Monday, June 17, 2024
    HomeWorldLeaders of G7 to Hold Talks on Worries over China's 'Financial Pressurization'

    Leaders of G7 to Hold Talks on Worries over China’s ‘Financial Pressurization’

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    Leaders from the Group of Seven (G7) countries will address concerns about China’s use of “economic coercion” in its dealings abroad in a joint statement next week. The statement, part of the overall communique that will be released during the May 19-21 summit in Hiroshima, Japan, will include a list of concerns specific to China. The G7 is expected to work together to counter economic coercion from any country, including planning and coordination. US President Joe Biden has made China a focus of his foreign policy, and the G7 is closely tied economically to China. Negotiations over the language of the leaders’ joint declarations are still subject to diplomacy and adjustment before they are released during the summit.

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    The G7 meeting will be a test of how much the members, all rich democracies, can agree on a common approach to China, the world’s second-largest economy. The China terms have been a major subject of the talks currently underway by G7 finance leaders in Niigata, Japan, where they have focused on reducing over-reliance on Chinese manufacturing. Some G7 members are skeptical about signing on to controls on outbound investment in China. US officials expect President Biden to attend the two-day summit as planned.

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