China and the United States took a step yesterday towards co-operating on the oversight of cross-border merger and acquisition deals.
Both countries signed a memorandum of understanding to increase communication on competition laws and enforcement.
The US Department of Justice and the Federal Trade Commission signed the memorandum with three mainland antitrust agencies - the Ministry of Commerce, the National Development and Reform Commission and the State Administration for Industry and Commerce.
Under the agreement, signed in Beijing, the agencies will promptly update each other about antitrust issues, according to the US Department of Justice.
In addition, the agencies will offer comments on proposed laws, regulations and guidelines to strengthen bilateral anti-monopoly law enforcement efforts.
US Assistant Attorney General Christine Varney said the US relationship with Chinese authorities was strengthening steadily. She said the memorandum 'is a reflection of that relationship'.
'By establishing a framework for enhanced co-operation among our agencies, the MOU also allows us to move to the next chapter in our collaboration on competition law and policy matters,' she said.