2023-06-27 10:09:08
By Le Figaro with AFP
Posted 11 hours ago, Updated 9 hours ago
This edition of the World Economic Forum is the first to be held in China since 2019 due to the Covid pandemic. WANG ZHAO / AFP
“In the West, some people hold up the principle that we should reduce dependence, eradicate risks,” said the Chinese premier at the opening of the World Economic Forum in Tianjin.
«Everyone is intertwined“: Chinese Premier Li Qiang deplored in a speech on Tuesday Western calls to reduce dependence on his country, seeing it as a “false proposal“. The head of government and second figure of the state, who in China is more specifically in charge of economic issues, also insisted on the need to “cooperate», according to him, the only way to generate growth and prosperity.
His speech, delivered at the opening of the World Economic Forum in Tianjin (northern China), known colloquially as the “Summer Davos“, comes at a time of mistrust in the West in the face of economic dependencies vis-à-vis the Asian giant. The European Commission thus unveiled last week its strategy to respond more firmly to the risks weighing on its economic security, with China in particular in the crosshairs.
Germany, where Li Qiang was recently on an official visit, said he wanted to diversify his partners to “reduce riskrelated to its great dependence on China. Other Western countries have also adopted similar positions, like the United States, which, for example, is pushing its Western allies to reduce their dependence on Chinese technologies in the name of national security. “In the West, some people highlight the principle that we should reduce dependence, eradicate the riskssaid the Chinese premier on Tuesday. “These two concepts are a false proposition, because with the development of globalization, the world economy has become a community where everyone is intertwined.“, he underlined. “Countries’ economies are intertwined, interdependent, mutually prosperous and grow together. This is basically a good thing, not a bad thing!»
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“There are still many global challenges and difficulties ahead of us”
Brussels wants to find its own economic position vis-à-vis Beijing, despite pressure from the United States for a hard line. Against the backdrop of the Beijing-Washington rivalry over semiconductors, the United States has imposed restrictions on China’s access to high-end chips since last year. They also prevent dozens of Chinese companies from acquiring American technologies. But Washington is not trying tostemChinese development, US Secretary of State Antony Blinken assured last week during a visit to Beijing. This edition of the World Economic Forum is the first to be held in China since 2019 due to the Covid pandemic. It will last until Thursday.
Li Qiang also uttered countless times on Tuesday the word “cooperation». «There are still many global challenges and difficulties ahead of us, such as climate change, debt risk, slowing growth, gaps between rich and poorMr. Li pointed out.To solve the series of major problems facing humanity (…) mutual cooperation is necessary“, he insisted.
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“We have hope”
Li Qiang also showed his optimism about the Chinese economy on Tuesday, despite a loss of steam in the recovery in the world’s second largest economy. Chinese GDP (gross domestic product) grew by 3% last year, far from the official target of 5.5%, and at one of the weakest rates in four decades.
For 2023, this objective has been set at “environ 5%” by the government. “This year, we hope to be able to achieve (this) growth targetsaid the Chinese premier on Tuesday. These remarks come at a time when the world’s second largest economy is facing many difficulties. The long-awaited post-Covid recovery after the lifting of health restrictions at the end of 2022 has tended to run out of steam in recent weeks. The economy is being penalized by the over-indebtedness of the real estate sector (a traditional pillar of growth), sluggish consumption in a context of uncertainty on the labor market and the global economic slowdown which is weighing on demand for Chinese goods.
To stimulate activity, the central bank has made several rate cuts in recent weeks, at a time when many economists are pleading more for a stimulus plan. But the authorities seem to be ruling out this option for the time being, in favor of targeted measures.
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