Abstract: Under the influence of the free and open economic policy, Germany has no specific foreign investment legislation. Investment prohibition or restriction measures for special fields stipulated in specific legal documents restrict foreign investment by setting review procedures and specific industry access requirements. With the increase in the number of international treaties concluded by Germany, the negative list model has been established, which takes the form of "reservation measures." It clearly regulates the specific areas in which foreign investment is prohibited or restricted, and refines the industry sectors and types of goods and services in these areas. Compared with Germany, China began to announce the negative list since 2018, and adjusts annually. Through the study of Germany's negative list, this article points out that China may draw lessons from the standards and procedures of Germany for restricting financial services, information technology, medical and health care etc., so as to improve the negative list system.