Criticized for ‘withdrawing’ from world, China vows more openness

Beijing, Oct 17 (EFE).- China said Monday it promised to “inexorably expand” its opening and promote a globalization “more beneficial for all,” amid criticism from institutions such as the European Union, which recently accused the country of “putting ideology before growth” or “cutting off” from the rest of the world.

“There have been some misunderstandings about our new development pattern, which focuses on the domestic economy but also maintains positive interaction with international markets,” said Zhao Chenxin, deputy director of the National Development and Reform Commission at a press conference on the sidelines of the 20th Communist Party Congress this week.

According to the official, “it is a mistake to think that by focusing on the domestic economy, China will reduce its opening-up efforts or become a ‘self-sufficient’ economy,” he said.

He added that economic globalization is “an irreversible trend” and that the country is “deeply integrated into the global economy and the international system.”

“Industries in China and in many other countries are highly interconnected and interdependent,” he said, adding that China now needs “higher quality and more efficient, fair, sustainable and safe development.”

Likewise, Zhao said the country “will further intensify its efforts to encourage foreign investment,” and that the economy of the country will release GDP data for the third quarter of the year – Tuesday, which “has registered a trend to remarkable recovery.

The official’s statements come amid threats from the White House to “disengage” with China – it has just prohibited the country from acquiring semiconductors and chips with US technology.

The European Union’s Chamber of Commerce in the country accused Beijing of “putting ideology before growth” and “cutting itself off” from the rest of the world.

In that report, published at the end of September, the chamber said this last year has brought about an “important change” in the way in which European companies evaluate China, among other reasons due to the country’s strict zero covid policy.

The EU is “re-evaluating and updating” its political position, “taking more seriously” the messages that come from Beijing, among which the Chamber cites the self-sufficiency campaign announced in the face of geopolitical tensions with the West.

This also makes European companies “analyze the risks very carefully” for fear of becoming “victims of a political dispute”.

The organization called on China for “more transparency and predictability,” since, despite the fact that the country “still has significant growth potential and manufacturing bases and world-class industrial poles that are difficult or even impossible to replicate elsewhere”, the commitment of European firms “can no longer be taken for granted.” EFE


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