European businesses slammed China for unfair practices used to gain advantage in high-tech manufacturing in a paper released Tuesday, the Financial Times reported. The paper cautioned that China allows short-term market access in exchange for the transfer of technology from European firms, only to then subsidize Chinese competitors. China has identified areas including new energy vehicles, medical technology, and semiconductors in which they hope Chinese firms will dominate locally and be competitive globally.
Europe bristles at China’s technology plan
The EU Chamber of Commerce harshly criticized China’s Manufacturing 2025 plan in a paper released Tuesday.
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Fortunately, I speak European and can translate the EU objections for readers less accomplished than myself: "The damn Chinese are innovating so fast that soon they won’t need us".
There now. All clear?