ALBAWABA – Decoupling with China is “an illusion”, Finance Minister Bruno Le Maire told reporters at the French embassy in Beijing on Sunday.
During a visit to China on Sunday, Le Maire said it is delusional to think the West can completely cut ties with China. Some Western countries question their reliance on the Asian giant, according to Agence France-Presse (AFP).
During a visit to, he said "We are totally opposed to the idea of decoupling. Decoupling is an illusion."
"There is no possibility of having any kind of decoupling between the American, European and Chinese economies," the minister reaffirmed.
Still, Le Maire defended France's ambitions to become more economically independent in certain sectors. But, he added, the concept of de-risking, which has become a byword in the West in recent months, "does not mean that China is a risk", AFP reported.
"De-risking means that we want to be more independent... We don't want to realise, as we realised during the Covid crisis, that we have too much dependence on some very specific components," he added, citing microchips as one example.
France wants better access to the Chinese market and a more "balanced" trade relationship, not a "decoupling" from the world's second-biggest economy, Le Maire reiterated, according to Reuters.
"We don't want to face some legislative hurdles or some other barriers to get access to the Chinese markets."
The minister’s statements come one day after what he called "constructive" trade talks with Vice Premier He Lifeng, in China.
Many Western countries seek to reduce economic dependence on China, particularly Germany, Reuters reported.
China is Germany’s top trading partner and an important market for its automotive industry.
The Asian giant is France's third-largest trade partner, but French firms are increasingly concerned they could get caught in the crossfire of rising rivalry between Washington and Beijing.
The United States (US) has also advocated de-risking from China.
However, US Treasury Secretary Janet Yellen said during a visit to Beijing earlier this month that a decoupling of the US and Chinese economies would be "virtually impossible".
China, meanwhile, has lashed out at Western efforts to de-risk, with Premier Li Qiang last month calling the concept a "false proposition", as reported by AFP.
At Saturday's meeting, He said China hoped France could "stabilise the tone" of EU-China relations, while Beijing was willing to deepen cooperation with Paris in some areas.
European officials have repeatedly said they wanted not to decouple from China but to "de-risk" in the face of what the Group of Seven calls China's "economic coercion".
Le Maire is in China for high-level economic talks, and will travel on Monday to the southern tech hub of Shenzhen to meet with business leaders.
When asked about fears amongst some European automakers that cheap Chinese electric vehicles (EVs) could flood European markets, Le Maire said France had its own plan.
France was working with Europe on, to better focus France's and Europe's EV subsidies, increase competitiveness, Reuters reported.
"We stand ready to have Chinese investments of the automotive industry in France and in Europe," he said, adding it would be "a very good thing" to have the Chinese companies investing and developing in Europe.
