Chinese Ambassador to the United States Xie Feng on Friday gave an exclusive interview to Senior Foreign Policy Writer Tom O'Connor from Newsweek on new quality productive forces and the Chinese economy.

Xie expounded on the meaning of new quality productive forces and its current phase of development.

In response to the question what effects might this strategy have on the Chinese economy, Xie said that as China strives to expand domestic demand in recent years, new quality productive forces will serve as a catalyst that further brings out the vitality and potential of China's supersized market, and the upgrading of traditional industries and the boom of new ones will further energize China's growth, and generate huge investment and consumption needs.

Noting the impact of developing new quality productive forces on China-U.S. economic relations, Xie said that investors with vision from the United States and other countries are competing to seize the unprecedented opportunities in China.

"Of course, opening-up needs to be a two-way street. It should not be a solo, but a chorus by all," the ambassador said.

"If anyone is bent on constraining the flow of knowledge, technology, talents and other factors of innovation by building a 'small yard, high fence,' suppressing others' competitive platforms and industrial capacity through decoupling, and trying to monopolize innovation resources, it would only widen the technological divide and stifle global development," he added.

Xie said some people claim that China's "overcapacity" is posing threats to other countries, which is an untenable accusation. 

"Globally, high-quality industrial capacity and new-quality productive forces are not excessive, but in dire scarcity," he said.

He noted that the vigorous growth of China's new energy sector relies on the businesses' innovation edge forged amid global competition and high-quality products, not on so-called subsidies or protection, and gave the example of the two largest electric vehicle enterprises in China: BYD, a private company, and Tesla, an American one.

"What people should worry about is not whether China's growth would peak, but whether they would miss the opportunities in China. And rather than speculating about whether the Chinese economy would collapse, what should truly alarm people is how decoupling could drag down global recovery and how geopolitical conflicts could end the eight-decade-long world peace," said the Chinese ambassador.

(Cover: A file photo of Chinese Ambassador to the United States Xie Feng. /Chinese Embassy to U.S.)