Regulators in Beijing will shortly rule whether the $18bn purchase of Toshiba’s semiconductor chip operations by a group led by Bain Capital and South Korean chipmaker SK Hynix violates Chinese antitrust rules.

The decision will mark the latest show of power by Chinese regulators, with competition rules increasingly becoming a key lever for Beijing to influence global industries in which its so-called “national champions” take part.

The role of national regulators has become a key factor for cross-border mergers and acquisitions, with sensitivities heightened after the Committee on Foreign Investment in the United States, which reviews national security implications, moved to block the takeover of Qualcomm by Singapore-based Broadcom. The now-pulled deal would also have gone before China’s authorities, which have become no less stringent in their protection of national interests.