Chinese President Xi Jinping. Photo: Fred Dufour - Pool via Getty Images
The Chinese government is preparing to replace its "Made in China 2025" plan — an ambitious blueprint designed to drive manufacturing growth by raising the target market share for domestic products — with a new program that would allow for more participation by foreign companies, the Wall Street Journal reports.
Our thought bubble, via Axios contributor Bill Bishop: This is a huge deal — if China is really serious about making substantive changes to this plan, rather than just repackaging it. Only time will tell, but given the history of failed promises of reform and better access for foreigners, people should be wary until Beijing actually delivers. If real changes are made, however, then it's definitely a win for President Trump, foreign firms, and, frankly, the Chinese economy.