Beijing has committed to even more open to foreign investment, but some officials are selected for their projects, as reported by South China Morning Morning Post. This change of approach is emerging as China is preparing its 15 -year plan, a document that determines the tone of the country’s development.
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Sun Xueguang, head of an incubator startup Franco and China, experienced the change directly in a recent meeting with local officials in the Yang Tse River Delta. He was surprised by the strict requirements of local cadres, as they explicitly stated that they wanted to recruit projects in specific strategic sectors, including pharmacy, health care and artificial intelligence.
“This was clear:” They want to have high quality foreign investment that could help to complete and develop their local supply chain, “Sun said. “The mentality changes from quantity to quality.”
Source: Indexbox market information platform
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