Mention of China's Economic Coercion Cases
Documented G7 Cooperation Measures in Response to China
The leaders of the Group of Seven (G7) are expected to issue an "economic security statement" expressing concerns about China's economic coercion at the G7 summit to be held in Hiroshima, Japan, from the 19th to the 21st. This is interpreted as an effort to establish a system for joint response in case of economic retaliation by China against its allies, as the United States tightens its encirclement of China in cooperation with allied countries.
According to major foreign media on the 14th (local time), a U.S. administration official stated, "The G7 joint statement will include sections related to China and mention 'cases of China's economic coercion,'" adding, "The document will also present G7 cooperation measures to counter economic coercion by China and other countries."
In particular, it is reported that, in addition to the usual joint statement, a separate economic security statement will be adopted at this G7 summit, containing specific response plans.
"Economic coercion" is a term mainly used by the United States to criticize China when it uses its economic power to retaliate against trade partners with whom it has conflicts. Previously, the U.S. criticized China's economic coercion and hoped to present joint countermeasures at this G7 summit.
Janet Yellen, U.S. Treasury Secretary, also held a press conference on the 11th in Niigata, Japan, where she attended the G7 finance ministers' meeting, stating, "The G7 is reviewing response measures against China's economic coercion."
However, a U.S. administration source emphasized that "we are not trying to decouple the U.S. and Chinese economies but rather to eliminate risks and diversify."
The United States is focusing on restoring high-level talks with China, with which tensions peaked during the 'spy balloon' incident in February this year. At the same time, it is pursuing a dual strategy of both pressure and engagement, such as pushing for the adoption of an economic security statement at this G7 summit. This is interpreted as an attempt to rally allies and gain a negotiating advantage over China before high-level talks fully resume.
Foreign media foresee that this G7 summit will serve as a test of the unity of member countries in standing up to the economic powerhouse China.
Separately from the G7 summit, the G7 finance ministers' meeting, held from the 11th to the 13th in Niigata City, Japan, discussed measures to reduce excessive supply chain dependence on Chinese manufacturing. However, some countries reportedly expressed skepticism about U.S. government policies such as controlling overseas investment in China, according to foreign media.
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