Foreign investment in cinemas and art performing groups is prohibited.
"Article 2. This Law shall apply to foreign investment within the territory of the People's Republic of China (hereinafter referred to as the territory of China).
The term "foreign investment" as mentioned in this Law refers to investment activities conducted directly or indirectly in China by foreign natural persons, enterprises or other organizations (hereinafter referred to as foreign investors), including the following situations:
(1) A foreign investor establishes a foreign-invested enterprise in China alone or jointly with other investors;
(2) Foreign investors acquire shares, equities, property shares or other similar rights and interests of enterprises within the territory of China;
(3) Foreign investors alone or jointly with other investors invest in new projects in China;
(4) Investment in other forms prescribed by laws, administrative regulations or the State Council.
The term "foreign-invested enterprises" as mentioned in this Law refers to enterprises wholly or partly invested by foreign investors and registered and established within the territory of China in accordance with Chinese laws.
[...]
Article 4. The state implements a pre-establishment national treatment plus negative list management system for foreign investment.
The pre-establishment national treatment referred to in the preceding paragraph refers to the treatment given to foreign investors and their investments at the stage of investment access no less than that given to domestic investors and their investments; Special access management measures for investment implementation. The state shall give national treatment to foreign investment outside the negative list.
[...]
Chapter IV - Investment Management
Article 28. Foreign investors are not allowed to invest in fields that are prohibited from investing in the negative list for foreign investment access.
Foreign investors should meet the conditions stipulated in the negative list to invest in the areas where investment is restricted by the negative list for foreign investment access.
Fields outside the negative list for foreign investment access shall be managed in accordance with the principle of consistency between domestic and foreign investment.
Article 29. Foreign investors who need to go through investment project approval and filing shall follow the relevant state regulations.
Article 30. Foreign investors who invest in industries and fields that require licensing according to law shall go through relevant licensing procedures according to law.
Relevant competent departments shall review foreign investors' applications for permits in accordance with the same conditions and procedures as those for domestic investment, unless otherwise stipulated by laws and administrative regulations.[...]'" (Foreign Investment Law of the People's Republic of China of 15 March 2019, as amended)
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"I. The Special Administrative Measures  for Foreign Investment Access (Negative List) (hereinafter referred to as the "Negative List") uniformly set out special administrative measures for foreign investment access regarding equity requirements and requirements for senior management. Sectors not covered in the Negative List shall be subject to administration in accordance with the principle of equal treatment for domestic and foreign investments.
[...]
III. Overseas investors are forbidden to engage in investment activities as owners of individual businesses, investors of sole proprietorships, or members of farmers' professional cooperatives. 
[...]
VI. Where the Mainland and Hong Kong Closer Economic Partnership Arrangement and its follow-up agreements, the Mainland and Macao Closer Economic Partnership Arrangement and its follow-up agreements, the Cross-Straits Economic Cooperation Framework Agreement and its follow-up agreements, and any international convention or treaty of which China is a contracting state or to which China has acceded, set out provisions on access treatment for overseas investors that are more preferential, such provisions shall apply. If more preferential opening-up measures are taken for eligible investors in special economic zones such as pilot free trade zones, relevant provisions shall apply. 
[...]
XII. Culture, sports and entertainment [...]
31.  Investment in film production companies, distribution companies, cinema companies, and film importation businesses shall be prohibited. [...]
33. Investment in art performing groups shall be prohibited. [...]" (Special Administrative Measures  for Foreign Investment Access (Negative List) (2021 Edition) )
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"2018 Special Administrative Measures for Admission of Foreign Investments (Negative List) (2018 version): [...]
14. Culture, Sports and Entertainment [...]
44. The construction and operation of cinemas must be controlled by the Chinese party.
45. Investment in film production companies, distribution companies, cinema chains and film import businesses is prohibited. [...]
47. Performance agencies must be controlled by the Chinese party.  
48. Investment in performing arts groups is prohibited. [...]"(Special Administrative Measures  for Foreign Investment Access (Negative List) (2018 Edition))
Foreign Investment Law of the People's Republic of China of 15 March 2019, as amended
Special Administrative Measures  for Foreign Investment Access (Negative List) (2021 Edition)
Special Administrative Measures  for Foreign Investment Access (Negative List) (2020 Edition)
Special Administrative Measures  for Foreign Investment Access (Negative List) (2019 Edition)
Special Administrative Measures  for Foreign Investment Access (Negative List) (2018 Edition)
[<a href="http://www.gov.cn/xinwen/2019-03/20/content_5375360.htm">Law</a>],[<a href="https://www.tjftz.gov.cn/tisip/upload/files/2022/4/TheSpecialAdministrativeMeures(NegativeList)forForeignInvestmentAccess(2021Edition).pdf">List</a>],[<a href="https://www.ndrc.gov.cn/xxgk/zcfb/fzggwl/202006/P020200624549035288187.pdf">List</a>],[<a href="http://images.mofcom.gov.cn/wzs/201906/20190629212130154.pdf">List</a>],[<a href="https://www.ndrc.gov.cn/xxgk/zcfb/fzggwl/201806/W020190905495140644002.pdf">List</a>]