In response to the B&R initiative and the Made in China 2025 national plan, we have adopted a grand overseas strategy. Under this strategy, we are integrating global resources for cross-border incubation, and reallocating our industry resources with a global perspective.
We are partnering with foreign governments, enterprises and others through joint venture or consultancy to expand our global presence in a cost-effective manner. To this end, we are taking a three-pronged approach.
First, we provide bespoke services to overseas industrial parks through alliance with enterprises and foreign financial institutions.
Second, we incubate and transfer target projects through: (1) local incubation and transfer upon maturity, and (2) local incubation and local nurturing to realize global incubation and industrialization.
Third, we invest and merge key industries through the form of equity substitution, individual acquisition and joint acquisition of listed companies.
To date, we have built presence in Asia, Europe and North America. In 2016, we extended our focus to high-end manufacturing, bio-med and science and technology in Italy and the Middle East. We have also established R&D centers and offices in the United States, Italy and Czech Republic. Moving forward, we will expand roundly overseas layout. We will establish offices at international core region to continue intelligence production cooperation and try to open up the “last kilometer” of technology incubation.