G7 countries have agreed to take measures against what they call « Chinese economic coercion », which are set to be announced later in the day.
The term « economic coercion » refers to the use of punitive trade practices to coerce states into political disputes.
The Group measures against China include economic security tools, steps to protect sensitive technology such as export controls, and outbound investment measures. As Jake Sullivan, US National Security Adviser said.
Each country has its own relationship and independent approach to Beijing, but all are centered around a specific set of common concerns. Sullivan added.
The G7’s statement is going to confirm that Member States are endeavoring to cooperate with China on matters of mutual interest. According to Sullivan’s briefing.
Sullivan continued by saying that the G7 countries are seeking to get rid of the risks in their relationship with China, not to divorce.
Chinese Foreign Ministry spokesman Wang Wenbin reflected Beijing’s anger at the G7 measures to be announced.
If the Group wants to discuss economic coercion, why not initially discuss United States’ coercion of six other Member States? Wang Wenbin said.
The summit of G7 in Japan shows how the tone of members in dealing with Beijing has escalated since China first reported at the Cornwall
Summit, UK, 2021,
Back in 2021, the G7 adopted an alternative initiative to China’s Belt and Road Development Initiative, the « Build Back Better World » support plan for low- and middle-income countries.
The Group continues to adopt the plan and aims to raise some $600 billion by 2027 and bring it into global infrastructure investment.