Saturday, Miao Wei, the head of the powerful Ministry of Industry and Information Technology, tried to reassure the international community that Beijing’s Made in China 2025 plan will not discriminate against foreign companies. Minister Miao was responding to sharp criticisms contained in a report issued Tuesday by the European Union Chamber of Commerce in China. The guidelines were the product of more than 20 State Council units led by Miao’s ministry. The plan, sometimes abbreviated to CM2025, is a $300 billion initiative to make China nearly self-sufficient in 10 industries, including aircraft, robots, electric cars, and computer chips. In short, Beijing wants Chinese industries to possess 80% of China’s home market in the targeted sectors.

Source: Forbes March 12, 2017 05:01 UTC