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China warns de-risking will hinder progress of developing countries


China on Wednesday warned that decoupling and de-risking would hinder the progress of developing countries.

The remarks were made by Chinese Foreign Ministry spokesperson Wang Wenbin at a regular press conference in response to the remarks of International Monetary Fund Managing Director Kristalina Georgieva that fragmentation of the global economy along geopolitical lines due to increasing national security restrictions, with countries gravitating towards separate blocs led by the United States and China, could ultimately reduce global GDP by 7 percent.

What the world needs most is unity, and what should be prevented most is division, said Wang. He noted that the essence of launching a trade war, or decoupling and de-risking, is to politicize and instrumentalize economic and trade issues in an attempt to monopolize development advantages and impede the advancement and progress of a vast number of emerging markets and developing countries.

The world will never return to isolation, and no one can sever the ties between countries, Wang said, adding that any beggar-thy-neighbor approach and bloc confrontation mindset lead to no good result.

China is willing to work with all parties to advocate inclusive economic globalization, resolutely oppose anti-globalization, overstretching the concept of security, and all forms of unilateralism and protectionism to safeguard all countries' equal rights to development and promote common development and prosperity, said the spokesperson.

(Cover: A view of Chinese Foreign Ministry. /CFP)

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