On Tuesday, Chinese Premier Li Qiang criticized Western attempts to reduce China’s economic dependence, calling them a “false proposition” in a world of interconnected economies. Both the United States and the European Union have taken steps in recent months to reduce the risk associated with their dependence on the world’s second-largest economy.
During his speech at the World Economic Forum in Tianjin, known as the “Summer Davos,” Li advocated economic cooperation and interdependence among economies. He noted that in the era of economic globalization, the world has become a single entity in which we are all connected. According to Li, this is a positive and not a negative thing.
While European Commission President Ursula von der Leyen has said that the EU seeks to reduce risk rather than disconnect from China, US President Joe Biden has maintained a tough stance toward China, even expanding some of the policies implemented by his predecessor, Donald Trump, such as the veto on semiconductor exports to China.
In the face of China’s criticism, US Secretary of State Antony Blinken said last week in Beijing that his country does not seek to economically contain China, but neither does it want to provide technology that could be used against it.
At the forum, Li also announced that China is on track to achieve its 5% economic growth target for this year. Although the country is experiencing a slow recovery after the pandemic, the government has implemented measures to counter the slowdown, such as lowering interest rates and planning measures targeting key sectors of the economy, such as real estate.
China set an economic growth target of around 5% for 2023, considered one of the lowest in decades, and Li acknowledged that achieving this goal will not be an easy task. However, he expressed full confidence in China’s ability to drive steady, high-quality progress in its economy.