China says 'Europe is bleeding' but US 'made fortune' out of Ukraine crisis

Inflation Reduction Act introduced 'for own interests, ignoring impact on other countries', says China

ISTANBUL:

China on Friday accused Washington of benefitting from the crisis in Ukraine as Europe suffers from sky rocketing inflation and energy crisis in winter.

“The US has made a fortune in the Ukraine crisis, while Europe is bleeding and paying for higher energy prices due to inflation,” said Zhao Lijian, spokesperson for China’s Foreign Ministry.

He was commenting on the US Inflation Reduction Act, legislation signed in August for urgent investments to lower prescription drug costs, health care costs, and energy costs.

Zhao said the US introduced the law “for its own interests while ignoring the impact on other countries, including its so-called allies and partners.”

“This is another example of the America-first hegemony,” the state-run Global Times newspaper quoted Zhao as saying.

“No wonder some European media say that Europe must ask: Why should our peace and prosperity depend on the interests of the US?” the spokesman said.

Also read: Russia ‘open’ to talks on Ukraine but presses demands after Biden comment

European leaders are said to have complained about the package that offers massive subsidies for US-made products, which could bring disadvantages to non-American companies and be a blow to their economies as the continent deals with the fallout from Russia’s war on Ukraine that started in February.

French President Emmanuel Macron, who met US counterpart Joe Biden on Thursday, said the Inflation Reduction Act is "super aggressive" toward European companies, according to a report.

China has not directly supported Russia in its military campaign, but the two countries have declared a "no limits" partnership.

The West, meanwhile, has imposed unprecedented sanctions on Moscow, and has supported Kyiv with financial, humanitarian as well as military support to defend itself from Russian "aggression."