The finance ministers and central bank governors of the G7 countries have raised alarms over China’s industrial practices.
They accuse Beijing of excessively producing electric vehicles and other goods, selling them internationally at unreasonably low prices.
Following two days of discussions in Stresa, northern Italy, the G7 officials issued a joint statement on Saturday expressing their concern about China’s reliance on non-market policies and practices that disadvantage workers, industries, and the economic stability of their nations.
The commissary emphasized that the officials are considering actions to create a more equitable marketplace, adhering to World Trade Organization standards.
Additionally, they explored ways to support Ukraine, including potentially utilizing proceeds from the frozen Russian assets imposed by sanctions due to Russia’s invasion of Ukraine.
Plans to present these options to G7 leaders at the upcoming summit were confirmed in the statement.
Japan’s Finance Minister Suzuki Shunichi reiterated the importance of adherence to international law when dealing with the proceeds from Russia’s assets, highlighting the global condemnation of Russia’s breaches of international norms.
There remains a divide among the G7 officials regarding the approach to Russian assets, and it is yet unclear how much consensus will be achieved before the G7 summit.
Earlier this month, China sanctioned 12 US defence-related companies and 10 executives over arms sales to Taiwan in retaliation for earlier American sanctions on Chinese companies linked to Russia.
The sanctioned entities include units of Lockheed Martin, Raytheon, General Dynamics, and other defence companies. Senior executives from Northrop Grumman Corporation and General Dynamics are also targeted by these measures.
US Secretary of State Antony Blinken emphasized the importance of responsible management of differences between Washington and China ahead of anticipated challenging discussions.
