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Since the establishment of Korean-Sino diplomatic relations in 1992, China has become the largest foreign investment destination of Korea. During that period, Korean investors have mainly focused to do FDI via green-field investments. However, along with the enforcement of China's new FDI policy on reformation of state-owned enterprises via cross-border M&A, M&A became a new method to enter into Chinese market. In this regard, this article aims to study China's cross-border M&A policy and regulatory framework to derive implications for Korean investors. To satisfy the aim, this article proceeds as follows: In ChapterⅠ, the background, the purpose and the scope of the article are presented. ChapterⅡ provides an overview of cross-border M&A policies in China, and traces the history of policies. To understand the path of the development of cross-border M&A, the authors divided the period to five stages: the pre-era of cross-border M&A, the germinal stage, the cooling-off period, the recovering stage and the developing stage. ChapterⅢ introduces four types of target companies to cross-border M&A deals in China: non state-owned enterprises, state-owned enterprises, listed companies and foreign invested enterprises. ChapterⅣ analyzes the achievement of cross-border M&A activities in China and tries to derive its implication for Korean enterprises. In ChapterⅤ, as the conclusion of the article, the authors mainly suggests that Korean investors pay regard to invest in China via cross-border M&A to cope with China's new FDI policy and the global M&A trend.