China US Photo: GT

 Advocacy for decoupling is not "good prescription," a spokesperson for China's top political advisory body said on Wednesday, raising an outcry against rising trade and technology protectionism.

The spread of the coronavirus outbreak across the world has dealt a blow to global supply chains. Meanwhile, anti-globalization trend has emerged, with some calling for a retreat of overseas businesses from China and some even beating the drum for a "decoupling" of China and their home economies, Guo Weimin, spokesperson of the third annual session of the 13th Chinese People's Political Consultative Conference (CPPCC) National Committee, told a press conference in Beijing.

The annual CPPCC session will open on Thursday. 

Lately, the Trump administration made a decision to cut off semiconductor supplies to Chinese telecom behemoth Huawei.

However, the leaders of most countries and regions and mainstream international opinion have called for global unity to keep supply chains intact, Guo said, adding that surveys by some professional institutions have lately shown that many transnational corporations have no willingness to withdraw from China. Additionally, there have been continued commitments to the market from new businesses seeking an involvement in international economic and trade partnerships.

Guo stressed that the current global supply chains, having formed after many years of effort, are stable and inter-reliant. "One shouldn't shift its troubles onto others and pursue isolation," he said.

As an indispensable part of global supply chains, China will provide a more efficient and service-oriented business environment, Guo stated, pledging that the nation will actively expand imports and ramp up outbound investment, which will contribute to global growth. 

The economic impact of the pandemic was also a focus at the press conference. 

Macroeconomic indicators posted a notable fall in the first quarter. The downward pressure on the economy increased and the pandemic continued to spread, posing tremendous challenges for China's economic and social development, according to Guo. 

Policy measures aimed at buffering the economic shock have stepped up countercyclical fine-tuning in a targeted manner and helped smaller businesses weather the storm, he said.

China's economic and social development trend remains largely stable, indicative of the economy's strong resilience and huge growth potential, Guo went on to say. 

China's economy contracted 6.8 percent in the first quarter, but headline economic readings point to a rebound in the second quarter. 

Global Times