A complete separation of the US and Chinese economies is utterly unrealistic, a senior Chinese official has said, emphasizing the need for cooperation between various nations amid the pandemic-induced global economic uncertainty.
Speaking at a news briefing in Beijing on Friday, the deputy director of the Office of China’s Central Commission for Financial and Economic Affairs, Han Wenxiu, argued against severing ties between the world’s two largest economies.
“Decoupling is basically not realistic, and there’s no benefit for China or the US, or the entire world,” Han stated.
Those who want decoupling are few. Those who want collaboration are far more.
The official explained that the US and China will be able to maintain their positions as the largest economies only if they complement each other. Moreover, the two should be operating in an open global environment, as it provides more opportunities for the rest of the world, Han added.
While the US and China remain major business partners, the duo have been locked in an open economic standoff for over two years already. US President Donald Trump has repeatedly threatened a “complete decoupling” of the American economy from China, accusing Beijing of using unfair trade practices. While the president insisted it was not only possible, but even beneficial for the American economy, other top US officials have doubted his idea was even remotely realistic.
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The US-China economic standoff, which has already escalated into a full-blown trade war, is further reinforced by various geopolitical tensions. The most recent flashpoint came last week, after the US approved a $1.8 billion arms sales to Taiwan, which Beijing considers to be an integral part of China. China demanded Washington abandon its arms sales plan and immediately “stop military contact” with Taiwan, threatening sanctions against the American arms manufacturing giants if the deal goes through.
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