China’s de-risking approach is just decoupling in disguise

For some time, a few countries have been peddling a de-risking approach to China, a term coined to indicate a policy shift from decoupling.

De-risking, in fact, is just decoupling in disguise. China's record shows that the country poses no risks, and what it stands for is peace, growth, and innovation.

Since its founding, China has been a peaceful nation that has never been a threat to peace. China established the Five Principles of Peaceful Coexistence in 1954. The nation is currently the only country that commits a path of peaceful development as its Constitution states. It is also the only one among the five nuclear-weapon states that makes the promise of no-first use of nuclear weapons.

China is a force for peace. It says it will not tread the old path of war, colonization and plunder taken by some countries. China is dedicated to promoting peace across the globe. This March, China brokered a deal between Saudi Arabia and Iran to reestablish diplomatic relations and reopen embassies, ending seven years of tensions. The rapprochement triggered a wave of reconciliation in the Middle East, resulting in a fresh start in relations between the two nations.

China has steadfastly advocated peace talks with Ukraine in the ongoing conflict. In April, China's special envoy, China's president Xi Jinping and Ukraine's President Volodymyr Zelenskyy, toured Ukraine, Poland, France, Germany, the EU Headquarters and Russia to pool international consensus for a political settlement. Ambassador Li Hui said he had in-depth and candid exchanges with all sides and the visit has achieved expected goals. China is a stability measure for the world economy. From 2013 to 2021, it contributed over 30 percent to global growth, making it the biggest contributor. In 2022, China's GDP peaked at 121 trillion yuan, and its expansion outpaced the majority of major economies.

The International Monetary Fund recently predicted that China's economy will grow 5.2 percent and account for a third of global growth this year. China is a crucial player in global growth and a major player in global supply chains, particularly in the post-Covid era.

China has taken effective steps to maintain supply chains stable and prevent risks of disruption, demonstrating the strong resilience of its economy.

While some use economic resilience as a benchmark to justify self-serving practices, China's story has been a valuable demonstration of how to invest in economic resilience.

China's rapid expansion of its highly-quality opening-up has brought China to a new level of openness. Inspired by a better business climate and a larger market, it seeks to create more opportunities for the world with its own development.

The China International Import Expo is a clear proof of China's commitment to shared growth. The annual event, which was hosted by China since 2018, drew in 284 Fortune Global 500 firms last year, and has become a magnet for global participants to showcase their exclusive products. If one decouples from China in the name of de-risking, it will only decouple from cooperation and development.

Today, China is one of the world's leading innovators in various sectors, such as 5G, quantum computing, and high-speed railway. China's ranking in the Global Innovation Index, published by the World Intellectual Property Organization, has surged for 10 years straight. It ranked 11th in innovation globally last year. In the first year of 2022, China's R&D spending surpassed 3 trillion RMB, up 10 percent from the previous year.

China never innovates on the inside, unless it's behind closed doors. It shares its technology with partners worldwide and encourages cooperation with the global community. An innovative China is a contributor to the world, rather than a source of risk.

While China's high-tech industries are growing, some governments have been using national security concerns as an excuse to slap restrictions on exports of critical technologies and equipment to China. However, such moves violate market laws and will only impede global supply chains.

Businesses also vote with their feet, even when it comes to politics. Increasingly, many of these companies are establishing research centers in China, as well as plants, in a growing number of them. The inclusion of innovating in China to make in China is a vote of confidence for China's innovation environment and market prospects.

In a world grappling with thorny problems, nations must unite, not move apart. Many are explicitly aware of the costs of moving apart. Decoupling from China would be disaster for both countries, Yellen said. Ursula Von de Leyen said decoupling is clearly not viable, desirable or even practical for Europe.

It s time to stop playing with words. Decouple is to decouple, and to decouple is to destabilize and even derail.

For every recipient of globalization, safeguard global trade and keep supply chains smooth is the right thing to do. There is no need to de-risk from China, for a growing China will only provide the world with a much-needed boost, not risk.

The author, Yi Xin, is a current affairs commentator based in Beijing.