Antitrust Law In China's Foreign M & A Research

With the development of Chinese market economy and the acceleration of reform and opening after entering WTO, Cross-border Merger&Acquisition becomes more and more popular as the major foreign direct investment. As a two-edged sword, Merge and Acquisition by foreign capital produces good results,but at the same time, it brings negative effects, of which monopoly is the serious.The legal system of foreign investment is not enough to control and regulatemonopoly existing in the merge and acquisition by foreign capital, especially,Antitrust Law as a heavyweight act in M&A controlling has not been issued yet.Therefore, it is urgent that China improve its legal system on the aspect of M&Aby foreign investors in order to protect its economy.This article begins with comprehension of the definition of the foreign investor's merge and acquisition, than discusses the necessity of regulation on current Chinese foreign investor's merge and acquisition and the guiding principle.Based on the experience of other countries' legislation and their practice of justice,this article tries to put up some suggestions to construct and perfect our anti-monopolization laws and also tries to bring help to the anti-monopolization law which is being made for the time being, including,legislation system of designation ,mode selection, our own method of analysis and check-up exempts, immunity of the transnational M&A restriction, the executive agency and procedure. It emphasizes that we should set up a highly independent administration of anti-monopolization to carry out the affairs of M&A, set up a pre-declaration system and a later supervising system. Finally, it analyzes the system of legal responsibilities for the behavior of M&A by foreign investors.The key view of this text is as follows: Our country should set up the legal system for the anti-monopoly regulation law in foreign capital M&A as soon as possible, which taking "Anti-monopoly Law " as the core law. When making the law, we should deal well with the contradictions between the commitment of national treatment promise and the protection of national industry. Also we should coordinate the construction of fair competition order and the protection of national interests. When making relevant laws of anti-monopoly in foreign capital M&A, we should not only comply with the general principles of Anti-monopoly Law, but also pay attention to the coordinately implementation of the principles of national treatment and the maintenance of national economic security, and then deal well with all kinds of complicated problems existed in foreign capital M&A, so as to realize the legislative objectives of promoting fair and effective competition,maintaining national economic security, etc.