The Group of Seven Most Advanced Economies (G7) announced this Saturday that they want to reduce “over-reliance” on China in critical sectors without jeopardizing China’s economic development.
In the final declaration of the summit, held in the Japanese city of Hiroshima, the leaders of the G7 argue that a sustainable economy “requires the elimination of risks and requires diversification” and confirm the need to take steps in this direction individually in each of the national economies, as well as as a group.
The G7 statement emphasizes that the advocated orientation is “not aimed at harming” Beijing or impeding China’s progress and economic development, while the group defends that “a growing China playing by international rules is in the global interest.”
The final document of the economic bloc uniting Germany, Canada, the US, France, Italy, Japan and the UK, as well as the European Union (EU), was published a day ahead of schedule and points to “China’s politics and trade.” actions contrary to the market economy”.
“In order to ensure sustainable economic relations with China and strengthen the international trade system, we will insist on creating a level playing field between our workers and companies,” the G7 document says, which also expresses its readiness to face “challenges.” due to China’s trade practices that “distort the global economy”.
“We will fight malicious activities such as illegal transfer of technology or disclosure of sensitive data,” the text of the economic bloc reads.
The more industrialized countries also reaffirm the consensus reached on “the need to protect advanced technologies that can be used to threaten the national security of (countries of the group), without unreasonable restrictions on trade and investment.”
The G7 leaders’ final statement was released shortly after the release of yet another “economic coercion” paper, in which they denounced the use of export opportunities as a “weapon” and their exploitation as a political tool without mentioning any country. .