A forced economic ‘de-coupling’ between US and China could be too costly: Ambassador Xie Feng

(Global Times) 11:10, March 14, 2024

Xie Feng, China’s ambassador to the US. Photo: the Embassy of the People's Republic of China in the United States of America

Xie Feng, China’s ambassador to the US. Photo: the Embassy of the People's Republic of China in the United States of America

China’s ambassador to the US Xie Feng said that the cooperation between China and the US makes for a better future, urging the US government to stop using a microscope to examine the Chinese economy, for it doesn’t solve one’s own challenges.

Xie also said the two giant economies so closely intertwined and a forced “de-coupling” by Washington could be too expensive.

Xie’s remarks was made in a speech at the US’ session of the “Opportunities in China” Global Media Dialogue on Wednesday, according to the official website of the Chinese embassy.

Viewing e-vehicles as “iphone(s) on wheels” or describing cargo cranes as “Trojan horses” only gets one into a never-ending cycle, because “overstretching national security leads to excessive anxiety,” Xie noted.

If “de-risking” is all about China, it means lost opportunities and lose-lose outcomes. After all, with over 70,000 American companies investing in China and the two economies so closely connected, a forced “de-coupling” can be costly, Xie said.

Xie’s speech was made amid the backdrop that the US is escalating its restless assault on Chinese companies, often citing the so-called "national security risks,” and, the US is planning to invest billions in domestic manufacturing of cargo cranes to replace ones made in China.

US Commerce Secretary Gina Raimondo said in a recent interview that "cars these days are like an iPhone on wheels… You connect your phone and you might receive the text message… Imagine a world with 3 million Chinese vehicles on the roads of America, and Beijing can turn them off at the same time.”

However, Shanghai Zhenhua Heavy Industries Co (ZPMC), a major maker of ship-to-shore cargo cranes, said in a statement on Sunday that its cranes do not pose a cybersecurity risk to any port, while the US government allegations about its products, not supported by the facts, could easily mislead the general public.

China's Foreign Ministry refuted recent remarks by high-ranking US officials denigrating Chinese-made cars, noting they are creating a false narrative, which clearly reflects Washington's practice of always politicalizing economic and trade issues.

In the speech, Xie highlighted the bright prospects of the Chinese economy and underscored that confidence is more important than gold and that cooperation makes a better future for both peoples.

The Chinese people are confident in growing the GDP by around 5 percent this year. China’s development has its best days lying ahead, he said, adding that China is building up a market-oriented, law-based and world-class business environment.

Regarding enormous business opportunities in China, Xie said China remains a popular destination for global investment, citing data that last year shows the number of foreign-invested companies in China increased by 39.7 percent. Paid-in investment from France, the UK and the Netherlands grew by 84.1 percent, 81 percent and 31.5 percent, respectively.

“China is ready to work with the US side to garner stronger momentum for cooperation and build a breakwater to protect bilateral relations,” Xie said.

(Web editor: Tian Yi, Liang Jun)