China plans advanced tech plan by 2025, WSJ reports

Bloomberg

China plans to give foreign companies greater access to its economy and is drafting a replacement of its plan to dominate advanced technologies by 2025, the Wall Street Journal reported, citing sources briefed on the strategy.
Beijing’s changes would come in response to pressure from US President Donald Trump, who launched a tit-for-tat tariff dispute with China this year aimed at balancing trade and giving American firms increased access to the world’s second-largest economy. The programme that Chinese officials call “Made in China 2025” has been one of the main targets in Trump’s trade war.
A less aggressive technology plan could address concerns raised by the Trump administration that Beijing unfairly subsidise Chinese companies and steals American intellectual property.
US Trade Representative Robert Lighthizer has been tasked with negotiating a deal focused on technology issues by March 1.
Chinese President Xi Jinping’s government has taken steps to soothe the US, including a plan to cut tariffs on US cars to 15 percent from 40 percent. China also intends to resume purchases of American soybeans soon, according to Chinese government officials.
China said it would deepen reforms in the area of science and technology and put more effort into protecting intellectual-property rights.
But US officials have been skeptical about China’s willingness to back down from its global technology ambitions.
While China has been playing down “Made in China 2025” since trade tensions flared, it’s been pushing ahead undaunted with its state-driven industrial policies, Lighthizer’s office said in a report last month.
China launched the plan in 2015, with the goal of becoming an advanced manufacturing leader within a decade.
The initiative aims to develop local expertise in research and development and reduce the nation’s reliance on foreign technology. It targets 10 emerging sectors, including robotics, clean-energy vehicles and biotechnology.