The government of China revealed that it could soon agree to a settlement for the ongoing antitrust investigations involving U.S. mobile chip manufacturer Qualcomm Inc.

According to the National Development and Reform Commission, China's anti-monopoly regulatory body that launched the antitrust probe on Qualcomm just over a year ago, the case with the San Diego-based company will end with a lawful settlement that could see Qualcomm pay fines exceeding $1 billion.

The NDRC's statement cited the watchdog's director general for its anti-monopoly division, Xu Kunlin.

The regulatory body added that it had just finished earlier in December its seventh round of talks with Derek Aberle, the president of Qualcomm, and his team.

According to the statement by the NDRC, Qualcomm will continue its cooperation with the regulatory body to arrive at a mutually agreeable settlement. However, the NDRC did not reveal when the talks with Qualcomm over the issue will resume.

Back in February, the NDRC revealed its allegations on Qualcomm that in China, the company was overcharging its customers and abusing its market position in the industry of wireless communications.

A settlement on the ongoing antitrust investigations against Qualcomm could force the mobile chip manufacturer to pay penalties that could surpass a total of $1 billion. In addition to the monetary fines, Qualcomm could also be required to agree to concessions that would have a significant negative impact on its very profitable business strategy of charging license fees for mobile phone chipsets that utilize the company's patents.

Back in August, the NDRC said that Qualcomm is willing to improve and adjust the pricing issues that were being alleged upon it.

Qualcomm is just one of at least 30 foreign companies that have been subjected to investigations under the 2008 anti-monopoly law of China. However, according to some critics, the law is being abused to unfairly single out non-Chinese businesses.

Last month, U.S. President Barack Obama held talks with Xi Jinping, the President of the People's Republic of China, regarding the usage of Chinese antitrust laws for the limitation of royalty fees for foreign businesses.

There has been no shortage of criticisms on China's enforcement of its antitrust regulations over the year. However, with the issue now the topic of discussion among presidents, it has become a major factor in the commercial friction between the two biggest economies in the world.

According to Paul Jacobs, the executive chairman of Qualcomm, the company was involved in "difficult discussions" with the NDRC to come up with a "win-win solution" for both sides.