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[交流] 【Pure water】China to Review Foreign M&As for National Safety Concern

The State Council, or China's Cabinet, has announced that starting next month it will conduct security reviews of proposed foreign M&As of Chinese enterprises in certain sectors.

Wang Zhile, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, talks about the reason behind the introduction of the new policy.

"After China entered the World Trade organization, more multinationals entered China through M&As, which was not familiar to us at first. If foreign capital obtains actual control of companies in important industries such as the defense industry, China's national safety might be threatened."

Wang Zhile says the new policy not only is part of China's long-term plan to build a modern economic regulatory system, but also conforms to common international practices.

"China already started security reviews of foreign M&As a few years ago, but it hasn't yet released formal regulations until now. The new rules are a Chinese initiative. After 9/11, the United States also strengthened its security reviews of acquisitions of companies involved in the country's infrastructure."

The State Council says it will establish a panel to conduct the reviews. Members of the panel will come from the National Development and Reform Commission, China's top economic planning organization, and the Ministry of Commerce.

The panel will evaluate the potential effects of proposed foreign deals of companies involved in the country's national defense safety, economic stability, social order, and technology research and development.

Figures from ChinaVenture Group, a Beijing-based investment consulting firm, indicate that the country recorded nearly 1,800 mergers and acquisitions in 2010 with a total disclosed value of more than 80 billion U.S. dollars. That was an increase of 14 percent from 2009.

The pharmaceutical and beer industries saw the highest number of deals, and companies from Japan, the United States and France were involved in most of the major takeovers.

Liu Tianyong, a attorney at Hwuason, a domestic law firm dealing with foreign investments, says the new rules will set a standard to guide foreign M&As instead of creating a barrier to block normal foreign investments.

"I think the regulations tend to review those big projects that might affect national interests. They will have little effect on small or mid-sized deals."

Liu Tianyong says he hopes the implementation of the regulations will be transparent and efficient. Otherwise, they could hinder the pace of foreign investment in China. He also calls for the drafting of matching rules so that security reviews will be carried out in a professional and effective manner.

For CRI, I'm Yingying.

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