China may now be recognizing its ambitious 2025 policy for “world domination” was a bad idea to reveal after all, CNBC’s Jim Cramer argued on Wednesday.
“It’s rather remarkable that they agreed to get rid” of it, said the “Mad Money” host, shortly after The Wall Street Journal reported that Chinese officials are drafting a replacement for Made in China 2025. The plan, championed by Chinese President Xi Jinping, was meant to enhance China’s competitiveness and foster the country’s high-tech industries.
Peter Navarro, one of President Donald Trump’s top trade advisors, has called for a repeal of China 2025, Cramer said. “I think this would be a sign that it admits that this is about worldwide hegemony from the Chinese.” Though Cramer admitted he’s unsure whether China will stick with working on replacement.
According to the Journal, China is working on a new program — set to be introduced early next year — to provide increased access to the world’s second-largest economy to overseas companies.
The report comes amid a 90-day truce between Washington and Beijing on any new tariffs on each other’s goods while talks to settle their disputes continue. In the latest moves, the Trump administration in September levied 10 percent duties on $200 billion worth of goods from China, prompting Beijing to put tariffs on $60 billion worth of U.S. goods.
On “Squawk on the Street,” Cramer said the White House needs to get China to admit that they do “reckless stealing,” possibly referring to alleged of intellectual property from China.
Cramer later added to his CNBC remarks on Twitter, by tweeting, “2025 must be renounced by word AND deed and the PRC must stop ordering espionage NOW.”
2025 must be renounced by word AND deed and the PRC must stop ordering espionage NOW