Le Maire: France wants better China access, not decoupling

By Al Mayadeen English
Source: Agencies
30 Jul 2023 14:07

China's investment in Europe, particularly in France, has been a subject of growing significance in recent years.

French Finance Minister Bruno Le Maire, left and Chinese Vice Premier He Lifeng shake hands after a joint press conference at the end of the 9th China-France High-Level Economic and Financial Dialogue held at the Diaoyutai State Guest House in Bejing, Saturday July 29, 2023. (AP)

French Finance Minister Bruno Le Maire expressed France's desire for improved access to the Chinese market and a more equitable trade relationship, rather than seeking a "decoupling" from the world's second-largest economy.

After holding constructive trade talks with Vice Premier He Lifeng in Beijing, Le Maire emphasized that France aims to avoid facing legislative obstacles or barriers that hinder access to Chinese markets. The focus is on fostering a mutually beneficial and balanced trade partnership between the two nations.

"This of course was at the core of our discussions," he said. "We want to get a better access and a more balanced access to the Chinese market."

During the meeting on Saturday, Vice Premier He expressed China's hope that France would play a role in stabilizing the tone of EU-China relations. Beijing also conveyed its willingness to strengthen cooperation with Paris in specific areas. European officials have consistently emphasized their intention not to sever ties with China but to adopt a "de-risking" approach in response to what the Group of Seven has labeled as China's "economic coercion."

"Derisking does not mean that China is a risk," Le Maire said. "Derisking means that we want to be more independent and that we don't want to face any risk in our supply chains if there would be a new crisis, like the COVID one with the total breakdown of some of the value chains."

Despite being France's third-largest trade partner, French companies are growing anxious about the potential risks of being entangled in the escalating competition between Washington and Beijing, both of which hold significant economic influence as global superpowers.

Addressing concerns raised by certain European automakers regarding the potential influx of affordable Chinese electric vehicles (EVs) into European markets, Finance Minister Bruno Le Maire asserted that France has formulated its own strategy. France is collaborating with Europe on a plan to streamline and enhance EV subsidies, aiming to bolster the competitiveness of both France and Europe in the electric vehicle sector.

"We stand ready to have Chinese investments in the automotive industry in France and in Europe," he said.

Elsewhere in his remarks, Le Maire expressed a positive outlook, stating that having Chinese companies invest and engage in development within Europe would be highly beneficial. He emphasized that France's efforts are heading in the right direction, with the aim of creating improved access to the Chinese market, particularly for French cosmetics.

China's investment in Europe, particularly in France, has been a subject of growing significance in recent years. As one of the world's economic powerhouses, China's interest in European markets has led to substantial investments across various sectors, including technology, infrastructure, and renewable energy.

These investments have provided a significant boost to the European economy and have fostered closer economic ties between China and France. While there have been concerns raised by some European countries about the impact of Chinese investments on certain industries, many policymakers and business leaders view these investments as an opportunity for mutual growth and collaboration.