G7 and China criticize each other over economic 'bullying'
(Baonghean.vn) - G7 countries decided to reduce economic dependence on China, create a diversified supply chain, and respond to China's "economic bullying". However, Beijing criticized that the G7 was the real "culprit" of that bullying.
The Sankei Shimbun reported that the meeting of trade ministers from the Group of Seven (G7) countries held in Osaka, Japan, and the leaders agreed to take steps to reduce dependence on China.
For the first time, the G7 has expanded the forum to include representatives of developing countries. The parties agreed to create a reliable supply chain for critical minerals, necessary for the production of electric vehicles and batteries. The countries will work closely to reduce dependence on China.
The forum also discussed the G7’s response to China’s “economic bullying,” which is the use of trade leverage to pressure other countries. The expanded forum also included resource-rich Australia and Chile, as well as emerging economies in the southern hemisphere such as India, Indonesia and Kenya.
“Recently, the economic dependence of some countries on others has been used as a weapon,” said Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura, calling on G7 members to develop partnerships not only within the bloc, but also with other countries, to create a safe and diverse supply chain.
Responding to the G7's accusations of China's "economic bullying," the Chinese embassy in Japan said that the G7 holds a "monopoly patent" on economic bullying; it also noted that there have been countless cases of G7 members destroying the level playing field and disrupting the security and stability of global economies, production and supply chains.
“We urge them not to practice double standards, but instead take practical actions to maintain a fair international trade and investment order,” the Chinese Embassy in Japan said.
Chinese officials and experts have criticized the G7 statement calling for the "immediate abolition" of import restrictions on Japanese food products, according to the Global Times.
The call was made in reference to China's restrictions after Japan began discharging treated radioactive wastewater from the Fukushima nuclear power plant into the sea./.