The equipment industry restricted foreign mergers and acquisitions at that time
2022-12-19 11:05:44
Restricted by the National Development and Reform Commission and Ministry of Commerce and other ministries and commissions responsible for the implementation of the details of mergers and acquisitions is currently being accelerated, the rules will list the restricted industry directory, and then divided the industry to develop targeted restrictions. The equipment manufacturing industry has taken the lead in introducing relevant restrictive policies. The “State Council’s Several Opinions on Accelerating the Revitalization of the Equipment Manufacturing Industry†recently announced that when a large-scale key-equipment manufacturing enterprise’s controlling share is transferred to foreign capital, it should solicit the opinions of relevant departments of the State Council. .
The reason why the equipment manufacturing industry took the lead in becoming an industry that restricts foreign capital mergers and acquisitions is related to the huge impact caused by the previous acquisition of Xugong Group by the American Carlyle Group. In the chemical industry, similar examples are also non-cases, and the most representative example is the case of Siemens “closed†Jinxi Chemical Turbine Factory at the end of last year, which caused great repercussions in the industry. For this reason, it is reported that this time, the detailed rules for restricting the acquisition of foreign capital, will adopt a feasible management method, such as delineating restricted industrial catalogs, or setting up interministerial joint conferences to examine major mergers and acquisitions, etc., for equipment manufacturing and finance. Industry, some rare metals mining, energy industry, petrochemical industry and automobile industry, etc. are subject to foreign investment restrictions. At the same time, China's "Foreign Investment Guide Catalogue" has undergone four revisions since its promulgation, and it has recently been revised. The revised restricted investment industry will be adjusted.
Although economic globalization is the overall trend of the current world economic development, for our country as such a big country, ensuring the independence of the strategic basic industry is not only the needs of the industry itself, but also the fundamental requirement of national economic security. Looking at the world, neither the developed countries nor the developing countries will allow the complete free marketization of strategic basic industries. Even in the United States, where the free market is flaunting, the policy interventions on major foreign mergers and acquisitions are also very cautious and harsh. A case in point is a case in which CNOOC’s merger and acquisition of Unocal ended last year. At present, China’s market liberalization and opening to the outside world continue to deepen. In the face of huge market potential and fierce competition, the profitability of capital will inevitably lead MNCs to adopt mergers and acquisitions to compile domestic industry leading enterprises and suppress monopolies. This phenomenon may have begun to appear in other industries, but the equipment manufacturing industry has reached the point where it can not be ignored. China's equipment manufacturing industry is still in a relatively weak state as a whole. To realize the national strategy of revitalizing the equipment manufacturing industry and promoting the development of major equipment, these leading enterprises in the foreign multinational enterprises are undoubtedly the sparks of the stars and deserve our special attention. Protection and strong support.
At present, China’s foreign capital M&A management policy is still too general and lacks relevant implementation details and specific standards. However, it is believed that with the government’s attention and multi-sector linkages, this issue will be well resolved. What the author wants to point out in particular is that, for foreign capital mergers and acquisitions, national intervention is indispensable, but the understanding and awareness of local governments and enterprises themselves are even more important. We should think beyond the narrow interests of small areas and small groups to consider and make decisions based on the heights of industries and countries. If this is the case, then local governments will rationally introduce foreign capital and companies will focus on how to improve their core competitiveness and Firms bigger and stronger than the company's undoubtedly more than a clever sale.
The reason why the equipment manufacturing industry took the lead in becoming an industry that restricts foreign capital mergers and acquisitions is related to the huge impact caused by the previous acquisition of Xugong Group by the American Carlyle Group. In the chemical industry, similar examples are also non-cases, and the most representative example is the case of Siemens “closed†Jinxi Chemical Turbine Factory at the end of last year, which caused great repercussions in the industry. For this reason, it is reported that this time, the detailed rules for restricting the acquisition of foreign capital, will adopt a feasible management method, such as delineating restricted industrial catalogs, or setting up interministerial joint conferences to examine major mergers and acquisitions, etc., for equipment manufacturing and finance. Industry, some rare metals mining, energy industry, petrochemical industry and automobile industry, etc. are subject to foreign investment restrictions. At the same time, China's "Foreign Investment Guide Catalogue" has undergone four revisions since its promulgation, and it has recently been revised. The revised restricted investment industry will be adjusted.
Although economic globalization is the overall trend of the current world economic development, for our country as such a big country, ensuring the independence of the strategic basic industry is not only the needs of the industry itself, but also the fundamental requirement of national economic security. Looking at the world, neither the developed countries nor the developing countries will allow the complete free marketization of strategic basic industries. Even in the United States, where the free market is flaunting, the policy interventions on major foreign mergers and acquisitions are also very cautious and harsh. A case in point is a case in which CNOOC’s merger and acquisition of Unocal ended last year. At present, China’s market liberalization and opening to the outside world continue to deepen. In the face of huge market potential and fierce competition, the profitability of capital will inevitably lead MNCs to adopt mergers and acquisitions to compile domestic industry leading enterprises and suppress monopolies. This phenomenon may have begun to appear in other industries, but the equipment manufacturing industry has reached the point where it can not be ignored. China's equipment manufacturing industry is still in a relatively weak state as a whole. To realize the national strategy of revitalizing the equipment manufacturing industry and promoting the development of major equipment, these leading enterprises in the foreign multinational enterprises are undoubtedly the sparks of the stars and deserve our special attention. Protection and strong support.
At present, China’s foreign capital M&A management policy is still too general and lacks relevant implementation details and specific standards. However, it is believed that with the government’s attention and multi-sector linkages, this issue will be well resolved. What the author wants to point out in particular is that, for foreign capital mergers and acquisitions, national intervention is indispensable, but the understanding and awareness of local governments and enterprises themselves are even more important. We should think beyond the narrow interests of small areas and small groups to consider and make decisions based on the heights of industries and countries. If this is the case, then local governments will rationally introduce foreign capital and companies will focus on how to improve their core competitiveness and Firms bigger and stronger than the company's undoubtedly more than a clever sale.
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