(Yicai Global) May 25 -- Policies under the 'Made in China 2025' strategy will be equally applied to domestic and foreign firms, Xin Guobin, vice minister of industry and information technology, said at a State Council press briefing yesterday.
The government will formulate and implement all policies related to the initiative openly and transparently, he added, with no company being restricted on the grounds of foreign investment.
Technology is the main driving force behind industry upgrades and economic development, Xin said, adding that hi-tech businesses are characterized by high initial outlay and risk, so many countries offer guidance and support to help them grow. However, the companies themselves need to drive technological innovation and improve their competitiveness, this isn't something the government can do for them, he added.
Core technologies can't be bought with cash, Xin said, adding developed countries no longer sell such technology to China, so it must make technological breakthroughs domestically.
Some Chinese companies made the decision to acquire foreign businesses, he said, adding that this was their own choice based on market conditions, and China never forced any firm to do so. Made in China 2025 won't force this either, he added.
The State Council, China's cabinet, unveiled the strategy development in August 2015, aiming to improve the competitiveness of Chinese manufacturers to a level that fits China's status as a global factory and transform the country into a major manufacturing power within 10 years.