Chinafollowing the warning International Monetary Fund (IMF)stated that a situation where national security restrictions seriously hamper global growth due to “politicization of economic and trade issues“, will “immoral and unstable”.
IMF Deputy Managing Director Gita Gopinath said in December that if the global economy and trade were divided into two blocs – hinting mainly at the US and Europe in the West, China and Russia in the East – then global gross domestic product could fall by 2.5-7%.
“A trade war, a scientific and technological war, exercises to resolve or remove risks – all this, in essence, is the politicization of economic and trade issues”said Wang Wenbin, a spokesman for the Chinese Ministry of Foreign Affairs.
“This is unethical and unsustainable and ultimately affects the overall interests of the international community.”
The world’s two largest economies were once their largest trading partners. Although both governments publicly oppose decoupling, China now has more trade relations with Southeast Asia and the United States, as well as neighboring Canada and Mexico.
China has imposed export restrictions on some key ores such as graphite, which accounts for 67% of global supplies, citing national security concerns.
The United States opposes China’s announced export controls on gallium and germanium, metals used in the production of semiconductors and other electronic equipment. At the same time, the United States imposed restrictions on the export of semiconductors and equipment for their production to China, also citing security concerns.
“China is willing to cooperate with all parties to support inclusive economic globalization and resolutely opposes anti-globalization and opposes all forms of unilateralism and protectionism.”said Wang.
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