Leaders of the group of member states at the G7 forum are expected to discuss concerns about China’s use of “economic coercion” in its dealings with foreign countries. This is as part of their joint statement that is expected to be published next week, an American official present at the discussions told Reuters.
The statement will be published during the summit to be held on May 19-21 in Hiroshima, Japan, alongside a parallel statement that will refer to the joint work of the seven countries (USA, Canada, Japan, Great Britain, Germany, France and Italy) against “economic coercion” by any country. Include a reference to planning and cooperation in the matter.
US President Joe Biden has made China the focus of his foreign policy, and is working to prevent tensions and competitive relations from turning into an actual conflict, among other things regarding the independence of Taiwan. The G7 countries have close economic ties to China, which is the world’s largest exporter, and a major market for Many companies in these countries.
Last month, China said that a joint statement by the foreign ministers of the seven countries that dealt with similar issues was “full of arrogance and prejudice against China.” Under Biden’s predecessor, Donald Trump, forum statements made very limited mention of issues related to this country, but the Biden administration is working to issue more direct and clear statements.
The joint declaration that the G7 countries publish every year is intended to signal that the powerful countries maintain a united front on a wide range of economic and political issues. “We do not want to create a separation between the US and Chinese economies, we are in favor of risk reduction and diversification. This principle unites us,” said the American source. The wording of the joint statement is still subject to discussions and changes.
The upcoming summit is expected to test the extent to which the member states, all of which are rich democracies, can agree on a common approach towards China. The talks between the finance ministers of the countries, currently taking place in Niigata, Japan, are focused on reducing the “over-dependence” of the countries’ supply chains on Chinese companies – also of countries that are not members of the forum and are considered to have a low to average income.
The intention is also to prevent access by China to measures that would allow it technological superiority, and officials in the Biden administration see this as a complementary step to export restrictions to the second largest economy in the world, for example in the field of chips.
