China State Council Regulation Tweaks

China hopes to remove the mandatory approval of the State Council in regards to large, sensitive outbound deals. The National Development and Reform Commission has published a draft of rules to speed up the outbound deal process, and encourage competition between Chinese bidders. Under this proposed change, only Chinese companies seeking to pursue a deal worth more than US$2 billion in “sensitive sectors or countries” will need to go through the State Council. If these proposed changes are accepted, they will be implemented shortly after the consultation closes on 13 May.