BEIJING: According to a warning from the International Monetary Fund, China may be “immoral and unsustainable” if national safety restrictions severely limit global expansion due to” the politicization of economic and trade issues.”
Gita Gopinath, the deputy managing director of the IMF, stated in December that the global gross domestic product may be reduced by 2.5 percent to 7 % if the earth market and trade split into two alliances, implying primarily the U.S. and Europe in the West and China and Russia and the East.
According to Wang Wenbin, a spokesperson for the Chinese foreign ministry,” trade wars, science and technology conflicts, activities in coupling or de-risking are, in fact, the politicization of economic and trade issues.”
” This is immoral and untenable, and it ultimately has an impact on the global interests of the community.”
The two largest economies in the world used to trade with one another the most. While both institutions openly oppose dispersion, China is now doing more business with Southeast Asia and the US with Mexico and Canada, two of its neighbors.
China has imposed export restrictions on a number of essential nutrients, including carbon, for which it accounts for 67 % of the world’s offer, citing national security issues.
China has announced import restrictions on chromium and germanium, metal used to make semiconductors and other electronics, which the United States opposes.
In the meantime, the US has imposed limitations on the import of electronics and the manufacturing machinery to China, citing security concerns as well.
According to Wang,” China is ready to collaborate with all parties to promote equitable financial globalization, vehemently oppose anti-globalization and all types of unilateralism and protectionism.”