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|Subject: EU businesses slam 'Made in China' plan Wed Apr 12, 2017 12:05 am|| |
|China's plan to boost domestic manufacturing by 2025 is "highly problematic" and could be used to discriminate against foreign firms in favour of Chinese competitors, a top European business lobby has said.|
Beijing's "Made in China 2025" plan calls for a dramatic increase in domestically-made products in 10 sectors - from robotics to biopharmaceuticals - that the government hopes will accelerate an industrial upgrade as economic growth slows.
But foreign business groups have grown more vociferous in criticising Beijing's lacklustre market reforms, and worry the plan will force members to give up key technology in order to access the market or bypass them altogether.
"Made in China 2025" amounts to a "large-scale import substitution plan aimed at nationalising key industries" or "severely curtailing the position of foreign business", the European Union Chamber of Commerce in China said in a report.
Chinese policies, including hundreds of billions of euros in subsidies, were already harming European business, the chamber said.
"Under recently passed legislation in the new energy vehicle industry, for example, European business is facing intense pressure to turn over advanced technology in exchange for near-term market access," the group said.
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