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Faced with the increasingly obvious risk of economic dependence, many Western countries have begun to emphasize the need to minimize risks in relations with China.
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| French Minister of Economy and Finance Bruno Le Maire at a press conference in Beijing. Photo: Lemonde |
At the end of his visit to China on July 31, French Economy Minister Bruno Le Maire emphasized that France wants to be more economically independent in certain areas. According to Minister Le Maire, the concept of “de-risking” that has been popular in recent months in many Western countries does not mean that China is a risk, but that France and the West in general want to be more independent so as not to fall into a state of dependence on certain products as they have experienced during the Covid-19 pandemic.
Mr. Le Maire completely rejected a trend that has been raised in recent years that calls for decoupling (i.e. cutting ties) with the Chinese economy. Decoupling is just an “illusion” and “it is impossible to cut all the ties between the American, European and Chinese economies.”
France is not alone in its approach. Germany, which counts China as its main trading partner and an important auto market, has previously said it wants to diversify its partners to “reduce the risk” of being too dependent on China. Other Western countries have taken a similar stance.
Italian Prime Minister Giorgia Meloni also said that the government is considering the Belt and Road Initiative, which Italy signed with China in 2019. When agreeing to participate in China's initiative, then-Italian Prime Minister Giuseppe Conte hoped that the agreement would boost the country's economy. However, according to Reuters, over the past four years, the agreement has not brought the desired benefits, with Italian exports to China increasing only slightly, while Chinese exports to Italy have skyrocketed.
The United States has also advocated more explicitly de-risking its economic relationship with China. In a speech in April, White House National Security Adviser Jake Sullivan explained that “de-risking” essentially means maintaining long-term supply lines so that we are not dependent on any one country.
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