Foreign mergers and acquisitions regulations are formally implemented today, focusing on adjustments to optimize the structure of foreign investment Large-scale equipment industry is forbidden list brewing Experts from the Ministry of Commerce pointed out that the "stipulation" than in the past the biggest difference is to strengthen the review of the project, change the heavy scale of investment, With regard to light-weight conditions, we will strengthen the macro-control of foreign investment and industrial guidance, and further adjust and optimize the structure of foreign investment.
The "Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors" (hereinafter referred to as "Regulations") jointly issued by the Ministry of Commerce and other six ministries and commissions formally began to be implemented today. In the case of the controversial mergers and acquisitions such as Carlyle's M&A XCMG and Schaeffler's acquisition of Los Angeles, the latest news shows that there has been a recent "strengthening the reorganization and merger of management equipment manufacturing industries to limit foreign capital acquisition of major domestic equipment companies. The draft work document was submitted to the National Development and Reform Commission. It is reported that if it goes well, it is expected to be formally introduced during the year.
The list is expected to be formally introduced during the year. It is reported that in the document drafted by the China Machinery Industry Federation, the policy of restricting foreign capital from acquiring major domestic equipment companies has been further clarified, and a list of specific "bans" is also in the pipeline. After the above documents are submitted to the National Development and Reform Commission for completion of the preliminary examination, opinions of the relevant ministries, associations and enterprises will be solicited and revised. The relevant personage of the association stated that if it progresses smoothly, it is expected to be formally introduced during the year.
Federation officials also revealed that in this draft document submitted to the National Development and Reform Commission, it was clearly stated that enterprises undertaking the tasks of national major equipment development and production cannot be merged and controlled by foreign capital. However, there are no specific restrictions on whether foreign investors can participate in these companies.
After the "Regulations" was issued, many overseas media interpreted it as a major change in China's investment promotion policy, raising questions about the rise of China's "protectionism" and arguing whether the acquisition of the Xugong case by Carlyle would become a test of domestic investment policies. Whether to continue the stable touchstone.
Shen Danyang, the research institute of the Ministry of Commerce, believes that the "Regulations" will promote the healthy development of foreign mergers and acquisitions. On the surface, the Regulations scrutinize and control foreign capital mergers and acquisitions. However, the explicit and detailed provisions clarify some plausible concepts such as “malicious acquisitions†in the society. Therefore, for those compliant Reasonable mergers and acquisitions are another kind of promotion.
“Regulations†Optimizing the Structure of Foreign Investment The experts of the Ministry of Commerce pointed out that the biggest difference between the “Regulations†and the past is that the review of projects has been strengthened, the heavy and light quality of investment promotion has been changed, and the macro-control and industrial guidance of foreign investment have been strengthened. , Further adjust and optimize the structure of foreign investment.
Prior to this, some foreign giants, under the banner of providing new technologies and funds to Chinese state-owned enterprises, have participated in China's equipment manufacturing industry. In fact, through the control of management, control of core technologies, and the loss of acquired companies, the company eventually forced all its shares to be sold to foreign companies. However, in this process of foreign mergers and acquisitions, it is difficult for China to keep advanced technology in its hands. This also shows that with the strong restructuring of multinational corporations in recent years, the trend of technological monopoly of giants of foreign equipment companies has become more and more obvious, and the technology introduction methods that were often used in the past have become increasingly difficult to implement.
Recently, Zhang Guobao, deputy director of the National Development and Reform Commission, also stated that the country will improve the management system of foreign capital mergers and acquisitions, and consider factors such as the total supply and demand of the market, productivity distribution, national economic security, and public interest in accordance with relevant national laws and regulations, industrial policies, and industry standards. Review foreign capital M&A projects. Zhang Guobao stressed that large-scale key equipment manufacturing enterprises must pass the approval of relevant departments of the State Council when transferring equity to foreign capital. For the introduction of foreign advanced technologies, Zhang Guobao said that the National Development and Reform Commission will take the lead in establishing a joint review mechanism for foreign mergers and acquisitions, and formulate corresponding review procedures and government approval systems.
The "Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors" (hereinafter referred to as "Regulations") jointly issued by the Ministry of Commerce and other six ministries and commissions formally began to be implemented today. In the case of the controversial mergers and acquisitions such as Carlyle's M&A XCMG and Schaeffler's acquisition of Los Angeles, the latest news shows that there has been a recent "strengthening the reorganization and merger of management equipment manufacturing industries to limit foreign capital acquisition of major domestic equipment companies. The draft work document was submitted to the National Development and Reform Commission. It is reported that if it goes well, it is expected to be formally introduced during the year.
The list is expected to be formally introduced during the year. It is reported that in the document drafted by the China Machinery Industry Federation, the policy of restricting foreign capital from acquiring major domestic equipment companies has been further clarified, and a list of specific "bans" is also in the pipeline. After the above documents are submitted to the National Development and Reform Commission for completion of the preliminary examination, opinions of the relevant ministries, associations and enterprises will be solicited and revised. The relevant personage of the association stated that if it progresses smoothly, it is expected to be formally introduced during the year.
Federation officials also revealed that in this draft document submitted to the National Development and Reform Commission, it was clearly stated that enterprises undertaking the tasks of national major equipment development and production cannot be merged and controlled by foreign capital. However, there are no specific restrictions on whether foreign investors can participate in these companies.
After the "Regulations" was issued, many overseas media interpreted it as a major change in China's investment promotion policy, raising questions about the rise of China's "protectionism" and arguing whether the acquisition of the Xugong case by Carlyle would become a test of domestic investment policies. Whether to continue the stable touchstone.
Shen Danyang, the research institute of the Ministry of Commerce, believes that the "Regulations" will promote the healthy development of foreign mergers and acquisitions. On the surface, the Regulations scrutinize and control foreign capital mergers and acquisitions. However, the explicit and detailed provisions clarify some plausible concepts such as “malicious acquisitions†in the society. Therefore, for those compliant Reasonable mergers and acquisitions are another kind of promotion.
“Regulations†Optimizing the Structure of Foreign Investment The experts of the Ministry of Commerce pointed out that the biggest difference between the “Regulations†and the past is that the review of projects has been strengthened, the heavy and light quality of investment promotion has been changed, and the macro-control and industrial guidance of foreign investment have been strengthened. , Further adjust and optimize the structure of foreign investment.
Prior to this, some foreign giants, under the banner of providing new technologies and funds to Chinese state-owned enterprises, have participated in China's equipment manufacturing industry. In fact, through the control of management, control of core technologies, and the loss of acquired companies, the company eventually forced all its shares to be sold to foreign companies. However, in this process of foreign mergers and acquisitions, it is difficult for China to keep advanced technology in its hands. This also shows that with the strong restructuring of multinational corporations in recent years, the trend of technological monopoly of giants of foreign equipment companies has become more and more obvious, and the technology introduction methods that were often used in the past have become increasingly difficult to implement.
Recently, Zhang Guobao, deputy director of the National Development and Reform Commission, also stated that the country will improve the management system of foreign capital mergers and acquisitions, and consider factors such as the total supply and demand of the market, productivity distribution, national economic security, and public interest in accordance with relevant national laws and regulations, industrial policies, and industry standards. Review foreign capital M&A projects. Zhang Guobao stressed that large-scale key equipment manufacturing enterprises must pass the approval of relevant departments of the State Council when transferring equity to foreign capital. For the introduction of foreign advanced technologies, Zhang Guobao said that the National Development and Reform Commission will take the lead in establishing a joint review mechanism for foreign mergers and acquisitions, and formulate corresponding review procedures and government approval systems.
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