MOFCOM praised for simplified M&A clearance process

China's mergers and acquisitions watchdog is quickening its pace of approving both domestic and foreign deals, cutting legal costs for companies and improving its previous image as something of a thorn in the side of bankers.

The anti-monopoly bureau of the Ministry of Commerce (referred to by many as MOFCOM) has blocked just two deals since its inception in 2008.

As well as being slammed for being slow to clear even small-sized deals, it has also been criticised for imposing conditions on deals such as business divestments by foreign-to-foreign mergers that barely touch the China market and have been cleared unconditionally by the United States and Europe.