2023-07-29 14:27:55
“I tell you with great frankness: Chinese investors are welcome in France.” After the Choose France summit in May, and a new record amount of foreign investment announced, the Minister of the Economy wants to go even further. And reaches out to Chinese investors, bluntly.
Speaking during the Franco-Chinese high-level economic and financial dialogue, an annual bilateral meeting co-hosted this year with He Lifeng, Chinese Vice-Premier in charge of economic and financial issues, Bruno Le Maire notably mentioned the areas of “electric vehicles, batteries and the energy transition”. No wonder, when the Chinese company XTC has just invested with the French nuclear giant Orano in batteries in Dunkirk. Or that a Sino-Japanese Envision battery factory is planned in Douai by 2024.
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The sovereignty of France to be preserved
With one detail: these remarks come at a time when several Western countries, in particular Germany, claim on the contrary to want to reduce their economic dependence on China. And that certain large groups, such as Stellantis in the automobile industry, denounce the low-cost competition of Chinese industry.
A position that the Minister of the Economy has also mentioned in his speeches. “After the Covid, it is natural that all developed nations seek to have more independence in their value chain to be able to face a possible new crisis”, thus pleaded Bruno Le Maire. But “this choice should not prevent us from also strengthening our cooperation in the areas that are necessary. We want to welcome major Chinese investments on French territory. […] by looking at what is in the domain of sovereignty and what is not in the domain of sovereignty”.
Read alsoMilitary nuclear, energy independence… does France have its sovereignty in hand?
Message heard by Chinese Vice-Premier He Lifeng, who said he hoped that France “will provide a more equitable, just and non-discriminatory business environment” for companies in his country. He also assures that Chinese investments have enabled the creation of 50,000 jobs in France in recent years.
Direction the “Chinese Silicon Valley”
The two countries also discussed this Saturday global financial stability, sustainable financing of developing economies, climate change, food security and biodiversity. Paris also says it has pleaded for a “rebalancing” of the economic relationship, because France’s trade deficit with China was nearly 54 billion euros in 2022.
Finally, progress on certain files was announced by Bruno Le Maire, in particular on certifications in aeronautics or cosmetics, with the creation in this area of a working group to look into questions of intellectual property and of security.
However, Bruno Le Maire has not finished with his seduction operation. He will travel this Monday to Shenzhen (south), a large metropolis sometimes nicknamed the “Chinese Silicon Valley”. On the program: meetings with Chinese investors and big bosses, including that of the car manufacturer BYD. Because the brand is precisely considering the opening of an electric vehicle factory in Europe. So why not France?
Read alsoAutomotive: the Chinese manufacturer BYD bets on the high end to seduce Europe
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