Beijing’s plan to pump billions of dollars into areas like microchips and robotics to shed its dependence on foreign technology known as “Made in China 2025” has come under fire from the US government. And Washington is waging a campaign against Huawei, a Chinese tech champion that hopes to build the world’s 5G mobile networks.
The Chinese government has moved to slash its tariffs on American-made cars, started buying more soybeans from US farmers again and shown signs its willing to rethink “Made in China 2025.”
In 2015, China announced a 10-year plan to transform its vast manufacturing sector by pushing it into high-tech industries including electric cars, aerospace and advanced medical devices.
The Communist Party views the strategy as essential to ensuring China keeps developing. But the plan’s aggressive goals to dominate supply chains for entire industries have fueled concerns among foreign businesses, who fear losing out in favor of Chinese companies, and governments, who see a potential security threat.