www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

CHINA / National

Foreign takeover controversial
By Dai Yan (China Daily)
Updated: 2006-04-11 15:29

Acquisitions of Chinese enterprises by foreign companies are increasingly being challenged amidst a growing mood of "economic patriotism."

former National Bureau of Statistics Commissioner Li Deshui
former National Bureau of Statistics Commissioner Li Deshui. [Xinhua/file]
The former National Bureau of Statistics Commissioner Li Deshui is one of the most prominent of the critics. During last month's session of the National People's Congress(NPC), the country's law-making body, he warned that the acquisition of promising local companies by multinational investors was creating monopolies in a number of sectors.

"If China lets multinationals' malicious mergers and acquisitions go ahead freely, China can only act as labour in the global supply chain," said Li, worrying that Chinese brands and the innovation ability of the national industry would disappear gradually and core parts, key technologies and high added value of China's leading enterprises might be completely controlled by multinationals."

His pointed criticism generated wide media exposure and created fears of a foreign mergers and acquisitions (M&A) threat.

Several factors have contributed to the climate, including national pride, lingering resentment over Chinese oil giant CNOOC's failed US$18 billion bid for Unocal last year, and a protectionist resurgence, partly in response to a growing protectionist sentiment in the United States and Europe against low-cost Chinese exporters.

"These emotions about foreign capital are the last thing we want," says Fei Guoping, director of the China Mergers & Acquisitions Association under the All-China Federation of Industry and Commerce.

"Such unwarranted enthusiasm will only hurt the country's economic development. What we want is to make sane progress in building an M&A review system based on national economic security," says Fei, who is the chief writer of a proposal on such a review system submitted by the federation to the NPC last month.

While the Chinese Government welcomes foreign investment, through M&As or otherwise, the explosive increase in FDI has given multinationals a degree of market power that many Chinese find worrying and potentially damaging to the development of domestic enterprises.

However, if the worry is directed at the scale of foreign investment, it is missing the target, says Fei, who believes the key point is the absence of a law and a government body to look at possible M&As that may hurt national security.

In China, some department regulations involve M&A reviews and several government bodies have the power to look at parts of the M&A cases.

The Ministry of Commerce (MOFCOM)) and the National Development and Reform Commission (NDRC) are entrusted with the primary responsibility of supervising foreign-related M&A transactions. The former is the principal foreign investment regulator while the latter is responsible for approving the foreign investment project application.

The nature of the target may lead to the involvement of other regulators. The State-Owned Assets Supervision and Administration Commission plays a significant role in transactions involving State-owned enterprises. The China Securities Regulatory Commission, which is responsible for monitoring and regulating China's capital markets, will be involved in transactions linked to listed companies.

There is a higher level of government participation in M&As in China than is typical in other countries, says an official from skincare company L'Oreal, which acquired local brand Mininurse.

"Despite the recent relaxation of foreign investment restrictions, pervasive approval requirements remain a distinctive feature of M&A transactions in China," says the official, who did not want to be named.

While the complicated M&A review process often scares away potential investors, few efforts are made during the process to check whether a monopoly is created or whether the deal threatens national security, Fei says.

"The establishment of an M&A review system and an authority will be a base line, though it may not be frequently used."



Page: 12
 
 

主站蜘蛛池模板: 日本xxxxx黄区免费看动漫 | 免费一级毛片不卡在线播放 | 国产一级做a爰片在线看免费 | 全免费a级毛片免费看视频免 | 亚洲三级在线播放 | 三级a黄 | 人成午夜性刺激免费 | 毛片免费看看 | 国产精品成人久久久久 | 91伦理视频 | 久久草在线视频播放 | 亚州综合网| 国自产精品手机在线视频香蕉 | se视频在线观看 | 久久国产精品高清一区二区三区 | 亚洲看片网站 | 成人免费午间影院在线观看 | 美国全免费特一级毛片 | 国产成人久久精品二区三区牛 | 亚洲黄色免费网址 | 99精品在线免费观看 | 京野结衣免费一区二区 | 精品国产一区二区二三区在线观看 | 手机看片免费基地你懂的 | 亚洲欧洲eeea在线观看 | 日本免费一区二区三区a区 日本免费一区二区三区看片 | 亚洲一区二区三区久久精品 | 正在播放国产一区 | 欧美成人精品动漫在线专区 | 视频二区在线 | 毛片免费全部免费观看 | 国产精品毛片无码 | 久久久久久中文字幕 | 草草影音 | 99国产精品高清一区二区二区 | 日韩一区二区三区在线免费观看 | 中文字幕一区二区在线播放 | 精品日韩欧美一区二区三区在线播放 | 亚洲国产欧美在线成人aaaa | 免费看片亚洲 | 日韩精品一区二区三区视频 |