本文全部数据及事实陈述均来源于塞尔维亚JPM律师事务所（JPM & Partners）发布的报告。本文由上海市锦天城律师事务所资深律师李瑶瑶在赴JPM律师事务所交换访问期间负责整理编译，内容仅供参考，不构成任何法律意见或投资建议。如需进一步法律咨询，请联系JPM & Partners或锦天城律师事务所相关团队。

All data and factual statements in this article are sourced from the Serbia Country Report and Serbia State Incentives materials published by JPM & Partners. This article was compiled and edited by Yaoyao Li, Senior Associate at Allbright Law Firm, during her exchange visit at JPM & Partners. The contents are provided for informational purposes only and do not constitute legal advice or investment recommendations. For further legal consultation, please contact JPM & Partners or the relevant team at Allbright Law Firm.

塞尔维亚地处东南欧巴尔干半岛中部，国土面积88,499平方公里，首都贝尔格莱德约有170万居民，全国人口约700万，官方语言为塞尔维亚语，货币为塞尔维亚第纳尔（RSD），时区为GMT+1。政体为议会制共和国。

Serbia is located in southeastern Europe, in the central part of the Western Balkans. It covers an area of 88,499 km², with Belgrade as its capital city (approximately 1.7 million inhabitants) and a total population of around 7 million. The official language is Serbian, the national currency is the Serbian Dinar (RSD), and the time zone is GMT+1. Serbia operates as a Parliamentary Republic.

对外关系方面，塞尔维亚已于2014年1月21日正式启动欧盟入盟谈判。主要信用评级为：惠誉BB+/稳定、标普BB+/正面、穆迪Ba2/稳定，标普近期已将塞国评级上调至BB+。

On the external relations front, Serbia formally commenced EU accession negotiations on 21 January 2014. Its current credit ratings stand at: Fitch BB+/Stable, S&P BB+/Positive, and Moody's Ba2/Stable — with S&P having recently upgraded Serbia's rating to BB+.

根据JPM律师事务所援引塞尔维亚发展署数据，就项目金额占比而言，中国以约18%高居塞尔维亚外资来源国首位，远超德国（约12%），美国、俄罗斯、意大利各约9%，奥地利约7%（数据为图表近似读数）。这一格局背后，是中塞两国多层次的制度安排与战略互信共同作用的结果。

According to data cited by JPM & Partners sourced from the Development Agency of Serbia, China accounts for approximately 18% of total foreign investment by project value — ranking first among all foreign investors in Serbia, well ahead of Germany (~12%), the USA, Russia, and Italy (each ~9%), and Austria (~7%). (figures are approximate readings derived from the bar chart) This position reflects a combination of multi-layered institutional arrangements and deepening strategic trust between the two countries.

（一）中塞双边协议体系The China-Serbia Bilateral Agreement Architecture

中塞两国已签署一系列层次完整、覆盖广泛的双边协议，构成中国企业赴塞投资的制度基础：

China and Serbia have concluded a comprehensive series of bilateral agreements that form the institutional foundation for Chinese investment in Serbia:

• 中塞自由贸易协定（Free Trade Agreement between China and Serbia）

• 全面战略伙伴关系宣言（Comprehensive Strategic Partnership Declaration）

• 关于在塞建立人民币清算安排及指定清算行的谅解备忘录（Yuan Clearing Arrangement MOU）

• 经济技术合作协定（赠款援助）（Agreement on Economic and Technical Cooperation, Grant Aid）

• “一带一路”协调机制谅解备忘录（Belt and Road Coordination Mechanism MOU）

• 基础设施领域经济技术合作协议（Protocol for Enhancing Cooperation in Infrastructure）

• 绿色可持续发展合作备忘录（Memorandum on Green and Sustainable Development）

上述协议体系使中国企业在塞投资和贸易享有制度层面的优先便利，尤其是自贸协定框架下对华贸易的零关税安排，以及人民币清算机制的建立（中国银行已于2016年获塞尔维亚国家银行许可在塞设立分行），显著降低了跨境经营的货币成本与制度摩擦。

These agreements give Chinese enterprises privileged institutional access for investment and trade in Serbia. In particular, the zero-tariff arrangement under the Free Trade Agreement and the establishment of a yuan clearing mechanism — with Bank of China receiving its licence from the National Bank of Serbia in 2016 — substantially reduce currency costs and institutional friction for cross-border operations.

（二）自贸网络叠加效应Free Trade Network Multiplier

塞尔维亚的战略价值不仅在于其自身市场，更在于其广泛的自贸协定网络所形成的放大效应。塞尔维亚已签署或参与以下主要自贸安排：

Serbia's strategic value lies not merely in its own market, but in the amplifying effect of its extensive free trade network. Serbia participates in the following major trade arrangements:

在中国通过中塞自贸协定实现对塞零关税进口的同时，亦可借助塞尔维亚与欧盟、欧亚经济联盟等经济体的自贸安排，将塞尔维亚作为连接欧洲与欧亚大市场的生产与出口节点，覆盖消费者总计超过13亿。

While China benefits from zero-tariff imports into Serbia under their bilateral FTA, it can simultaneously leverage Serbia's agreements with the EU, the EAEU, and other economies — positioning Serbia as a production and export hub bridging Europe and Eurasia, with access to a combined consumer base exceeding 1.3 billion.

（三）优越的投资营商环境Superior Investment and Business Environment

塞尔维亚政府为吸引外资提供了多方面的制度和政策便利，主要包括：

The Serbian government has put in place a range of institutional and policy incentives to attract foreign investment, including:

• 无FDI审查机制：塞尔维亚不设外资审批和安全审查程序，进入门槛低。

• No FDI screening or approval mechanisms exist in Serbia; the entry threshold for foreign investment is low.

  
  

• 10年企业所得税豁免：投资额超过850万欧元（10亿第纳尔）、新增员工逾100人者，可自盈利年度起享受10年企业利润税豁免。

• 10-year corporate income tax holiday: available to investors who hire more than 100 employees and invest more than EUR 8.5 million (RSD 1 billion), commencing from the first profitable year.

  
  

• 绿地/棕地战略激励：政府提供与投资额、新增就业挂钩的财政补贴，贝尔格莱德地区最低要求为投资50万欧元、新增50名员工。

• Greenfield/brownfield strategic incentives: state financial grants are tied to investment value and job creation; the Belgrade Region requires a minimum investment of EUR 500,000 and 50 new employees.

  
  

• 薪资税减免：雇用在国家就业机构登记超6个月失业人员，可享65%至75%的薪资税减免（按新增岗位数量累进）。

• Payroll tax relief: employers hiring persons registered with the National Employment Agency for more than 6 months are entitled to a 65–75% reduction in payroll tax, scaled by number of new jobs created.

  
  

• 建设用地优惠出让：具有国家重要性的项目可获低于市价的建设用地转让支持。

• Construction land subsidy: projects of national importance may acquire construction land at below-market prices.

  
  

• 与周边国家相比具有竞争力的税率：塞尔维亚整体税负低于大多数邻国。

• Competitive tax rates: Serbia's overall tax burden is lower than that of most neighbouring countries.

  
  

• 数字化政务：多数行政机构实现数字化，项目审批流程已有快速通道。

• Digitalised administration: most government bodies operate digitally, with a fast-track permitting process available for investment projects.

（四）投资保护制度保障Investment Protection Guarantees

塞尔维亚对外资提供以下法律保护，保障投资安全：

Serbia provides the following legal protections for foreign investors:

• 投资自由（Freedom to Invest）

• 国民待遇（National Treatment）

• 已获权利保护（Protection of Acquired Rights）

• 防止征用保护（Protection from Expropriation）

• 外国投资者利润及财产的转移权（Right to Transfer Profits and Property）

（五）重大中资项目Major Chinese Investment Projects

根据JPM律师事务所报告，塞尔维亚最大的中资项目（按金额）如下：

According to the JPM & Partners report, the largest Chinese investment projects in Serbia by value are as follows:

上述六大中资项目在塞投资总额逾31亿欧元，涵盖矿业、冶金、汽车零部件、消费电子等多个领域，充分体现中国企业参与塞尔维亚产业链建设的深度与广度。

The six major Chinese projects listed above represent a combined investment exceeding EUR 3.1 billion, spanning mining, metallurgy, automotive components, and consumer electronics — demonstrating the breadth and depth of Chinese industrial engagement in Serbia.

（六）最具吸引力的投资行业Most Attractive Investment Sectors

根据项目数量占比，塞尔维亚最受外资青睐的行业依次为：汽车（约21%）、农业与食品饮料（约19%）、纺织服装（约12%）、木材与家具（约6%）、冶金（约5%）、机械设备（约5%）。

By number of projects, the most attractive investment sectors in Serbia are: Automotive (~21%), Agriculture & F&B (~19%), Textile & Clothing (~12%), Wood & Furniture (~6%), Metallurgy (~5%), and Machinery & Equipment (~5%).

综合以上分析，中国成为塞尔维亚第一大外资来源国，是由制度安排、政策激励、地缘区位与战略互信四重因素共同推动的结果。中塞自贸协定消除了关税壁垒，“一带一路”合作框架提供了战略背书，人民币清算机制与中国银行的落地降低了金融成本，宽松的投资保护制度与大力度财税优惠则直接提升了投资回报预期。与此同时，塞尔维亚通过其广泛的自贸协定网络，赋予中国企业辐射欧盟、欧亚经济联盟等超13亿消费者市场的战略跳板价值，使其成为中国企业布局欧洲的理想切入点。

In summary, China's ascent to Serbia's top foreign investor reflects the convergence of four mutually reinforcing factors: institutional arrangements, policy incentives, geopolitical positioning, and strategic trust. The China-Serbia FTA eliminates tariff barriers; the Belt and Road framework provides strategic endorsement; the yuan clearing mechanism and Bank of China's local presence reduce financial costs; and Serbia's liberal investment protection regime combined with generous fiscal incentives directly enhances expected returns. At the same time, Serbia's extensive FTA network — covering more than 1.3 billion consumers across the EU, EAEU, and beyond — positions it as a valuable strategic springboard for Chinese enterprises seeking European market access.