席
THE DIRECTOR OF THE OFFICE OF SCIENCE AND TECHNOLOGY POLICY
科学技术政策办公室主任
THE ASSISTANT TO THE PRESIDENT FOR NATIONAL SECURITY AFFAIRS
美国总统国家安全事务助理
THE DIRECTOR OF THE FEDERAL BUREAU OF INVESTIGATION
联邦调查局局长
SUBJECT: America First Investment Policy
主题：美国优先投资政策
By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby direct the following:
根据美国宪法和美国法律赋予我的总统权力，我特此指示以下事项：
Section 1. Principles and Objectives. America’s investment policy is critical to our national and economic security. Welcoming foreign investment and strengthening the United States’ world-leading private and public capital markets will be a key part of America’s Golden Age. The United States has the world’s most attractive assets, in technology and across our economy, and we will make it easier for our overseas allies to support United States jobs, United States innovators, and United States economic growth with their capital.
第一章 原则和目标。美国的投资政策对我们国家的经济安全至关重要。欢迎外国投资，加强美国世界领先的私营和公共资本市场，将是美国黄金时代的关键部分。美国拥有世界上最吸引人的资产，在技术和整个经济领域，我们将使我们的海外盟友更容易用他们的资本支持美国的工作、美国创新者和美国经济增长。
Investment by United States allies and partners can create hundreds of thousands of jobs and significant wealth for the United States. Our Nation is committed to maintaining the strong, open investment environment that benefits our economy and our people, while enhancing our ability to protect the United States from new and evolving threats that can accompany foreign investment.
美国盟友和伙伴的投资可以为美国创造数十万个工作岗位和显著财富。我国致力于维护有利于我国经济和人民的强大、开放的投资环境，同时增强我们抵御伴随外国投资而来的新威胁和演变威胁的能力。
Investment at all costs is not always in the national interest, however. Certain foreign adversaries, including the People’s Republic of China (PRC), systematically direct and facilitate investment in United States companies and assets to obtain cutting-edge technologies, intellectual property, and leverage in strategic industries. The PRC pursues these strategies in diverse ways, both visible and concealed, and often through partner companies or investment funds in third countries.
不惜一切代价的投资并不总是符合国家利益。某些外国敌对势力，包括中华人民共和国（PRC），系统地指导和促进对美国公司和资产的投资，以获取尖端技术、知识产权和在战略产业中的优势。PRC 以各种方式追求这些策略，既有明显的也有隐蔽的，通常是通过第三国的合作伙伴公司或投资基金来实现。
Economic security is national security. The PRC does not allow United States companies to take over their critical infrastructure, and the United States should not allow the PRC to take over United States critical infrastructure. PRC-affiliated investors are targeting the crown jewels of United States technology, food supplies, farmland, minerals, natural resources, ports, and shipping terminals.
经济安全是国家安全。中华人民共和国不允许美国公司接管其关键基础设施，美国也不应允许中华人民共和国接管美国关键基础设施。与中华人民共和国有关联的投资者正在瞄准美国技术的瑰宝、食品供应、农田、矿产、自然资源、港口和航运终端。
The PRC is also increasingly exploiting United States capital to develop and modernize its military, intelligence, and other security apparatuses, which poses significant risk to the United States homeland and Armed Forces of the United States around the world. Related actions include the development and deployment of dual-use technologies, weapons of mass destruction, advanced conventional weapons, and malicious cyber‑enabled actions against the United States and its people. Through its national Military-Civil Fusion strategy, the PRC increases the size of its military-industrial complex by compelling civilian Chinese companies and research institutions to support its military and intelligence activities.
中国也在越来越多地利用美国资本来发展和现代化其军事、情报和其他安全机构，这对美国本土和全球的美国武装部队构成了重大风险。相关行动包括开发和部署军民两用技术、大规模杀伤性武器、先进常规武器，以及针对美国及其人民的恶意网络行动。通过其国家军民融合战略，中国通过迫使民用中国公司和研究机构支持其军事和情报活动，扩大了其军事工业复合体的规模。
Those Chinese companies also raise capital by: selling to American investors securities that trade on American and foreign public exchanges; lobbying United States index providers and funds to include these securities in market offerings; and engaging in other acts to ensure access to United States capital and accompanying intangible benefits. In this way, the PRC exploits United States investors to finance and advance the development and modernization of its military.
这些中国公司还通过以下方式筹集资本：向美国投资者出售在美国和外国证券交易所交易的证券；游说美国指数提供商和基金将这些证券纳入市场供应；并采取其他行动以确保获得美国资本及其伴随的无形利益。通过这种方式，中国利用美国投资者为其军事的融资和现代化发展提供支持。
Sec. 2. Policy. (a) It is the policy of the United States to preserve an open investment environment to help ensure that artificial intelligence and other emerging technologies of the future are built, created, and grown right here in the United States. Investment in our economy from our allies and partners, some of whom have tremendous sovereign wealth funds, supports the national interest. My Administration will make the United States the world’s greatest destination for investment dollars, to the benefit of all of us.
第 2 节 政策。（a）美国的政策是维护一个开放的投资环境，以确保人工智能和其他未来新兴技术在这里在美国被构建、创造和成长。来自我们的盟友和伙伴对我们经济的投资，其中一些拥有巨大的主权财富基金，支持了国家利益。我的政府将使美国成为投资资金的世界最佳目的地，这对我们所有人都有利。
(b) Yet for investment in United States businesses involved in critical technology, critical infrastructure, personal data, and other sensitive areas, restrictions on foreign investors’ access to United States assets will ease in proportion to their verifiable distance and independence from the predatory investment and technology-acquisition practices of the PRC and other foreign adversaries or threat actors.
( b ) 然而，对于投资于涉及关键技术、关键基础设施、个人数据和其他敏感领域的美国企业，外国投资者对美国资产的访问限制将与其可验证的与中国及其他外国敌对势力或威胁行为者的距离和独立性成比例放宽。
(c) The United States will create an expedited “fast-track” process, based on objective standards, to facilitate greater investment from specified allied and partner sources in United States businesses involved with United States advanced technology and other important areas. This process will allow for increased foreign investment subject to appropriate security provisions, including requirements that the specified foreign investors avoid partnering with United States foreign adversaries.
(美国) 将创建一个基于客观标准的加速“快速通道”流程，以促进特定盟国和合作伙伴来源对涉及美国先进技术和其他重要领域的美国企业的更大投资。此流程将允许在适当的安保条款下增加外国投资，包括要求指定的外国投资者避免与美国的国外敌对势力合作。
(d) My Administration will also expedite environmental reviews for any investment over $1 billion in the United States.
（d）我的政府还将加快对美国超过 10 亿美元投资的环保审查。
(e) The United States will reduce the exploitation of public and private sector capital, technology, and technical knowledge by foreign adversaries such as the PRC. The United States will establish new rules to stop United States companies and investors from investing in industries that advance the PRC’s national Military-Civil Fusion strategy and stop PRC-affiliated persons from buying up critical American businesses and assets, allowing only those investments that serve American interests.
美国将减少外国敌对势力，如中国，对公共和私营部门资本、技术和技术知识的利用。美国将制定新规定，阻止美国公司和投资者投资于推进中国军民融合战略的行业，并阻止中国关联人士收购关键美国企业和资产，仅允许那些服务于美国利益的投资。
(f) The United States will use all necessary legal instruments, including the Committee on Foreign Investment in the United States (CFIUS), to restrict PRC-affiliated persons from investing in United States technology, critical infrastructure, healthcare, agriculture, energy, raw materials, or other strategic sectors. My Administration will protect United States farmland and real estate near sensitive facilities. It will also seek, including in consultation with the Congress, to strengthen CFIUS authority over “greenfield” investments, to restrict foreign adversary access to United States talent and operations in sensitive technologies (especially artificial intelligence), and to expand the remit of “emerging and foundational” technologies addressable by CFIUS.
美国将使用所有必要的法律工具，包括美国外国投资委员会（CFIUS），以限制与中华人民共和国有关联的个人在美国技术、关键基础设施、医疗保健、农业、能源、原材料或其他战略部门进行投资。我的政府将保护美国敏感设施附近的农田和房地产。它还将寻求，包括与国会协商，加强 CFIUS 对“绿地”投资的管辖权，以限制外国敌对者获取美国人才和在敏感技术（特别是人工智能）方面的运营，并扩大 CFIUS 可处理的“新兴和基础”技术的范围。
(g) To reduce uncertainty for investors, reduce administrative burden, and increase Government efficiency, my Administration will cease the use of overly bureaucratic, complex, and open-ended “mitigation” agreements for United States investments from foreign adversary countries. In general, mitigation agreements should consist of concrete actions that companies can complete within a specific time, rather than perpetual and expensive compliance obligations. More administrative resources, in turn, will be directed toward facilitating investments from key partner countries.
（g）为了减少投资者的不确定性、减轻行政负担并提高政府效率，我的政府将停止使用过于官僚、复杂和开放式的“缓解”协议，用于外国敌对国家的美国投资。一般来说，缓解协议应包括公司可以在特定时间内完成的实质性措施，而不是永无止境且昂贵的合规义务。相反，更多的行政资源将用于促进关键合作伙伴国家的投资。
(h) The United States will continue to welcome and encourage passive investments from all foreign persons. These include non-controlling stakes and shares with no voting, board, or other governance rights and that do not confer any managerial influence, substantive decisionmaking, or non-public access to technologies or technical information, products, or services. This will allow our cutting-edge businesses to continue to benefit from foreign investment capital, while ensuring protection of our national security.
美国将继续欢迎并鼓励所有外国人进行被动投资。这包括非控制性股份和无投票权、董事会或其他治理权利的股份，这些股份不赋予任何管理影响力、实质性决策权或非公开访问技术或技术信息、产品或服务。这将使我们的尖端企业能够继续从外国投资资本中获益，同时确保保护我们的国家安全。
(i) The United States will also use all necessary legal instruments to further deter United States persons from investing in the PRC’s military-industrial sector. These may include the imposition of sanctions under the International Emergency Economic Powers Act (IEEPA) through the blocking of assets or through other actions, including actions pursuant to Executive Order 13959 of November 12, 2020 (Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies), as amended by Executive Order 13974 of January 13, 2021 (Amending Executive Order 13959 — Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies) and Executive Order 14032 of June 3, 2021 (Addressing the Threat From Securities Investments That Finance Certain Companies of the People’s Republic of China), and actions pursuant to Executive Order 14105 of August 9, 2023 (Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern). Executive Order 14105 is under review by my Administration, pursuant to the Presidential Memorandum of January 20, 2025 (America First Trade Policy), to examine whether it includes sufficient controls to address national security threats.
(一)美国还将利用所有必要的法律工具，进一步阻止美国个人投资中国军事工业部门。这可能包括根据《国际紧急经济权力法》(IEEPA)实施制裁，通过冻结资产或其他行动，包括根据 2020 年 11 月 12 日行政命令 13959（应对资助共产主义中国军事公司的证券投资威胁）采取的行动，以及根据 2021 年 1 月 13 日行政命令 13974（修订行政命令 13959——应对资助共产主义中国军事公司的证券投资威胁）和 2021 年 6 月 3 日行政命令 14032（应对资助某些中华人民共和国公司证券投资的威胁）采取的行动，以及根据 2023 年 8 月 9 日行政命令 14105（应对关注国家在国家安全技术和产品方面的美国投资）采取的行动。 行政命令 14105 正在我的政府审查中，根据 2025 年 1 月 20 日的总统备忘录（美国优先贸易政策），以审查其是否包含足够的控制措施来应对国家安全威胁。
(j) This review will build on measures taken under my authority in 2020 and 2021 and consider new or expanded restrictions on United States outbound investment in the PRC in sectors such as semiconductors, artificial intelligence, quantum, biotechnology, hypersonics, aerospace, advanced manufacturing, directed energy, and other areas implicated by the PRC’s national Military-Civil Fusion strategy. Covered sectors should be reviewed and updated regularly, including by the Office of Science and Technology Policy. As part of the review, my Administration will consider applying restrictions on investment types including private equity, venture capital, greenfield investments, corporate expansions, and investments in publicly traded securities, from sources including pension funds, university endowments, and other limited-partner investors. It is past time for American universities to stop supporting foreign adversaries with their investment decisions, much as they should stop granting university access to supporters of terrorism.
本审查将基于我在 2020 年和 2021 年授权采取的措施，并考虑对中华人民共和国在半导体、人工智能、量子、生物技术、高超音速、航空航天、先进制造、定向能和其他受中国军民融合战略影响的领域的美国对外投资的新或扩大限制。应定期审查和更新涵盖的领域，包括科学技术政策办公室。作为审查的一部分，我的政府将考虑对包括私募股权、风险投资、绿地投资、企业扩张和对上市证券的投资等投资类型施加限制，来源包括养老基金、大学捐赠基金和其他有限合伙人投资者。美国大学停止支持外国敌对势力进行投资决策的时间已经过去了，就像它们应该停止向恐怖主义支持者提供大学入学一样。
(k) To further reduce incentives for United States persons to invest in our foreign adversaries, we will review whether to suspend or terminate the 1984 United States-The People’s Republic of China Income Tax Convention. That tax treaty, along with the PRC’s admission to the World Trade Organization and the related undertaking by the United States to accord unconditional Most Favored Nation treatment to goods and services of the PRC, led to the deindustrialization of the United States and the technological modernization of the PRC military. We will seek to reverse both those trends. United States investors will invest in the future of America, not the future of the PRC.
（k）为减少美国人在我国外国对手投资的动力，我们将审查是否暂停或终止 1984 年美国-中华人民共和国所得税协定。该税收协定，加上中国加入世界贸易组织和美国承诺给予中国货物和服务无条件最惠国待遇的相关承诺，导致了美国去工业化和中国军事技术的现代化。我们将寻求扭转这两种趋势。美国投资者将投资于美国的未来，而不是中国的未来。
(l) To protect the savings of United States investors and channel them into American growth and prosperity, my Administration will also:
（1）为保护美国投资者的储蓄并将它们引导到美国增长和繁荣，我的政府还将：
(i) determine if adequate financial auditing standards are upheld for companies covered by the Holding Foreign Companies Accountable Act;
（i）确定受《外国公司问责法》监管的公司是否遵守了适当的财务审计标准
(ii) review the variable interest entity and subsidiary structures used by foreign-adversary companies to trade on United States exchanges, which limit the ownership rights and protections for United States investors, as well as allegations of fraudulent behavior by these companies; and
(ii) 审查外国敌对公司用于在美国交易所交易的变量利息实体和子公司结构，这些结构限制了美国投资者的所有权权利和保护，以及这些公司涉嫌欺诈行为的指控；
(iii) restore the highest fiduciary standards as required by the Employee Retirement Security Act of 1974, seeking to ensure that foreign adversary companies are ineligible for pension plan contributions.
(iii) 恢复 1974 年《雇员退休安全法案》要求的最高信托标准，寻求确保外国敌对公司无资格进行养老金计划贡献。
Sec. 3. Implementation. The policy set forth in section 2 of this memorandum shall be implemented, to the extent permitted by law and available appropriations, and subject to internal programmatic and budgetary processes, as follows:
第三条 实施办法。本备忘录第二条规定之政策，在法律允许和现有拨款范围内，以及内部项目计划和预算程序下实施，具体如下：
(a) With respect to sections 2(a) through 2(k) of this memorandum, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Defense, the Secretary of Commerce, the United States Trade Representative, and the heads of other executive departments and agencies (agencies) as deemed appropriate by the Secretary of the Treasury, and with respect to the authorities of CFIUS in coordination with the members thereof, shall take such actions, including the promulgation of rules and regulations, to support all powers granted to the President by IEEPA, section 721 of the Defense Production Act of 1950, as amended, and other statutes to carry out the purposes of this memorandum.
(一)关于本备忘录第 2(a)至 2(k)节，财政部长应与国务卿、国防部长、商务部长、美国贸易代表以及财政部长认为适当的其他行政部门和机构（机构）的首脑协商，并就 CFIUS 的权限与成员协调，采取包括发布规则和条例在内的行动，以支持总统根据 IEEPA、1950 年国防生产法第 721 条（经修订）和其他法律授予的所有权力，以实现本备忘录的目的。
(b) With respect to section 2(d) of this memorandum, the Administrator of the Environmental Protection Agency, in consultation with the heads of other agencies as appropriate, shall carry out the purposes of this memorandum.
(二)关于本备忘录第 2(d)节，环境保护署署长应与适当的其他机构负责人协商，执行本备忘录的目的。
(c) With respect to section 2(l)(i) of this memorandum, the Secretary of the Treasury shall engage as appropriate with the Securities and Exchange Commission and the Public Company Accounting Oversight Board; with respect to section 2(l)(ii) of this memorandum, the Attorney General, in coordination with the Director of the Federal Bureau of Investigation, shall provide a written recommendation on the risk posed to United States investors based on the auditability, corporate oversight, and evidence of criminal or civil fraudulent behavior for all foreign adversary companies currently listed on domestic exchanges; and with respect to section 2(l)(iii) of this memorandum, the Secretary of Labor shall publish updated fiduciary standards under the Employee Retirement Income Security Act of 1974 for investments in public market securities of foreign adversary companies.
关于本备忘录第 2(l)(i)节，财政部长应与证券交易委员会和公众公司会计监督委员会进行适当的接触；关于本备忘录第 2(l)(ii)节，司法部长应与联邦调查局局长协调，就所有目前在国内交易所上市的敌对外国公司的审计性、公司监督以及犯罪或民事欺诈行为证据对美国投资者构成的风险提供书面建议；关于本备忘录第 2(l)(iii)节，劳工部长应发布 1974 年员工退休收入安全法下针对投资于敌对外国公司公共市场证券的更新受托人标准。
Sec. 4. Definition. For purposes of this memorandum, the term “foreign adversaries” includes the PRC, including the Hong Kong Special Administrative Region and the Macau Special Administrative Region; the Republic of Cuba; the Islamic Republic of Iran; the Democratic People’s Republic of Korea; the Russian Federation; and the regime of Venezuelan politician Nicolás Maduro.
第 4 节 定义。本备忘录中，“外国对手”一词包括中华人民共和国，包括香港特别行政区和澳门特别行政区；古巴共和国；伊朗伊斯兰共和国；朝鲜民主主义人民共和国；俄罗斯联邦；以及委内瑞拉政治家尼古拉斯·马杜罗的政权。
Sec. 5. General Provisions. (a) Nothing in this memorandum shall be construed to impair or otherwise affect:
第五节 一般条款。（a）本备忘录的任何内容均不得解释为损害或以其他方式影响：
(i.) the authority granted by law to an executive department or agency, or the head thereof; or
(i.) 法律授予行政部门或机构及其首长的权力；或
(ii.) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(ii.) 管理和预算办公室主任有关预算、行政或立法提案的职能。
(b) This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.
（b）本备忘录应按照适用法律执行，并受拨款可用性的限制。
(c) This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
本备忘录无意且不旨在为任何一方对美国的权利或利益（实质性的或程序性的）提供法律或衡平法上的可执行性，无论是对美国、其部门、机构或实体，还是对其官员、雇员或代理人，或任何其他个人。
最近白宫搞了个大动作，发布了一份“美国优先投资政策”的文件。这事儿要是用大白话来说，就是美国政府给自己定了个投资的“家规”，核心就是八个字：欢迎投资，但得看人。
先说说为啥要搞这个政策。美国觉得自己是个宝藏国家，技术牛、经济强，吸引了一大堆外国投资。这本来是好事，但问题来了，有些国家的投资让美国很不舒服。比如中国，美国觉得中国投资的目的是为了偷学先进技术、抢走核心产业，甚至还想利用美国的钱来发展自己的军事。这事儿要是放在普通人身上，就相当于你辛辛苦苦种的菜，却被别人摘了去喂自己家的猪，换谁都不乐意。
所以，美国政府就定了这么个规矩：对那些靠谱的盟友，比如欧洲那些老铁，美国会大开绿灯，欢迎他们来投资，还准备搞个“快速通道”，让投资流程更简单。但要是那些被美国认定为“不怀好意”的国家，比如中国，那就得好好查查了。要是发现有投资涉及美国的高科技、基础设施、个人数据这些敏感领域，那肯定要严格限制。
政策里还提到，美国要保护自己的农田和靠近敏感设施的房地产，不许外国人随便买。这就好比自家的院子，肯定不能随便让外人进来。同时，美国还打算用法律手段，比如外国投资委员会（CFIUS），来管住那些来自“不友好国家”的投资，特别是那些涉及军事、人工智能、农业、能源等关键领域的。
再说说美国自己的投资者。政府觉得，美国的钱应该投资在美国，而不是去帮别的国家发展。所以，他们可能会出台一些政策，限制美国人投资那些对美国国家安全有威胁的外国企业，比如中国的军民融合相关产业。这就好比你手里的钱，政府希望你用来支持本国的生意，而不是去给竞争对手送钱。
政策里还提到一些细节，比如要加快对大额投资的环保审查，简化一些繁琐的合规流程，让投资更高效。同时，美国还会审查那些在外国上市的公司，看看它们的财务审计是否合规，防止美国投资者被坑。
总的来说，这份政策就是美国在投资领域的一次“大扫除”，既要欢迎那些真心来投资、能带来好处的，又要警惕那些可能有不良企图的。用句通俗的话说，就是“开门迎客，但得擦亮眼”。
1. 特朗普最新对「中国对美国投资、美国对中国投资」的政策内容
2025年2月21日，特朗普签署《美国优先投资政策》（AFIP）备忘录，核心目标是限制中美双向投资中的关键技术流动和战略产业控制权，以“经济安全即国家安全”为总纲，构建系统性脱钩框架。具体政策分为以下方向：
（1）限制中国对美投资
（2）限制美国对华投资
（3）吸引盟友资本回流
2. 政策影响分析
（1）技术竞争与产业链重构
（2）经济与金融冲击
（3）社会与民生影响
3. 政策可能的演进方向
（1）扩大限制范围
（2）盟友联盟构建
（3）法律工具升级
4. 其他值得关注的点
（1）盟友的“选边站”压力
美国要求盟友在敏感领域（如AI、半导体）与中国“脱钩”，但欧洲可能因经济利益抵触全面配合。
（2）法律风险与合规成本
中企需应对VIE架构审查、《外国公司问责法》的严格审计要求，退市风险上升。
（3）农业与资源争夺
中国在美持有的35万英亩农田（占外国持有量0.8%）可能面临强制剥离，加剧粮食安全博弈。
（4）被动投资的灰色地带
允许财务投资但限制控制权，可能催生中资通过离岸基金等迂回渠道进入美国市场。
总结
特朗普的AFIP标志着中美从“竞争性合作”转向“系统性对抗”。短期加剧摩擦，长期可能重塑全球产业链和技术格局。中国的破局关键在于自主创新与非美市场开拓，而美国的政策效果取决于盟友协调度和内部经济韧性。