https://sputnikglobe.com/20230627/beijing-warns-not-to-politicize-economies-as-us-eu-seek-to-de-risk-chinese-supply-chains--1111488795.html
Beijing Warns Not to Politicize Economies as US, EU Seek ‘to De-Risk’ Chinese Supply Chains
Beijing Warns Not to Politicize Economies as US, EU Seek ‘to De-Risk’ Chinese Supply Chains
Sputnik International
The European Commission earlier rolled out a "de-risking" strategy aimed at developing a resilient economy that is less reliant on China in terms of critical technologies.
2023-06-27T10:16+0000
2023-06-27T10:16+0000
2023-06-27T10:16+0000
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China’s Premier Li Qiang has warned countries against attempts to politicize their economies amid efforts by the US and Europe to “de-risk” supply chains involving the PRC.“We should oppose the politicization of economic issues and work together to keep global industrial and supply chains stable, smooth and secure,” the Chinese premier added.He projected a positive outlook for the Chinese economy, reassuring investors that his country is “fully confident and capable” of developing stable and high-quality growth over the long-term. According to Li, China would “roll out more practical and effective measures” related to expanding domestic demand and stimulating market growth.“Governments and relevant organizations should not overreach themselves. Still less, overstretch the concept of risk or turn it into an ideological tool,” the Chinese premier warned.He said that “some in the West are hyping up the so-called phraseologies of reducing dependencies and de-risking”, adding that “These two concepts, I would say, are false propositions.”“As economic globalization has already made the world economy an integral whole where everyone’s interests are closely entwined, countries are interdependent, interconnected with each other, on their economies. We can enable each other’s success,” Li pointed out.A "de-risking" strategy is designed to increase scrutiny of foreign direct investments, exert export controls to tackle "economic coercion" and address risks in industries that have military applications such as quantum computing, advanced semiconductors and artificial intelligence. While the strategy does not mention China by name, its language reflects criticism frequently leveled at Beijing by Europe and the US over supply chains.Li was quick to comment on the strategy, saying, “the concept of de-risking, on the face of it, seems fine. But de-risking must not be [applied] in a generalized manner. This concept shall contain clear definition and boundaries. We think both sides should avoid expand this concept.”
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Beijing Warns Not to Politicize Economies as US, EU Seek ‘to De-Risk’ Chinese Supply Chains
The European Commission earlier rolled out a "de-risking" strategy aimed at developing a resilient economy that is less reliant on China in terms of critical technology.
China’s Premier Li Qiang has warned countries against attempts to politicize their economies amid efforts by the US and Europe to “de-risk”
supply chains involving the PRC.
Speaking at the World Economic Forum’s Annual Meeting of the New Champions in Tianjin, China, Li said that “The invisible barriers put up by some people in recent years are becoming widespread and pushing the world into fragmentation and even confrontation.”
“We should oppose the politicization of economic issues and work together to keep global industrial and supply chains stable, smooth and secure,” the Chinese premier added.
He projected a positive outlook for
the Chinese economy, reassuring investors that his country is “fully confident and capable” of developing stable and high-quality growth over the long-term. According to Li, China would “roll out more practical and effective measures” related to expanding domestic demand and stimulating market growth.
On attempts by the US and its European to reduce their supply chain reliance on China in order to “de-risk” their economies, Li said that “It is businesses that are most sensitive and are in the best position to assess such risks.”
“Governments and relevant organizations should not overreach themselves. Still less, overstretch the concept of risk or turn it into an ideological tool,” the Chinese premier warned.
He said that “some in the West are hyping up the so-called phraseologies of reducing dependencies and de-risking”, adding that “These two concepts, I would say, are false propositions.”
“As economic globalization has already made the world economy an integral whole where everyone’s interests are closely entwined, countries are interdependent, interconnected with each other, on their economies. We can enable each other’s success,” Li pointed out.
The remarks come after the European Commission last week outlined the EU’s new Economic Security Strategy aimed at preventing European companies from making sensitive technologies in countries like China.
A "de-risking" strategy is designed to increase scrutiny of foreign direct investments, exert export controls to tackle "economic coercion" and address risks in industries that have military applications such as quantum computing, advanced semiconductors and artificial intelligence. While the strategy does not mention China by name, its language reflects criticism frequently leveled at Beijing by Europe and the US over supply chains.
Li was quick to comment on the strategy, saying, “the concept of de-risking, on the face of it, seems fine. But de-risking must not be [applied] in a generalized manner. This concept shall contain clear definition and boundaries. We think both sides should avoid expand this concept.”
