China brushes away concerns from foreign firms
China’s industry minister Miao Wei brushed aside foreign companies’ concerns on Saturday that Beijing’s programme to upgrade its industry would become a market barrier. He made the remarks in response to a detailed analysis by the European Union Chamber of Commerce in China which lashed out against “the problematic” initiative Made in China 2025 to move up China’s industry base and said it hurt foreign firms in China. China rolled out Made in China 2025 two years ago, aiming to develop home-grown high-tech expertise in 10 key industries and become a tech superpower by 2025. The EU chamber voiced worries about the government subsidies for local companies and forced technology transfer in exchange for market access. “The [chamber’s] report is very long, 58 pages with the Chinese version, and I spent three days to finish reading,” said Miao, head of the Ministry of Industry and Information Technology, at a press conference on Saturday. “Generally speaking, the proposals it raised are helpful for our work, but there are some misinterpretations on Made in China 2025,” Miao said.
