(MENAFN) The Chinese Minister of Industry and Information Technology has declared that concerns over the "Made in China 2025" plan are unnecessary and the country will further open up its manufacturing sector.
The plan, which was announced three years ago, aims to boost manufacturing innovation in the country and promote development in 10 key sectors, including robotics, aerospace equipment and new materials.
With the increase of the Chinese manufacturing sector, some people worry that the "Made in China 2025" plan may only benefit Chinese enterprises and create obstacles to foreign companies, based on the article titled "Further Opening up of Manufacturing to Promote Global Growth."
The minister also said that there is also concern that the spillover effect that could arise from structural problems, such as excess capacity, could have a negative impact on other countries' industries, "these concerns are unnecessary."
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