Scouring China’s annual gathering of leaders for clues about business prospects, foreign companies got a clear message: Brace for bigger, stronger local competitors.
[Bloomberg| March 15, 2016 |Industry Week]
Reform of the nation’s $18 trillion state sector will focus on making companies "bigger and better" with mergers and acquisitions pivotal, said the State-Owned Assets Supervision and Administration Commission over the weekend. That plan to create national champions is undermining the confidence of European companies to put more investment in China, said Joerg Wuttke, president of the European Chamber of Commerce in Beijing.
The meeting of parliament that ends March 16 has seen few advances on President Xi Jinping’s past vow to deliver the biggest market opening in two decades. Foreign companies -- already with marginal access in industries from finance to telecoms -- are now up against mercantilist moves including a "Made in China" initiative and periodic attacks from state entities including China Central Television, which March 15Foreign companies -- already with marginal access in industries from finance to telecoms -- are now up against mercantilist moves including a "Made in China" initiative aired an annual program renowned for spearing foreign brands.
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