Isolating China is impossible and dangerous, the analyst says, as the G-7 gets tougher on Beijing

US President Joe Biden wants to de-risk China.

Mandel Naga | Afp | Good pictures

The G-7 delivered its strongest message to China over the weekend, but one analyst warned that isolating Beijing was „impossible” and „dangerous”.

The world’s seven largest economies agreed at a summit in Hiroshima, Japan, to diversify their supply chains away from China amid concerns about economic pressures. There is a growing awareness among Western countries that their economies are heavily dependent on China. The coronavirus pandemic has highlighted the problems of critical supply chains, but the ongoing war in Ukraine has exacerbated this reality.

The G-7 said in a joint statement following the summit: „Our policy approaches are not designed to harm China, nor do we seek to thwart China’s economic progress and development. At the same time, we recognize the need for economic resilience. Risk and diversification.”

Following the G-7 announcement, China summoned the Japanese ambassador and ordered companies to stop buying from US chipmaker Micron.

Giuliano Noci, Politecnico di Milano’s vice rector for China, told CNBC’s „Squawk Box Europe” on Monday that the G-7 showed a „solidarity” perspective against China.

„[President Joe] Biden spoke in terms of de-risking, not in terms of severance. Decoupling was America’s magic word just a month ago, but given the share of the Chinese market for many products and the level of ties in supply chains, it is clear that decoupling is almost impossible. Nochi said.

De-risking means easing some of the dependence on China, rather than severing the relationship altogether.

„It should be clear that isolating China is not only impossible on the one hand, but dangerous on the other,” Noci said.

READ  Monsoon becomes unpredictable in India as pollution wreaks havoc - Sat, May 27 2023

The Biden administration’s shift signals that it will take great effort and economic pain to separate its economy from China’s.

Figures from the United States Census Bureau show that the United States recorded The trade fails About $383 billion in goods with China by 2022. Last year’s data is a record high A testament to the difficulties in trade between countries and the separation of their economies.

The G-7 leaders expressed their concerns over the situation in the East and South China Seas and advocated „no change” in Taiwan’s position.

„China’s extensive maritime claims in the South China Sea have no legal basis, and we oppose China’s militarization activities in the region,” they said.

Speaking to CNBC, Noci said we are „moving beyond a unipolar world” with the United States as its superpower, and entering a bipolar or multipolar world.

British Prime Minister Rishi Sunak said China is the world’s biggest challenge to security and prosperity. This was explained by the Chinese Embassy in London.Malicious defamation Ignoring the facts,” according to Reuters.

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany. Wymagane pola są oznaczone *