'De-risking' won't derail the nation's renaissance

Earlier this month, citing national security risks, United States President Joe Biden signed an executive order banning a range of high-tech US investments in China, largely involving semiconductors, microelectronics, quantum computing technology and artificial intelligence.

The order is expected to be implemented next year, subject to drawing up relevant regulations and going through rounds of public comment.

Most of the transactions to be affected would require prior notification instead of outright prohibition, with certain exemptions expected, including for publicly traded instruments and intracompany transfers, according to The Guardian newspaper.

Nevertheless, this is no doubt a further screw-tightening in an all-out anti-China strategy that includes calls for "de-risking". Such is the US' bipartisan paranoia about the perceived "China threat".

Because China represents a different civilization and ideology, its rapid rise with unique characteristics is running into a hornet's nest of Western pride, prejudice, fear and suspicion, regardless of right and wrong and the pot calling the kettle black.

Though China grapples with a world economy disrupted by the Ukraine crisis, weakening exports and domestic consumption and other issues, these dark clouds mask its resilience as the largest trading partner with most of the world's nations, its solid head start in critical 21st century technologies, its faster-than-expected embrace of a greener, more sustainable future, and the nation's confidence to press ahead with the Chinese dream of a national renaissance.

China's massive supply chain network is extensive, deep and robust enough to withstand the West's calibrated shocks, and China has long built up self-reliance in most key technologies.

According to a report in 2022 by Harvard University's Fairbank Center for Chinese Studies, China is winning the race for clean energy technology. Leading the world in renewable energy production, it is the world's largest producer of wind and solar energy, as well as the largest domestic and outbound investor in renewable energy.

And so, despite worsening headwinds, China is pressing ahead with realizing the Chinese Dream.

According to Paris-based market research company Ipsos' Global Happiness Index 2023, considering overall life satisfaction, including ups and downs, China ranked highest in the world, with 91 percent of Chinese citizens describing themselves as happy.

This finding supports a July 2020 report from Harvard's Ash Center, which found that Chinese citizens' satisfaction with their government has been increasing consistently across the board since the first survey in 2003.

The author, an international China strategist, was previously director-general of social welfare for Hong Kong. The views do not necessarily reflect those of China Daily.