China's ambassador Zheng Zeguang: "De-risking" will create real risks

China's ambassador to the United Kingdom Zheng Zeguang responded to the so-called "de-risking" against China propagated recently by the United States and the G7 when attending a symposium of business leaders and academics from China and the UK on Thursday.

Ambassador Zheng pointed out that the real source of risks is the US, not China. He said that for a long time now, the US has wantonly engaged in drastic bullying practices such as unilateral sanctions and long-arm jurisdiction against other countries. In 2008, the subprime mortgage crisis in the US led to a global financial crisis. The abrupt QE, balance sheet shrinking and interest rate hikes of the US over the past few years have contributed to the present high inflation and rising cost of living in many countries. Most recently, the US adopted a series of protectionist industrial policies involving colossal subsidies. All these have disrupted the global economic order and brought risks to world peace, stability and prosperity.

Ambassador Zheng noted that in striking contrast, between 2013 and 2021, China's economic growth contributed more than 38.6% to world economic growth annually, more than the G7 countries combined. According to the IMF, China will contribute a third of global growth this year. China is the main trading partner of over 140 countries and regions, making 320 million US dollars of direct investment around the world each day and attracting over 3,000 foreign businesses to China every month. China's ever-growing middle-income population, which currently stands at over 400 million, provides the country with the biggest consumption power in the world. Obviously, China's development has brought opportunities for peace, stability and prosperity of the world, not challenges or risks.

Ambassador Zheng stressed that "de-risking" clamored for by the US and its allies is essentially no different from "decoupling". Both are aimed at stalling China's technological and economic advancement and containing China. It runs counter to the laws of the market as well as the trend of our times. It will cause serious harm to the world, including disruptions in global industrial and supply chains and hindrance to scientific and technological progress and economic development, and may lead to a split world. It has certainly underestimated the strong determination, ability and resilience of the Chinese people and is bound to fail. The Chinese people are determined to advance the Chinese path to modernisation in accordance with the grand blueprint drawn at the 20th National Congress of the Communist Party of China. And nothing can stop us from marching towards this goal.

Ambassador Zheng expressed?hope?that people?of insight?from all walks of life in the UK will grasp the trend of world development, recognise the severe harm?of?the so-called "de-risking"?against China, stick?to the direction of dialogue and cooperation, abide?by?WTO rules and the principle of mutual benefit, explore?new areas and create new highlights of cooperation, and bring more benefits to the Chinese and British people.