October 20, 2021

Business group: China’s tech self-reliance plans hurt growth

BEIJING (AP) — The ruling Communist Party’s campaign to tighten control over China’s industries and use less foreign technology is slashing economic growth, a foreign business group warned Thursday.

The European Union Chamber of Commerce in China appealed to Beijing to reverse course and open state-dominated markets wider.

Its report adds to warnings about the costs of Beijing’s strategy at a time when economic growth is in long-term decline and the workforce is aging and shrinking. The party’s plans are straining relations with Washington and other governments that complain they violate its trade commitments.

President Xi Jinping’s government risks stifling innovation by tightening restrictions on internet and other private sector companies and trying to create replacements for U.S., European and Japanese…

Read full article here: federalnewsnetwork.com