A few developed countries led by the United States replaced “decoupling” with “de-risking” to target China, but it is just old wine in a new bottle, and there is little difference in what they intend to do. An objective analysis will prove that their so-called “de-risking” proposition is illogical and unfeasible.
Risks should be detected first when it comes to “de-risking.” Many realistic and urgent threats to peace, prosperity, and the welfare of humanity derive from those countries that preach the anti-China rhetoric. And it is these real risks that need to be removed.
Not to mention the terrible consequences of Western military invasions in countries such as Iraq and in the past decades, certain powers’ frequent provocative military show-offs at the doorstep of others but thousands of miles away from their lands pose severe risks to the world. Last year alone, the United States sent aircraft carrier strike groups to the South China Sea and nearby areas multiple times, and its large reconnaissance aircraft conducted over 800 close-in flights to spy on China.
The trilateral AUKUS security partnership of the United States, Britain and Australia and related nuclear submarine cooperation create nuclear proliferation risks and may turn the region into an arena for an arms race. Such a dangerous move has raised strong concerns among regional countries. The support and connivance of foreign forces for “Taiwan independence” separatists endanger peace and stability in the Taiwan Strait. Western politicians should reflect on themselves and stop their irresponsible acts that threaten regional and world peace.
From an economic perspective, so-called “de-risking” means de-globalization. Certain countries have claimed they would limit trade and investment with China. Since entering the World Trade Organization in 2001, China’s economy has extensively integrated itself with the global economy. With the development of international industrial divisions, no country can maintain supremacy in all sectors and produce all goods alone. The United States has repeatedly resorted to the use of government power to suppress Huawei and other Chinese tech firms. The acts of politicizing trade and sci-tech issues and overstretching the concept of national security to suppress companies of other countries destabilize global industrial and supply chains.
As a master of economic coercion, the United States has also openly coerced the EU and some countries into restricting the export of semiconductor manufacturing equipment to China. Such acts of tech bullying severely hinder the development of the semiconductor sector and undermine multilateral trade rules and the global economic order. Even worse, Washington has long used its dollar hegemony, shifted crises, and spread U.S. inflation to other parts of the world, worsening economic woes in some developing countries and seriously holding back global recovery. Those are the big risks that need to be addressed.
Yet despite the “de-risking” talk, global enterprises have their own stance. U.S. restaurant brand Subway announced this week it has entered into a new master franchise agreement with a Shanghai-based company to significantly expand its presence in China. A report issued by the EU Chamber of Commerce in China indicates close to 60 percent of the companies surveyed said they would increase R&D expenditure in China in the coming five years. An AmCham China survey shows 66 percent of U.S. companies in China will maintain or increase investment in China in the coming two years.
Most Europeans see China as “a necessary partner,” according to the latest poll by the European Council on Foreign Relations. Airbus will build a second final assembly line in Tianjin. During a recent visit to China, Elon Musk, founder of Tesla, said the interests of the United States and China are interlinked, like conjoined twins inseparable from each other. Tesla will build a new mega plant for energy-storage products in Shanghai this year.
China is committed to peaceful development, a win-win strategy of opening up, and providing a market-oriented, law-based and internationalized business environment for companies from all countries. Over the past decade, China has accounted for more world economic growth on an average annual basis than all G7 members combined. China brings opportunities, stability and certainty to the world.
The international community is increasingly opposed to Western hypocrisy and hegemony in international relations. Certain Western politicians should drop their pride and prejudice, adapt themselves to the development realities and needs of the multi-polarized world, and pursue common peace and shared prosperity, rather than indulge in inciting confrontation and creating risks and chaos.
The world does not need so-called “de-risking” that targets China. But it urgently needs de-risking that targets ideology-based mentality, bloc confrontation, exclusive circles, and hegemony — the real risks from the West. ■
