“We are totally opposed to the idea of ??decoupling. Decoupling is an illusion, ”said French Economy Minister Bruno Le Maire on Sunday July 30, when questioned by journalists on the subject, during a trip to Beijing. Speaking in English at a joint press conference with Chinese Vice Premier for Finance He Lifeng at the French Embassy, ??he echoed: “It is impossible to sever all ties between the American economies and European and that of China. »

However, he defended the ambition of greater economic independence from France in certain specific economic and industrial sectors. This is one of the spearheads of Emmanuel Macron’s second term.

Wishing to “avoid any misunderstanding”, Mr. Le Maire clarified that the concept of “de-risking”, popular in recent months with many Western countries, “does not mean that China constitutes a risk”. “It means we want to be more independent. (…) We do not want to realize, as we did during the Covid[-19] crisis, that we are too dependent on certain very specific components, ”he further explained.

Desire for strategic independence

Bruno Le Maire is in China to attend the high-level Franco-Chinese economic and financial dialogue, an annual bilateral meeting devoted to these strategic issues. His remarks coincide with the desire of several Western countries to want to reduce their economic dependence on Beijing, in a logic of strategic independence.

This is the case of Germany, of which China is the main trading partner and represents a vital market for its powerful automotive sector. Some American officials are also defending such an idea, in a context of tensions between Washington and Beijing in recent years.

On a visit to China in early July, US Treasury Secretary Janet Yellen, however, also felt that a “decoupling” of the US economy from that of China was “virtually impossible”, given the its weight for the global economy. In a world of intertwined economies, this is a “false proposition,” Chinese Premier Li Qiang said in June.

On Monday, the French Minister of Economy, Finance and Industrial and Digital Sovereignty will travel to Shenzhen, a large metropolis bordering Hong Kong located in southern China, considered the “Chinese Silicon Valley”. Bruno Le Maire is due to meet Chinese investors and big bosses there, including that of the Chinese car manufacturer BYD, which is considering opening an electric vehicle factory in Europe.