G-7 talks focus on ways to fortify banks, supply chains as China accuses group of hypocrisy
Financial leaders of the Group of Seven advanced economies are focusing on ways to fortify ever more complicated financial systems and supply chains during meetings in Japan ahead of a summit next week
NIIGATA, Japan (AP) — Bank runs, cyber security and building more reliable supply chains to ensure economic security were among items on the agenda of closed-door financial talks Friday in Japan by the Group of Seven advanced economies.
Tensions with China, and with Russia over its war on Ukraine, loomed large on the wide horizon of issues the G-7 is tackling this year in Japan, its only Asian member.
But while G-7 finance ministers and central bank chiefs discussed ways to protect the international rules-based order and prevent what they are calling “economic coercion” by China, Beijing lashed back, accusing the club of wealthy nations of hypocrisy.
Chinese Foreign Ministry spokesperson Wang Wenbin said Thursday that, “to put it bluntly, the international rules that G-7 talks about are the Western rules of ideology and values and the rule of small clique that puts the U.S. first, that is dominated by G-7.”
