Beijing has pledged to open up even more to foreign investment, but some officials are becoming more selective about the projects they want, as reported by South China Morning Post. This shift in approach is emerging as China drafts its 15th five-year plan, a document that sets the tone for the country’s development.

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Sun Xueguang, president of a Franco-Chinese start-up incubator organization, experienced this change directly during a recent meeting with local officials in the Yangtze River Delta. He was surprised by the local cadres’ stricter requirements, as they explicitly stated they wanted to attract projects in specific strategic sectors, including pharmaceuticals, healthcare and artificial intelligence.

“The message was clear: they want high-quality foreign investment that can help complete and develop their local supply chain,” Sun said, recalling the talks. “The mentality is shifting from quantity to quality.”

Source: IndexBox Market Intelligence Platform