2023-07-30 09:14:00
Bruno Le Maire’s seduction operation continues in China. Traveling in the Middle Kingdom for a visit of several days, the Minister of Economy, following declaring that “Chinese investors are welcome in France”, goes further this Sunday. While Germany seeks to reduce its dependence on the world’s second largest economy, France takes the opposite view of this position and asserts that cutting all economic ties with China was ” An illusion “.
“We are totally opposed to the idea of decoupling. Decoupling is an illusion”, said Mr. Le Maire, questioned by journalists. A vision that the French minister thus shares with his American counterpart, Secretary of State for the Treasury Janet Yellen.
“It is impossible to sever all ties between the American and European economies and that of China”underlined the Minister, who spoke in English in front of the international press at the French Embassy in Beijing.
The Chine is France’s third-largest trading partner, but French businesses increasingly fear being caught in the crossfire of growing rivalry between Washington and Beijing, the world’s economic superpowers.
“We don’t want to face any legislative hurdles or other hurdles to access Chinese markets”said Bruno Le Maire the day following what he called trade negotiations “ constructive with Vice Premier He Lifeng. At the same time, in China, the case of the disappearance of the Minister of Foreign Affairs – which Beijing refuses to comment on – surprises the international press.
The quest for independence
Also, Bruno Le Maire has however defended the ambition of greater economic independence from France in certain specific sectors.
The concept of risk reduction (“de-risking”), popular in recent months with many Western countries, “does not mean that China is a risk”made a point of specifying Bruno Le Maire.
“It means we want to be more independent (…) We don’t want to realize, as we did during the Covid crisis, that we are too dependent on certain very specific components”, indicated the visiting minister for the Franco-Chinese high-level economic and financial dialogue, an annual bilateral meeting devoted to these strategic issues.
European automakers are worried
The French Minister of Economy, Finance and Industrial and Digital Sovereignty will travel Monday to Shenzhen (south), a large metropolis bordering Hong Kong and considered the “Chinese Silicon Valley”.
There he will meet Chinese investors and big bosses, including that of the car manufacturer BYD, which is considering opening an electric vehicle factory in Europe.
Asked regarding the fears of some European automakers that cheap Chinese electric vehicles might flood European markets, Bruno Le Maire said France had its own plan, which it was working on with Europe, to better focus subsidies. French and European companies in order to increase their competitiveness.
“We are ready to have Chinese investments from the automotive industry in France and Europe”he said, adding that it would be “ a very good thing » that Chinese companies invest and develop in Europe.
(With AFP and Archyde.com)
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