China will reduce direct government intervention in its vast industrial sector, ...
BEIJING - China will reduce direct government intervention in its vast industrial sector, the industry minister said on Monday, as Beijing seeks to ease concerns about its industrial policy, core to Washington’s complaints in the Sino-U.S. trade war.
“We will gradually reduce the government’s micro-management and direct intervention, in order to allow the market to effectively decide resource allocation and support the development of the manufacturing industry”, Miao Wei, minister of industry and informational technology, said at the China Development Forum.
Washington has threatened further action if China does not change its practices on issues ranging from industrial subsidies to intellectual property. Miao said technology manufacturers needed to survive “the Valley of Death” as they seek to turn laboratory samples into mass production. When asked to comment on President Donald Trump’s wish to bring manufacturing jobs back to the United States, Miao said that such decisions could not be made by a single person because an entire supply chain was involved.
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