The G7 will reduce trade dependence on China

The Group of Seven (G7) announced last Saturday that it will take steps to invest in its own economies and reduce its “excessive dependencies” on China for “critical” supplies. This without endangering the development of Beijing.

In the final declaration of the summit held in the Japanese city of hiroshimathe leaders of the block indicated that they consider that a resilient economy “requires eliminating risks and diversifying”, and advocated taking steps individually and collectively in their own economies.

The forum stressed that its policies are not designed to impede China’s economic progress. In addition, he described the fact that this economy plays by international rules as global interest; but at the same time, he opted to reduce excessive dependencies in his critical supply chains.

“With a view to enabling sustainable economic relations with China and strengthening the system of International TradeWe will press for equal conditions for our workers and companies,” the group said.

financial measures

On the other hand, The representatives of the most powerful nations in the world pledged to adopt “the necessary measures” to maintain financial stability and to be “agile and flexible” in its macroeconomic policies to counteract economic uncertainties.

The leaders of the Group of Seven expressed confidence in the resilience of the financial system after its adaptation to “multiple shocks”, such as the COVID-19 pandemic, the Russo-Ukrainian war and inflationary pressure, but pointed out the need to keep ” vigilant”. They indicated that they will undertake growth-oriented policies.

Data

Trust. The group acknowledged that “inflation remains high” but said central banks remain “committed” to stabilizing prices.

countries. The G7 are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States..