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Report: Beijing drafting replacement to 'Made in China 2025' strategic plan

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Report: Beijing drafting replacement to 'Made in China 2025' strategic plan

China intends to offer foreign companies greater access to its economy and is drafting a replacement for its plan to dominate high-tech industries by 2025, The Wall Street Journal reported Dec. 12, citing sources briefed on the matter.

China has decided to replace its "Made in China 2025" policy in a bid to resolve trade tensions with the U.S., which has been critical of the policy, calling it a threat to fair competition and national security. The new policy could be rolled out in early 2019, when China and the U.S. are expected to expedite talks aiming to put an end to their trade dispute.

Excluding numerical targets for market share by Chinese companies would be a key concession under consideration, according to the sources. The Made in China 2025 policy has established defined targets of increasing domestic content of core components and materials to 40% by 2020 and to 70% by 2025, putting foreign competitors at a disadvantage.