European Chamber releases report on Made in China 2025 initiative
March 13, 2017 Category Foreign investment, Weekly
The European Union Chamber of Commerce in China has raised concerns about Beijing’s plans to develop the nation’s hi-tech capabilities, arguing that Chinese firms will be given an unfair advantage through government support and their foreign competitors will be given limited or no access to mainland markets. The Chamber last week released its report on the Made in China 2025 initiative and it analyzed in detail 10 of the industries that Beijing hopes to boost. The initiative was launched two years ago as part of China’s plans to become a technology superpower by 2025. The government sets out specific market share targets to be achieved by companies in key industries such as information technology and clean-energy vehicles. The report said that China was attempting to make up the gap with the West through unfair state funding and subsidies for Chinese firms. “The broad set of policy tools that are being employed to facilitate Made in China 2025’s development are highly problematic,” the report said. “These contradictions indicate that the 2025 project is in fact a large-scale import substitution plan aimed at nationalizing key industries, or at least severely curtailing the position of foreign business in them, both as suppliers of key components and finished goods.” Foreign companies operating in China have long complained about the barriers they face, including limited market access and the ambiguous regulations they have to follow compared with their domestic competitors. State leaders pledge to open up China’s markets, but little is done, the South China Morning Post reports.
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