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.

　　三年前当中国《反垄断法》生效时，有人担心，北京方面将把这部法律当作保护主义的正式幌子。

　　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.

　　尽管最可怕的忧虑没有成为现实，但各方日趋意识到，该法已变成并购活动的一道障碍，其影响力不仅限于中国，而是扩展到了全球层面。

　　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，在批准两家俄罗斯钾肥生产商——乌拉尔钾肥(UralKali)和Silvinit——之间的合并时，北京方面要求合并后的新公司继续满足中国客户的需求，并遵守既定的定价惯例。中方威胁称，若该公司不能照办，就可能对其进行处罚。这是中国商务部第七次对发生在中国境外的全球并购交易施加条件。反垄断律师们表示，这些条件有一条共同的主线，即中国比其它法律管辖区更希望保护本土企业不受全球合并的潜在影响。

　　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.

　　对外国企业来说，这意味着它们有责任熟悉中国的反垄断制度，并及早提交直接应对中方关切的申报材料。

　　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，众达律师事务所(Jones Day)在上海的合伙人王智平(Peter Wang)表示，许多公司在提交合并交易的反垄断评审时，“仍习惯于不把中国当一回事”。“中国监管机构认为他们应当得到认真对待，在这方面照办恐怕是个好主意，”王智平补充说。

　　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.

　　 中国监管机构正在得到更认真对待的一个迹象是，美国和中国的反垄断机构上周签署了一份谅解备忘录，以求加强双方之间的关系。“迄今我们从中国反垄断机构看到的情况很有希望，”美国两家反垄断监管机构之一联邦贸易委员会(FTC)主席乔恩?莱博维茨(Jon Leibowitz)对英国《金融时报》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.

　　表面看来，中国的监管机构迄今相当宽松。在它们审议的约250宗合并交易中，只有一宗被否决：可口可乐(Coca-Cola)对果汁生产商汇源(Hui-yuan)的并购报价。

　　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%以上的交易获得批准，且不附带任何条件。但具体细节更加令人不安。中国商务部从未对任何纯粹国内的合并交易施加条件，更不用说否决此类交易了。律师们表示，在许多情况下，中国的大型国企仍不会费心向监管机构申报自己的合并计划，而商务部对此也就睁一只眼闭一只眼。

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

　　 即使国外的合并交易得到无条件批准，审议过程也变得越来越漫长。

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

　　“有时候，你甚至会听说长时间拖延致使终止日临近或融资出现问题的情况，”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.

　　北京方面强加的补救措施也令人皱眉。在日本三菱丽阳(Mitsubishi Rayon)并购英国璐彩特国际(Lucite International)的化工业交易以及辉瑞(Pfizer)并购惠氏(Wyeth)的医药业交易中，中国都提出了剥离资产的要求。尽管此类要求在反垄断范畴是合理的，但它们都帮助推动有价值的企业落入中国公司之手。