China seeks skills, technology not cash

Chinese planners say they will focus on attracting foreign investments that bring valuable skills and technology rather than large amounts of cash, the <i>Wall Street Journal</i> reported. The new approach was detailed Thursday in an official document from the National Development and Reform Commission and follows a year of heated debate. China attracted more than US$70 billion in foreign investment last year. While foreign money has powered the country's economy it has also made the public and officials nervous because they want domestic companies to prosper too. The new plan outlines broad principles and says regulators will look more closely at foreign takeovers of local companies and issues of "national economic security".