After fifteen years of work and negotiation, China has finally adopted a new Anti-Monopoly Law, which covers all aspects of competition law (cartels, abuses of dominant position, merger control). The Law is a complex compromise based on existing provisions, and grants the future Anti-monopoly Law Enforcement Authority wide powers of interpretation. The Law reflects the increasing sophistication of merger control in China (notion of change in control, stronger economic analysis, formalization of a “phase 1 / phase 2” system, merger remedies…), observed in practice over the past months. The national security review system is maintained. The Law is clearly influenced by European competition law and international practice, but the practical impact of this influence will largely depend on the new Anti-monopoly Authority’s composition and objectives.