China moves to attract foreign investment to bolster high-tech sectors

China’s Ministry of Commerce this week issued guidance saying Beijing will promote initiatives that attract foreign investment in high-tech sectors as a means to strengthen its supply chains, suggesting a range of moves including tax concessions and the expansion of free trade zones but noting all investments must fit China’s national strategy. Chinese officials have been touting Beijing’s goal of becoming technologically self-reliant as well as President Xi Jinping’s dual circulation strategy, which ties a planned increase in domestic demand...