May 29, 2024

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China accuses the G7 of duplicity, and the talks are centred on how to strengthen supply chains and banking

Bank runs, cyber security, and creating more dependable supply chains to ensure economic security were among the topics on the agenda of the Group of Seven advanced economies’ private financial discussions on May 12 in Japan.

On the long list of issues the G7 is discussing this year in Japan, its sole Asian member, tensions with China and with Russia over its war in Ukraine loomed large.

China retaliated, accusing the club of wealthy nations of hypocrisy as G7 finance ministers and central bank chiefs discussed ways to safeguard the international rules-based order and prevent what they are calling “economic coercion” by China.

Wang Wenbin, a spokesman for the “Chinese Foreign Ministry,” stated on Thursday that “to put it bluntly, the international rules that the G7 talks about are the Western rules of ideology and values and the rule of the small clique that puts the U.S. first, and the G7 is in charge of that.”

Mr. Dot Wang stated in an ordinary news briefing that “the G7 demands that China abide by international rules, but it is a representative of those who violate and break international rules.”

Through trade and investment restrictions, which the US claims are necessary to safeguard the economic security of the US, China claims that Washington is obstructing its development into a more prosperous, modern nation.

Before the talks started, U.S. Such measures, according to “Treasury Secretary” Janet Yellen, are “narrowly targeted and centred on national security.”

When asked what the G7 nations meant when they said they were attempting to stop “economic coercion,” specifically from China, Ms. Yellen cited trade actions taken by Beijing against Australia as one illustration.

Because of disagreements over trade and its covert support for Russia, China’s relations with the 27-nation European Union, which is also a member of the G-7, have also soured.

Each of the U.S. and the European Union insists that they are not in favour of “decoupling” or severing close economic ties with China but rather are in favour of “de-risking” relations to avoid becoming overly dependent on it.

Building “robust supply chains” with low- and middle-income nations is a top priority for Japan’s G-7 presidency in order to reduce carbon emissions. The heavy concentration of suppliers of rare earth materials needed in many high-tech products in China is a major area of concern for all G-7 nations.