China slams the West for 'hyping up' the concept of 'de-risking.' Here's what it means and why China is so worried.
Chinese Premier Li Qiang criticized governments in the West for their idea of reducing dependency on China.
"I believe it is neither viable — nor in Europe's interest — to decouple from China. Our relations are not black or white — and our response cannot be either. This is why we need to focus on de-risk – not de-couple," she said.writing that it was taking concrete steps to"coordinate our approach to economic resilience and economic security that is based on diversifying and deepening partnerships and de-risking, not de-coupling.
"It is businesses that are most sensitive and are in the best position to assess such risks. They should be left to come to their own conclusions and make their own choice," Li said, adding that governments and relevant organizations should not overreach. World Economic Forum/Benedikt von LoebellChina and the US have been in a trade war since 2018. It started when then-President Trump imposed duties on over $300 billion of Chinese exports.
The manufacturing exports include semiconductors, equipment, aircraft engines and parts, and auto parts.
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