World

How U.S. “de-risking” trick will jeopardize global economy

Published

4 months ago

04/06/2023

The so-called “de-risking” is, in essence, “de-sinicization” and “reversing globalization.”

The international community has issued stern warnings over the global risks caused by the “de-risking” rhetoric.

BEIJING, June 3 (Xinhua) — Despite its much hyped rhetoric of the so-called “looking to de-risk and diversify,” the United States has in deed hastened its scheme to “decouple from China.”

Now by roping in more allies, Washington seeks to forge a parallel system to shut China out from such fields as global economy and trade, as well as advanced technology.

Designed to hoodwink the world into the ostensible purpose of “de-risking,” Washington’s scheme may well incur enormous risks to the deeply-integrated global economy and supply chains, spurring further division and untended losses across the world.

Following the Group of Seven (G7) summit in Hiroshima, Japan, the United States convened a so-called “Indo-Pacific Economic Framework (IPEF)” ministerial meeting on May 27, calling on trade ministers of 14 countries to form a council to coordinate supply chain activities and a so-called “Crisis Response Network” to give early warnings to “IPEF” countries of potential supply disruptions.

Four days later, the U.S.-EU Trade and Technology Council (TTC) held its fourth ministerial meeting, in which America and the EU agreed to enhance collaboration “to address non-market policies, practices, and economic coercion.”

The United States, through these multilateral meetings, attempted to frame China as posing the alleged “potential risks,” so as to “de-risk” and in actuality contain China.

The so-called strategy of “de-risking,” as the Foreign Affairs magazine pointed out, aims to achieve three broad goals to contain China — limiting China’s abilities in strategic sectors that have national security implications, such as cutting-edge semiconductors and other advanced technologies; reducing Beijing’s leverage over the West by eroding Chinese dominance of the market for certain essential inputs, including critical minerals; and restricting the influence of the Chinese market in the world. The essence of “de-risking” is to create “a small yard with high fences” targeting China and make a more refined attempt to “decouple economies or sever supply chains,” with the aim of excluding and suppressing China.

The international community has issued stern warnings over the global risks caused by the “de-risking” rhetoric. Singaporean Deputy Prime Minister Lawrence Wong has pointed out that “de-risking” instead of “decoupling” from China will also lead to a more fragmented and “decoupled” world economy, arguing that a fragmented global economy would split the world into mutually competing regional blocs, and there would be less trade, investment and the spread of ideas, all of which are key to the world’s economic progress.

So, is it actually feasible for the United States to promote “de-sinicization” in the name of “de-risking”? The answer is definitely no. There are at least three hurdles that the United States can hardly overcome.

First, it’s hard to change the mutually beneficial market structure for Chinese and U.S. companies. After all, it’s their nature for companies to pursue profits, and they will not blindly follow government orders that run against market rules. Second, for consumers, the absence of “Made in China” products would mean higher prices and more severe inflation. Finally, while Washington schemes to instigate allies to contain China together, it is not in the interest of most countries, including European nations, to do so and the costs would be extremely high.

The so-called “de-risking” is, in essence, “de-sinicization” and “reversing globalization.”

China is the world’s second-largest economy, a major trading partner of more than 140 countries and regions, and the largest manufacturing country. The world cannot do without China. Ignoring such reality, the United States has been coercing other countries into taking sides, which not only seriously disrupts the global market, but also threatens the stability of the global production and supply chain.

Besides, as China has developed ever-closer economic ties with the rest of the world, the cost of “de-risking” or “decoupling” from China is actually far greater than some countries can expect and afford. More importantly, for much of the world, China is not a risk but a source of opportunities.

Over the past four decades of reform and opening-up, China has accumulated huge advantages in infrastructure, market size, talent pool and industrial clusters. China has been a magnet for global commercial forces.

During his China visit in late May, Tesla’s founder Elon Musk praised the country’s vitality and potential, voiced confidence in the Chinese market, and expressed his willingness to deepen cooperation.

Echoing Musk, other international business tycoons like Jamie Dimon, chairman and CEO of JPMorgan Chase, and Laxman Narasimhan, new global CEO of the U.S. coffee giant Starbucks, have also expressed their hopes of expanding business in the world’s second-largest economy.

Under no circumstances could crafty word games, employed by Washington’s China hawks, serve to break market rules, cut industrial links, or block exchanges between China and other countries, let alone impede China’s peaceful development. Any attempt to alienate China from the rest of the world is fated to come to naught.

Source(s): Xinhua

World

Saudi Arabia hosts China-Arab publishing cooperation forum

Published

23 hours ago

03/10/2023

RIYADH, Oct. 2 (Xinhua) — The China-Arab States Publishing Cooperation and Exchange Forum was held on Sunday in the Saudi Arabian capital Riyadh.

Under the theme of “Deepening China-Arab Publishing Cooperation and Exchanges, Promoting Mutual Learning between Chinese and Arab Civilizations,” publishers from China and Arab countries reviewed their cooperation in translation, publishing, copyright trade, book fair platforms and online publishing.

The summit also paved the way for a translation project of 100 Chinese and Arab classics, exploring the establishment of a China-Saudi Arabia online publishing exchange mechanism, jointly expanding the platform for international cooperation, and promoting mutual learning between Chinese and Arab civilizations.

The event was attended by a senior official with the Publicity Department of the Central Committee of the Communist Party of China (CPC), representatives from the Arab Publishers Association and the Saudi Scientific Research and Knowledge Exchange Center, as well as more than 100 Chinese and Arab publishers, scholars, experts and writers.

Source(s): Xinhua

World

China issues white paper on global community of shared future, a decade after vision proposed

Published

6 days ago

28/09/2023

BEIJING, Sept. 26 (Xinhua) — China on Tuesday issued a white paper on building a global community of shared future, a grand vision serving as a blueprint for a better world raised by President Xi Jinping in 2013.

By putting forward the creative idea at a pivotal moment in history, President Xi has shown the correct path for the world, building a strong consensus for international cooperation, said Foreign Minister Wang Yi.

Wang, who is also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks at a press conference in Beijing on the white paper’s release.

Over the past decade, Xi has systematically expounded on the vision on numerous international occasions, helping the international community deepen the understanding of the vision, Wang added.

The white paper, issued by the State Council Information Office, said the vision of building a global community of shared future rises above the exclusive rules of bloc politics, the notion of “might makes right,” and the “universal values” defined by a handful of Western countries.

It contributes to a more just and equitable international order, the white paper added.

The concept has been written into UN General Assembly resolutions for six consecutive years and incorporated in several multilateral mechanism resolutions and declarations, according to Wang.

He noted that a growing number of countries and their people have realized the importance of the vision for creating a better future for humanity.

So far, China has built communities of shared future with dozens of countries and regions, the Global Development Initiative and Global Security Initiative it proposed have gained support from over 100 countries, and the Global Civilization Initiative has received positive feedback.

China has also proposed solutions to major global challenges in fields such as health, climate change, and cyber security, said Wang.

The Belt and Road Initiative (BRI) is a vivid example of building a global community of shared future. The China-Laos Railway, for example, added 110,000 jobs in Laos.

China will continue to carry out BRI landmark projects and focus on “small but beautiful” programs to bring benefits to the people of all partner countries, said Cong Liang, deputy head of the National Development and Reform Commission.

Zhao Fengtao, deputy head of China International Development Cooperation Agency, said China will invest more resources in global development cooperation, to accelerate the implementation of the UN 2030 Agenda for Sustainable Development and make new contributions to building a global community of shared future.

The white paper said that China has taken concrete actions to promote the building of a global community of shared future.

Officials said China aims to advance its development as part of the development of the global community while bringing the world new opportunities through its new development.

Guo Yezhou, deputy head of the International Department of the CPC Central Committee, said that political parties have an indispensable role to play in the progress of human civilization and the building of a global community of shared future.

Calling strengthening cultural exchanges a crucial pathway towards building such a community, China’s Deputy Minister of Culture and Tourism Li Qun said that China has signed cooperation agreements in the fields of culture, cultural heritage, and tourism with 157 countries.

Over the past decade, China has collaborated with countries worldwide to organize more than 500 exhibitions showcasing cultural relics, said Li.

“Building a global community of shared future is the way forward for all the world’s peoples,” the white paper said, adding that, however, it is not a goal to be accomplished overnight and “there will be no plain sailing.”

“To realize this goal, a sense of responsibility and a will to act hold the key,” the white paper said. “Building a global community of shared future depends on the joint actions of all countries.”

Source(s): Xinhua

World

UN general debate concludes with renewed commitment to combat global challenges, create solidarity

Published

7 days ago

27/09/2023

This year’s week-long UNGA saw the most significant in-person assembly of global leaders in New York since the onset of the pandemic.

During the past week, the heads of state and government highlighted a range of challenges, from the urgent threat of climate change to concerns about the misuse of artificial intelligence.

UNITED NATIONS, Sept. 27 (Xinhua) — The General Debate of the 78th session of the United Nations General Assembly (UNGA) concluded Tuesday, with global leaders stating that the UN remains a paramount platform for crafting solutions to humanity’s challenges.

In his concluding remarks, General Assembly President Dennis Francis underscored the unwavering dedication of the UN to bring peace, prosperity, and sustainability to the world.

“The United Nations remains focused on the collective challenges of our time,” he said.

Initial data suggest that this year’s week-long UNGA saw the most significant in-person assembly of global leaders in New York since the onset of the pandemic.

The gathering included around 88 heads of state, 42 heads of government, and over 650 ministers. Top officials took advantage of this massive turnout and engaged in over 2,000 bilateral meetings.

The general debate opened at the UN headquarters in New York on Sept. 19, focusing on restoring global trust and solidarity in the current challenging times.

During the past week, the heads of state and government highlighted a range of challenges, from the urgent threat of climate change to concerns about the misuse of artificial intelligence.

They also stressed the central role of the United Nations and the need to reform the organization to make it fit for this purpose.

Deputy Secretary-General Amina Mohammed, reflecting on the event, observed a unified resolve among participants to attain the ambitious development goals, particularly as the world reaches the midpoint in the pursuit of the Sustainable Development Goals.

Nations from the Horn of Africa passionately called for action to combat the imminent climate threat and to overhaul the currently outdated and unjust global financial framework.

Leaders from Somalia, Ethiopia, Djibouti and Eritrea depicted a bleak scenario of a world severely affected by climate change. Their message was unequivocal: The pressing crisis requires a swift and united effort.

This year, the theme of the general debate is: “Rebuilding trust and reigniting global solidarity: Accelerating action on the 2030 Agenda and its Sustainable Development Goals towards peace, prosperity, progress and sustainability for all.”

Source(s): Xinhua