Chinese Merger Control Law: An Assessment of its by Tingting Weinreich-Zhao

By Tingting Weinreich-Zhao

On 1 August 2008 the chinese language Anti-Monopoly legislation entered into strength, introducing a entire framework for pageant legislations to the chinese language marketplace. One set of the hot ideas relates to merger keep watch over. China’s Ministry of trade (MOFCOM) was once nominated because the authority answerable for implementing merger regulate in China and has been actively doing so ever on the grounds that. fresh years have tested China as the most very important merger submitting jurisdictions for cross-border mergers along the ecu and united states. This paintings evaluates the chinese language merger regulate legislation regime and MOFCOM’s decision-making perform after greater than 5 years of program. particularly, it assesses which coverage objectives (competition coverage objectives or business coverage issues) be successful within the written legislations and its software and gives feedback for yet another development of the legislation – with the purpose to improve a clear merger regulate regime that promotes long term fiscal development in China.

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Additional resources for Chinese Merger Control Law: An Assessment of its Competition-Policy Orientation after the First Years of Application

Sample text

The following will briefly outline the existing regulation regime of FDI. It will be shown that foreign M&A constitutes the most important FDI entry mode in China, and a number of foreign acquisitions of well-known Chinese enterprises have significantly affected the development of Chinese competition policy. 1 Regulation of FDI FDI is widely regulated in China. The most important pieces of legislation are the “Regulations on Guiding the Direction of Foreign Investment”, first promulgated by the State Council on 20 June 1995 and revised on 11 February 2002 (“FDI Regulations”),108 setting out the basic regulatory regime for FDIs, and the “Foreign Investment Industrial Guidance Catalogue”, first issued by NDRC on 20 June 1995 and last revised by NDRC and MOFCOM on 24 December 2011 (“FDI Catalogue”),109 which lists and categorises the types of industries foreigners may invest in.

Furthermore, both plans set forth certain capacity and market share targets for the respective industries after restructuring. In particular, the top five Chinese steel companies should account for more than 45 % of the total capacity of all steel producers in China. It is also set out in the plan that a large number of steel producers (including Shandong Steel Group) should be reorganised and, by 2011, several extra-large steel producers (including Baogang Group, Anben Group, Wugang Group) shall be formed, each with a capacity of more than 50 million tons and able to compete internationally.

201, 218 (2002). The State Planning Commission was the predecessor of today’s NDRC. , 1 Wash. U. Global Stud. L. Rev. 201, 219 (2002). 4 Ma, M&As of SOEs, 2005, p. 87. 5 Sprick, ZChinR 2008, 122, 123. 6 Sprick, ZChinR 2008, 122, 123. htm, last accessed 12 January 2014. 8 After issuance of some isolated provisions that emphasised that foreign investments must not distort competition in the Chinese market,9 the first operable merger control rules were finalised in 2003. 12 The legal framework was complemented by the “Guidelines on Anti-Monopoly Filings for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors”, issued by MOFCOM on 8 March 2007 (“Guidelines 2007”),13 which contained additional provisions on the review procedure.

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