When we last heard about Google's deal to buy Motorola, the EU and the US had approved the deal. The one major market we were left waiting on is China and now, according to the Associated Press (known around here as "the other AP"), the country's regulators have given Google the green light. The deal is now expected to close next week.
The biggest asset of the deal is, of course, Motorola's 17,000+ patents. Google has already promised that it will not interfere with Motorola's dealings and continue to operate the company entirely independently. The approach would make sense in the context of rumors that Google would be expanding it Nexus line. If Google were to feature multiple manufacturers in its Nexus line, it could promote a Motorola Nexus without playing favorites in the Nexus program.
Chinese regulators did include a few provisos on the deal, however. First of all, Google must continue to offer Android for free and open source for at least the next five years. This shouldn't be a problem, as this has generally been Google's plan for years. However, it could cause problems if Google were to pull a move like they did with Honeycomb, where they withheld source code for nearly a year because it "wasn't ready," Google could face worse than internet outrage. The company might face legal troubles.
China also echoes other regulators in that Google must continue to treat OEMs in a non-discriminatory manner, and must honor Motorola's existing patent licenses on fair, reasonable, and non-discriminatory ("FRAND") terms.
So, not much has changed, aside from Google's super special extra-honest promises are now being enforced by third-party regulators. This can only be a good thing.