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Chinese Premier Li Qiang paid an official visit to Germany and France from June 18 to June 23, where he co-chaired the seventh China-Germany inter-governmental consultation with German Chancellor Olaf Scholz and attended the Summit for a New Global Financing Pact. During Premier Li's five-day trip, "de-risking" has become the key world of mainstream media.
How to define "de-risking?" Premier Li said that "interdependence is an inevitable result of economic globalization." 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. Both sides should avoid expanding this concept.
Interdependence cannot be equated with insecurity. Premier Li took German cars as an example: While Germany-made cars occupied the Chinese market, China does not regard it as a risk and has never done anything to so-called "de-risk." China sees such investment and cooperation as an opportunity for development.
A group photo of visiting Chinese Premier Li Qiang, German Chancellor Olaf Scholz and attendees of the seventh China-Germany inter-governmental consultation in Berlin, Germany, June 20, 2023. [Photo/Xinhua]
After European Commission President Ursula von der Leyen, first proposed "de-risking" towards China, "de-risking" has now become a synonym for some Western politicians to construct a "small bloc" and promote "decoupling."The narrative of "de-risking" from China itself actually poses a real danger. Amidst the current global economic slowdown and disorderly governance, non-cooperation presents the biggest risk.
China is the largest developing country, and the EU is a collective of developed countries. According to IMF statistics based on purchasing power parity, in 2022, the combined GDP of China and the EU accounted for approximately 34 percent of the global total.By 2022, China has been the world's largest trading nation for goods for six consecutive years.
The EU has also long maintained its position as the world's largest trading economy in manufactured goods and services. Maintaining and deepening economic and trade exchanges between China and the EU is not only beneficial for promoting their respective economic recoveries but also helpful for the world economy to overcome its sluggishness at an earlier time.
Chinese Premier Li Qiang meets with French President Emmanuel Macron at the Elysee Palace in Paris, France, June 22, 2023. [Photo/Xinhua]
Recently, the U.S. has increased its efforts to rally allies to comprehensively contain China, but its intention to isolate China and drag the world into a "new Cold War" has not received a positive response from major EU countries.
In May of this year, the U.S. attempted to include "China's economic coercion" in the joint statement of the G7 summit, but failed to gain support from Germany, France, and Italy. In April, after his China visit, French President Emmanuel Macron stressed in an interview the need for the EU to develop "strategic autonomy," and the EU member states should avoid becoming "vassals" and that the bloc could function as a "third pole" in geopolitics alongside the U.S. and China.
Pragmatic cooperation between China and the EU will minimize the risk of the world falling into a "new Cold War." During the seventh round of China-Germany inter-governmental consultations, German Chancellor Olaf Scholz told Premier Li that the German side welcomes China's development and prosperity, stating that Germany rejects all forms of decoupling. And during the meeting with Premier Li, Macron also said that he welcomed Chinese companies to invest in France and expand cooperation in emerging areas such as green development, environmental protection and new energy.
The Summit for a New Global Financing Pactalso reflects France and Europe's practical efforts to pursue strategic autonomy. The summit is also a positive attempt by the European side, in collaboration with China, to promote reform of the global governance system.
As two major powers, markets, and civilizations, China and Europe can mitigate risks and inject more certainty into the turbulent world by maintaining close dialogue and pragmatic cooperation. Such collaboration will not only avoid increasing risks for each other but will also promote "de-risking" globally.
History has proved that the biggest risk is non-cooperation, and the biggest security threat is lack of development. As Premier Li said, the world economy is like a vast ocean and cannot go back to being a small pond. Cooperation between China and the EU will inject more certainty into the world economy, which is the true meaning of "de-risking."
