On the final day of their annual summit, leaders from the Group of Seven (G7) nations vowed to confront what they described as unfair business practices by China that are undermining their economies, according to a draft statement on the final day of their annual summit.
The summit, held in Italy, also warned of action against Chinese financial institutions allegedly assisting Russia in obtaining weaponry amid its ongoing conflict with Ukraine.
The G7 leaders, representing Italy, the United States, Britain, Canada, France, Germany, and Japan, discussed concerns over China’s excess industrial capacity, which they believe distorts local markets in Western countries. The draft statement emphasised that the G7’s actions are not trying to harm China or thwart its economic development but would “continue to take actions to protect our businesses from unfair practices, to level the playing field and remedy ongoing harm.”
The United States imposed fresh sanctions this week, on Chinese firms involved in supplying semiconductors to Russia, citing concerns over Beijing’s increasingly aggressive stance towards Taiwan and disputes with the Philippines over rival maritime claims.
“China is not supplying weapons (to Russia) but the ability to produce those weapons and the technology available to do it, so it is in fact helping Russia,” remarked U.S. President Joe Biden during the summit, following a bilateral security agreement signing with Ukrainian President Volodymyr Zelenskiy.
Earlier in the summit, the G7 nations reached an agreement to provide Ukraine with $50 billion in loans backed by interest from frozen Russian assets, which they hailed as a significant demonstration of Western resolve.
The draft statement also pledges sanctions against entities aiding Russia in evading sanctions on its oil exports through fraudulent transport methods.
Melissa Enoch
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