A Chinese Market That Is Almost Closed

Equity analysts at Societe Generale had a note last Friday on a company that is active in the field of rail equipment. The message on the Chinese hope is as follows (my emphasis):

China has a very large number of rail network development projects and consequently high equipment requirements. However, the group seems to have limited aspirations for the country due to the technology transfer demanded with each contract. Chairman ... observed that China is already self-sufficient as regards infrastructure works, would soon be so in terms of rolling stock (including high speed trains), and would also be able to do its own signalling within five years.

Remember the LCD manufacturing policy?