The study, released Monday, shows that enormous state support unleashed under the strategy has enabled China to eliminate or reduce its dependence on imports such as rail and power equipment, medical devices and renewable-energy products. In addition, Chinese companies have become more competitive globally, gaining market share from foreign companies in sectors including shipbuilding and robotics.
"China today is very different from China in 2015, and that has a lot to do with an industrial policy that has been predicated upon unprecedented state funding," said Camille Boullenois, an associate director at Rhodium and lead author of the report. "There is no doubt that China will continue to narrow the gap and increase its competitiveness."
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