Chinese ambassador to U.S. says underestimating China unwise

Chinese Ambassador to the United States Xie Feng has said that underestimating China would be unwise, doomsaying about China is baseless and any attempt to contain China is bound to fail.

Xie made the remarks in a speech at the U.S.-China Business Council (USCBC) 2024 Gala Dinner in Washington, D.C. on Wednesday night.

Xie said that the Chinese economy is on a generally steady, sound and upward trajectory. "We are fully capable of ensuring overall economic stability and forestalling risks. Our high-quality development is moving forward with vigor, and there is great potential for the positive momentum to last," he said.

The Chinese ambassador stressed that it is through braving wind and rain that the Chinese economy has come such a long way.

"We are confident that we will accomplish this year's growth target. Next year, we will carry out macroeconomic policies that are more proactive and impactful, and prevent and resolve risks in key areas and external shocks," Xie said.

"China will continue to be the top engine of global growth in the future. No force can muddy the ocean or stop its surging flow," he said.

The Chinese ambassador noted that while protectionism is on the rise, China is as determined as ever to deepen reform comprehensively and expand high-standard opening up, to advance the sound and steady development of China-U.S. economic and trade relations, and to welcome international businesses, including American ones, to share in China's development opportunities.

Xie stressed that attempts to weaponize tariffs would only cause one to isolate itself from other markets and lose out on opportunities.

"Building 'small yard, high fence' could not stifle innovation and would only constrain oneself. Shutting China out in the name of de-risking poses the real risk to global industrial and supply chains. And exploiting 'national security' as a convenient pretext for suppressing others is in itself causing insecurity," Xie said.

"Only when China and the United States work together will both our countries and the world be safer and fare better," he said.