While top leaders say China isn't closing off its economy, they have become increasingly preoccupied with more pressing domestic concerns, such as rural poverty. Many current policies are driven by the goal of promoting domestic industry and technologies, rather than by any specific interest in penalizing foreign businesses. For that reason, the restrictions could conceivably last much longer-a scarier prospect for foreign companies.

A proposed rule restricting the expansion of large-scale chain outlets is largely the result of intense lobbying by Chinese retailers, according to people familiar with the matter. The rule, if passed, is likely to put foreign companies such as Wal-Mart Stores Inc. and Carrefour SA at a disadvantage. Rules issued in July could make it more difficult for foreign companies to operate Internet businesses, while banking regulators in August circulated draft rules that are likely to make it more expensive for foreign banks to expand their retail branches.

At the end of July, China's securities regulator published a new takeover code; it declared that acquisitions involving publicly traded companies "must not harm national security or the public interest."

Last month the Ministry of Commerce declared that it will have to approve any foreign acquisitions that could affect economic security, or involve "key" domestic industries or well-known trademarks. Lawyers say the provisions give the government broad discretion to intervene in deals.

A think tank affiliated with the National Development and Reform Commission also said China should set up a government organizaton to assess the impact of foreign purchases of state-owned enterprises. The proposal mimics the Committee for Foreign Investment in the U.S., a panel that reviews the national-security implications of foreign transactions and can recommend that the prsident cancel a deal.

These different regulatory efforts haven't been particularly well coordinated, suggesting that the government is responding ad hoc to individual situations, rather than pursuing a broad agenda of restricting foreign business activity. And there have been recent signs that the government is trying to rein in the antiforeign rhetoric, by giving prominent media exposure to those who support increased economic openness.

"Foreign companies don't need to worry about China backtracking," says Wang Zhile, director of the Research Center on Transnational Corporations, a body that advises the central government. Mr. Wang says those calling for restrictions on foreign investment don't represent mainstream opinion in the government.

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