"G7 Summit Joint Statement to Express Concern Over China's 'Economic Coercion'"

From the 19th to the 21st, the leaders of the Group of Seven (G7) countries gathering in Hiroshima, Japan, are expected to issue a statement expressing concern over China's "economic coercion," according to reports on the 13th (Korean time) citing a U.S. official familiar with the matter, as reported by major U.S. media outlets.

G7 [Image source=Reuters Yonhap News]

The official stated that the G7 joint statement will include a "section related to China," specifically mentioning "cases of China's economic coercion." Additionally, the document will propose cooperation measures among G7 countries to counter economic coercion by China and other nations. A separate "economic security statement" is also expected to contain detailed response plans. However, the exact wording of the joint statement is likely to be adjusted until the final announcement.

The United States, which has criticized China's economic coercion, hopes that the G7 summit will produce a joint response from member countries. On the 11th, U.S. Treasury Secretary Janet Yellen, during a press conference in Niigata, Japan, where she attended the G7 finance ministers' meeting, stated, "The G7 is reviewing ways to respond to China's economic coercion."

However, the official emphasized, "We are not trying to decouple the U.S. and Chinese economies but rather to eliminate risks and diversify."

U.S. media outlets have predicted that the G7 summit will serve as a test to confirm the unity of member countries against the economic powerhouse China.

Separately from the G7 summit, the G7 finance ministers' meeting, which opened from the 11th to the 13th in Niigata City, Japan, is also discussing ways to reduce the member countries' "excessive dependence" on China's manufacturing supply chains. However, some countries are reportedly skeptical of policies from the Biden administration, such as "overseas investment controls" targeting China.

The joint statement from the G7 finance ministers is expected to be released late in the afternoon on the same day.