(Sophia Yan – CNBC)
China’s plan to advance its manufacturing capabilities is drawing criticism from one of its major trade partners.
The initiative, “Made in China 2025,” calls for China to upgrade its industrial base, and it could kill the country’s need to import goods and services from Europe, according to a new report by the European Union Chamber of Commerce in China. That means Europe stands to lose a chunk of the 170 billion euros it currently earns in exports to the world’s second-largest economy.
China’s push for a high-tech industrial revolution could “distort markets and actually might cause havoc to European business opportunities — not only here, but also elsewhere in the world,” Joerg Wuttke, president of the European Union Chamber of Commerce in China, told CNBC. Click here to read more.