When China’s antimono-poly law went into effect three years ago, there were fears that Beijing would use it as formal cover for protectionism.

　　三年前當中國《反壟斷法》生效時，有人擔心，北京方面將把這部法律當作保護主義的正式幌子。

　　Although the worst of those concerns have not materialised, there is a growing realisation that the law has become a hurdle for mergers and acquisitions, not just in China but globally.

　　盡管最可怕的憂慮沒有成為現實，但各方日趨意識到，該法已變成并購活動的一道障礙，其影響力不僅限于中國，而是擴展到了全球層面。

　　When Beijing approved a merger of Russian potash producers UralKali and Silvinit in June, it demanded the new company continue to meet the demands of Chinese customers and adhere to established pricing conventions. China threatened to impose penalties should it fail to do so. It was the seventh time the Chinese commerce ministry had imposed conditions on global mergers that had taken place beyond China’s borders. Antitrust lawyers say the conditions have a common thread, which is that Beijing, more than other jurisdictions, wants to protect domestic companies from the potential effects of global mergers.

　　今年6月，在批準兩家俄羅斯鉀肥生產商——烏拉爾鉀肥(UralKali)和Silvinit——之間的合并時，北京方面要求合并后的新公司繼續滿足中國客戶的需求，并遵守既定的定價慣例。中方威脅稱，若該公司不能照辦，就可能對其進行處罰。這是中國商務部第七次對發生在中國境外的全球并購交易施加條件。反壟斷律師們表示，這些條件有一條共同的主線，即中國比其它法律管轄區更希望保護本土企業不受全球合并的潛在影響。

　　For foreign companies, that means the onus is on them to get to grips to with China’s antitrust regime and prepare filings that directly address Beijing’s concerns as early as possible.

　　對外國企業來說，這意味著它們有責任熟悉中國的反壟斷制度，并及早提交直接應對中方關切的申報材料。

　　But Peter Wang, a partner at Jones Day in Shanghai, said many were “still used to treating China as an afterthought” when submitting mergers for antitrust reviews. “The Chinese regulators believe that they should be taken seriously, and it probably is a good idea for us to do that,” Mr Wang added.

　　但是，眾達律師事務所(Jones Day)在上海的合伙人王智平(Peter Wang)表示，許多公司在提交合并交易的反壟斷評審時，“仍習慣于不把中國當一回事”。“中國監管機構認為他們應當得到認真對待，在這方面照辦恐怕是個好主意，”王智平補充說。

　　In a sign that Chinese regulators are being taken more seriously, US and Chinese antitrust agencies last week signed a memorandum of understanding to help enhance their relationship. “What we’ve seen so far from the Chinese antitrust agencies is very promising,” Jon Leibowitz, chairman of the Federal Trade Commission, one of two US antitrust regulators, told the Financial Times.

　　 中國監管機構正在得到更認真對待的一個跡象是，美國和中國的反壟斷機構上周簽署了一份諒解備忘錄，以求加強雙方之間的關系。“迄今我們從中國反壟斷機構看到的情況很有希望，”美國兩家反壟斷監管機構之一聯邦貿易委員會(FTC)主席喬恩?萊博維茨(Jon Leibowitz)對英國《金融時報》表示。

　　On the face of it, Chinese regulators have had a remarkably light touch. Of the roughly 250 mergers that they have reviewed, only one has been rejected: Coca-Cola’s bid for Hui-yuan, a juicemaker.

　　表面看來，中國的監管機構迄今相當寬松。在它們審議的約250宗合并交易中，只有一宗被否決：可口可樂(Coca-Cola)對果汁生產商匯源(Hui-yuan)的并購報價。

　　More than 95 percent of all deals have been approved without any conditions. But the details are more unsettling. The Chinese commerce ministry has yet to apply conditions on any purely domestic mergers, let alone reject them. In many cases, lawyers say that large Chinese state-owned companies still do not bother to notify regulators of their mergers, and the ministry turns a blind eye.

　　95%以上的交易獲得批準，且不附帶任何條件。但具體細節更加令人不安。中國商務部從未對任何純粹國內的合并交易施加條件，更不用說否決此類交易了。律師們表示，在許多情況下，中國的大型國企仍不會費心向監管機構申報自己的合并計劃，而商務部對此也就睜一只眼閉一只眼。

　　Even when foreign mergers are granted unconditional approvals, the review process is increasingly drawn out. 

　　 即使國外的合并交易得到無條件批準，審議過程也變得越來越漫長。

　　“Sometimes you even hear about drop-dead dates coming close or financing becoming precarious because of the extended delay,” Mr Wang said.

　　“有時候，你甚至會聽說長時間拖延致使終止日臨近或融資出現問題的情況，”王智平表示。

　　The remedies that Beijing imposes have also raised eyebrows. While divestitures required for approvals of the Mitsubishi Rayon-Lucite chemicals merger and the Pfizer-Wyeth pharmaceuticals deal were reasonable in antitrust terms, they have helped shift valuable businesses into the hands of Chinese companies.

　　北京方面強加的補救措施也令人皺眉。在日本三菱麗陽(Mitsubishi Rayon)并購英國璐彩特國際(Lucite International)的化工業交易以及輝瑞(Pfizer)并購惠氏(Wyeth)的醫藥業交易中，中國都提出了剝離資產的要求。盡管此類要求在反壟斷范疇是合理的，但它們都幫助推動有價值的企業落入中國公司之手。