Made In China 2025 Explained
Made in China 2025 is a national strategic plan to further develop the manufacturing sector of the People's Republic of China, issued by Premier Li in May 2015. I believe understanding how this particular plan is controversial helps to put the current US-China Trade war into perspectives.
A little background
- MIC 2025 is an initiative which strives to secure China’s position a global powerhouse in high-tech industries.
- The aim is to reduce China’s reliance on foreign technology imports and invest heavily in its own innovations in order to create Chinese companies that can compete both domestically and globally.
- China sees MIC 2025 as a chance to fully integrate into the global manufacturing chain and more effectively cooperate with industrialized economies.
- Chinese officials have claimed that leading economies with high-tech industries such as the EU, Germany and the United States have expressed their hostility to the initiative due to the fact that it would move China from a low-cost manufacturer to a direct added-value competitor.
I believe even if key targets are not achieved, the initiative will improve China’s “overall economic governance’” and strengthen its financial, education, healthcare, and manufacturing sectors.Links