China's race to dominate in high-tech is creating industrial policy on steroids

Tokyo

CHINA wants to own the 21st-century economy. That's why Beijing economic planners have mapped out a full-on strategy called "Made in China 2025" to dominate in artificial intelligence, robotics, electric vehicles and other key sectors. The government is spending big on tax breaks and subsidies to get these industries off the ground quickly.

Call it industrial policy on steroids. The US and European Union chambers of commerce in China both warned in March that the country is becoming more closed to foreign business, and its Made in China drive will make matters worse. (The Chinese government, however, counters that its playing field remains level for local and global firms.)