外国投资观察

June 2026 ForeignInvestmentMonitor Contents Executive summary Regulators are not only focused on who is investing. They are asking what the investment enables: what it controls, what criticalsystems it touches and what strategic influence it gives rise to. This edition ofForeign Investment Monitorexamines key FDI developments shaping the global investment landscape, including: 1.Digital infrastructure: Data centers enter the security frameAs AI and cloud demand accelerates, data centers are being reassessed as strategic infrastructure. For investors, FDI risk now turns on data access, control and resilience. Media transactions are attracting increased, multi-layered scrutiny as European governments reassess who controls news,information and public discourse. Foreign investment controls are no longer just a customary regulatory condition to closing. In sensitive cross-border M&A, theynow influence price, timing, remedies and contractual risk allocation from the outset. 4.CFIUS: Is the Known Investor Program the golden ticket for investors?The Treasury’s proposed KIP points to a more efficient CFIUS for repeat, low-risk investors, but its value will depend on whether itdelivers meaningful procedural advantages. 5.Japan builds its CFIUS: Broader scope, deeper scrutinyJapan is tightening foreign investment review, but the more significant change is institutional. A regime once focused on formalfilings is becoming more substantive, intelligence-led and security-driven. 6.Austrian FDI: Managing heightened scrutiny, Phase II proceedings and policy shiftsActive enforcement and broader interpretation of sensitive sectors underscore an evolving European landscape of increasingly interventionist investment screening. The question is no longer simply whether a transaction can be cleared, but how it will be assessed against national policy priorities. Digital infrastructure:Data centers enter thesecurity frame Authorities may examine whether aninvestor’s ownership stake, governancerights or operational role could affectsensitive datasets, including personaldata, government or emergencyservices data, or commercially criticalinformation. They may also considerconcentration risk, particularly wheredisruption or misuse could impairessential digital services. Data centers were once viewed, from atransaction perspective, asinfrastructure assets. They requiredland, power, cooling, capital andlong-term customers. They still do. Butthe regulatory lens has changed. In brief Data centers now sit at the centerof the digital economy. Theysupport cloud services, AI,financial infrastructure andessential public functions. Thatrole is changing how regulatorsassess foreign investment in thesector. Screening authorities arelooking beyond land, power andphysical infrastructure to thefunctions data centers enable:access to sensitive data,resilience of essential servicesand concentration of criticalprocessing capacity. Approachesdiffer across jurisdictions. Europeis moving towards broaderscrutiny of digital infrastructure,the US remains comparativelyopen to passive investment andChina retains broad discretion tointervene where national securityconcerns arise. As demand for cloud services, AI anddata-intensive applications accelerates,data centers are becoming more thanphysical facilities. They are controlpoints in the digital economy. Theydetermine where data sits, who canaccess it, how resilient essentialservices are and how dependent ajurisdiction becomes on foreign-ownedinfrastructure. This reconceptualization of data as astrategically sensitive resource hasenabled data center transactions to fallwithin the scope of existing FDIscreening regimes even where datacenters are not expressly listed asprotected assets in some legislation. That shift matters for foreigninvestment review. Screeningauthorities are increasingly asking notonly who owns the asset, but what theasset enables. The answer can bringdata center investments within scopeeven where data centers are notexpressly listed as protected assets inthe relevant legislation. Europe moves towards digitalinfrastructure scrutiny In the EU, these developments coincidewith a significant overhaul of the FDIscreening framework. In May 2026, theEuropean Parliament approved arevision of Regulation (EU) 2019/452.The reforms seek to strengthen andharmonize national screening regimes,deepen cooperation between MemberStates and the European Commissionand expand the minimum mandatoryscope of review, including by identifying“digital infrastructure” as an area ofstrategic relevance. Some MemberStates have already moved tostrengthen controls of datacenter-related investments. Othershave already closed, or are moving toclose, potential review gaps. Thedirection of travel is visible acrossEurope; the Netherlands, Germany andthe UK offer three useful examples ofhow selected jurisdictions are alreadystrengthening, or preparing tostrengthen, scrutiny of datacenter-related investments.