Macroscope | The world can rest easy, as there is nothing to fear from the Chinese government’s ‘Made in China 2025’ industrial plan
- China will spend US$100 billion less than budgeted for R&D in the five years ending 2020, missing the government’s target
China’s industrial ambitions have the US on edge. But what has actually come of its plans for global technology domination?
Beijing is considering delaying targets in its “Made in China 2025” programme, Bloomberg News reported last week.
The road map, which seeks to advance domestic production of critical technology, has been a key bone of contention in President Donald Trump’s trade war. Other reports said China may replace the programme altogether and give foreign companies more access to its market.
On the same day, though, the State Council said it had decided to boost “mechanised farming” and upgrade agricultural machinery (while also noting that farmers would be subsidised whether buying foreign or Chinese brands). And the Ministry of Industry and Information Technology said it would roll out policies to upgrade manufacturing with “cutting-edge technologies.” Both announcements were in line with “Made in China 2025” goals.
The reports make one thing clear: China isn’t going to rein in its industrial objectives any time soon. At the same time, it’s a long way from achieving those targets.