Low-cost manufacturing has run its course. Now Beijing wants to transition into a modernized economy like Germany and Japan.
China seeks to redesign its economy from export-driven labour-intensive manufacturing to domestic-based consumption, services and high-tech. The blueprint, known as Made in China 2025, is the first of three 10-year plans that seek to transform the country from the top down, just in time for the 100th anniversary of the founding of the People’s Republic of China.