2023-07-30 06:38:05
French Minister of Economy Bruno Le Maire speaks during a press conference at the French Embassy in China, Beijing, Saturday July 29, 2023. NG HAN GUAN / AP
“We are totally opposed to the idea of decoupling. Decoupling is an illusion”, said Sunday, July 30, the French Minister of the Economy Bruno Le Maire, questioned by journalists on the subject, during a trip to Beijing. Speaking in English at a joint press conference with Chinese Vice Premier for Finance He Lifeng at the French Embassy, he said: “It is impossible to sever all ties between the American and European economies and that of China. »
However, he defended the ambition of greater economic independence from France in certain specific economic and industrial sectors. This is one of the spearheads of Emmanuel Macron’s second term.
Wishing “avoid any misunderstanding”Mr. Le Maire specified that the concept of risk reduction (« de-risking »), popular in recent months with many Western countries, “does not mean that China is a risk”. “It means we want to be more independent. (…) We don’t want to realize, as we did during the Covid crisis[-19]that we are too dependent on some very specific components”he further explained.
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Desire for strategic independence
French Economy and Finance Minister Bruno Le Maire, left, and Chinese Vice Premier He Lifeng shake hands after a joint press conference following the 9th High Level Economic and Financial Dialogue China-France held at the Diaoyutai State Guest House in Beijing on Saturday July 29, 2023. NG HAN GUAN / AP
Bruno Le Maire is in China to attend the high-level Franco-Chinese economic and financial dialogue, an annual bilateral meeting devoted to these strategic issues. His remarks coincide with the desire of several Western countries to want to reduce their economic dependence on Beijing, in a logic of strategic independence.
This is the case of Germany, of which China is the main trading partner and represents a vital market for its powerful automotive sector. Some American officials are also defending such an idea, in a context of tensions between Washington and Beijing in recent years.
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On a visit to China in early July, US Treasury Secretary Janet Yellen, however, also felt that a “decoupling” of the American economy with that of China was “virtually impossible”, given its weight to the global economy. In a world of intertwined economies, this is a “false proposition”had judged in June the Chinese Prime Minister, Li Qiang.
On Monday, the French Minister of Economy, Finance and Industrial and Digital Sovereignty will travel to Shenzhen, a large metropolis bordering Hong Kong located in southern China, considered the “Chinese Silicon Valley”. Bruno Le Maire is due to meet Chinese investors and big bosses there, including that of the Chinese car manufacturer BYD, which is considering opening an electric vehicle factory in Europe.
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