It’s been slightly over a month since the enactment of a national security review (NSR) process for foreign acquisitions of domestic businesses. Thus far, it is not clear how many (if any at all) foreign-local deals have undergone the NSR process, Pursuant to the rules and regulations1 which govern the NSR process, there is no obligation on the part of the Chinese government to publish any determinations (whether deals are approved or not) in relation to deals which undergo the NSR process.
A. General Devolution to Lower Levels
China’s Ministry of Commerce (MOFCOM) has continued their trend of further delegating approval competency to lower governmental levels. This delegation of approval competency to local authorities will greatly accelerate the approval process for foreign