China has warned against a reversal of globalization and even a trade war
At the beginning of the year, China warned against a reversal of globalization and even a trade war. This would be "immoral and unacceptable" and would ultimately harm the interests of the international community, Foreign Office spokesperson Wang Wenbin emphasized on Wednesday. The background to Beijing's appeal is a statement by IMF Vice-Chair Gita Gopinath, who warned in December of a division of the global economy into two blocs.
She was referring to a scenario in which mainly the USA and Europe divide trade in the West among themselves and a counterpart consisting of China and Russia forms in the East. According to the International Monetary Fund (IMF), such a bloc formation could reduce global gross domestic product by 2.5 to seven percent.
Gopinath had even warned of a new "cold war" if such divisive tendencies were to intensify. Wang took up this scenario. He explicitly warned of a politicization of the economy and trade and even of a "trade war or a science and technology war." Tendencies to decouple or de-risk are also ultimately harmful.
The strategy of de-risking does not involve decoupling from China's economy. However, a targeted effort is being made to avoid becoming too dependent on the People's Republic due to geopolitical risks in critical areas. The German government is also pursuing this approach.
Read also:
- Year of climate records: extreme is the new normal
- Precautionary arrests show Islamist terror threat
- UN vote urges Israel to ceasefire
- SPD rules out budget resolution before the end of the year
- Amidst these warnings, China strongly opposed the idea of starting a trade war at the beginning of the year, considering it immoral and detrimental to the global community.
- The beginning of 2021 saw China expressing concerns about the reversal of globalization, as it could potentially lead to a trade war that could negatively impact international interests.
- At the beginning of the year, China's Foreign Office spokesperson Wang Wenbin voiced concerns about a potential trade war, stating that such an event would be unacceptable and could harm globalization efforts.
Source: www.ntv.de
