China considers domestic manufacturing push

China considers domestic manufacturing push

China's intention to step up its domestic manufacturing industry has been misunderstood by foreign companies as a move to favor Chinese companies over foreign competition, as a government official informed on Wednesday.

The vice minister of the Ministry of Industry and Information Technology, Xin Guobin repeated the authorities’ stance on foreign participation in its "Made in China 2025" initiative at a briefing with journalists in Beijing.

Meanwhile, foreign business groups have become more vociferous in criticizing Beijing's dissatisfactory market reforms, and they’re afraid that the plan will make members give up major technology for the purpose of accessing the market or bypassing them altogether.

Xin told that in China all companies, whether local or foreign-funded, are bound to get the same treatment under the 'China 2025' initiative.

Nevertheless, Beijing's plan suggests a drastic soar in domestically-made products in up to 10 sectors - from biopharmaceuticals to robotics - that the authorities hope will spur an industrial upgrade amid slowing economic growth.

Similar

China's 2017 GDP surge steps up for the first time for 7 years

During the fourth quarter of 2017 China's economy tacked on faster than anticipated because an export revival helped the country to report its first annual acceleration in surge for seven years, thus defying worries that intensifying curbs on industry as…

Daily News: Thursday, January 18

A lot of important events happened in the economic world, do not miss them! Reports of the Australian labor market in December 2017 were delivered at night on January 18…

Popular

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera