In Europe, severing reliance on China could leave prices 1 to 2.5 percent higher in critical sectors, and the European Central Bank (ECB) and Bank of England perpetually above their 2 percent inflation targets, the EY-Parthenon report said, citing an ECB analysis.

　　Hu noted that the current global industrial competition is primarily concentrated in two key areas: cutting-edge technologies such as artificial intelligence and critical minerals and resources. The latter is closely linked to new materials and high-end equipment, forming part of the real economy and physical industry sector.

　　China is projected to supply more than 60 percent of the world"s refined lithium and cobalt, which are essential for the transition to cleaner energy sources, and roughly 80 percent of battery-grade graphite and rare-earth elements by 2035, according to an assessment by the International Energy Agency.

　　On keeping the global industrial and supply chains of critical minerals safe and stable, China"s position has not changed. However, some Western countries including G7 members have continuously ramped up efforts to build small circles to impose unilateralist measures against China.

　　In practice, even with massive investment the West could not decouple from China in the short run because of Beijing"s stranglehold over many critical industrial materials, said Alicia García-Herrero, chief economist for Asia Pacific at investment bank Natixis, according to the Financial Times.

　　Zhou noted that China"s advantages in tech, manufacturing and other areas stem from its stable economic policies, the predictable environment it has created for the market, and its open trade and economic environment.