WASHINGTON – China plans to give foreign companies more access to its economy and is preparing a replacement for its plan to dominate advanced technologies by 2025. The Wall Street Journal reported Wednesday that sources were communicated about the strategy.
The Beijing changes would come in response to the pressure of US President Donald Trump, who launched a titular dispute with China this year to balance trade and give US companies more access to the world's second largest economy. The program that Chinese officials & # 39; Made in China 2025 & # 39; call was one of the main goals in Trump's trade war.
Equities did well worldwide with the improved prospects for trade between the US and China, with US stocks improving the WSJ story. The S & P 500 index and Dow Jones Industrial Average both rose more than 1 percent from 9:46 am in New York.
A less aggressive technology plan could meet the Trump government's concern that Beijing unfairly subsidizes Chinese companies and steals US intellectual property. Robert Lighthizer, US trade representative, is in charge of negotiating a deal that focuses on technology issues on 1 March.
Xi & # 39; s steps
The government of Chinese President Xi Jinping has taken steps this week to appease the US, including a plan to reduce the rates for American cars from 15% to 40%. China is also planning to soon buy American soybeans, according to Chinese government officials. China said last week that it would deepen science and technology reforms and step up efforts to protect intellectual property rights.
But American officials were skeptical about China's willingness to return to its global technological ambitions. While China defeated "Made in China 2025" since the tensions in the trade flared up, it has continued unabashedly with its state-driven industrial policy, the Lighthizer office said in a report last month.
China launched the plan in 2015, with the aim to become a leading leader in production within a decade. The initiative aims to develop local expertise in research and development and to reduce dependence on the foreign technology nation. It focuses on 10 emerging sectors, including robotics, clean energy vehicles and biotechnology.
The Chinese top planning agency and senior policy advisers are working on replacing the blueprint Made in China 2025, with plans to roll out the new policy early next year, the WSJ reported.