Draft Communique On China, Supply Chains, Economy

Reuters reporting a significant number of comments from a draft G7 communique it is reported to have seen. Some of the key comments identified below:

• On China: G7 prepared to build constructive and stable relations with China, recognising importance of engaging candidly. On China relationship: 'We act in our national interest.' Necessary to cooperate with China, given its role in international community and size of its economy. We call on China to engage with us on areas such as climate, biodiversity crisis and conservation. Our policy approaches not designed to harm China, we do not seek to thwart China's economic progress and development. A growing China that plays by international rules would be of global interest. We are not decoupling or turning inwards, we recognise economic resilience requires re-risking and diversifying.
• On supply chains: G7 to deepen 'strategic dialogue against malicious practices' to protect global supply chains from 'illegitimate influence, espionage'. Reaffirms need to manage economic and security risks caused by vulnerable supply chains. G7 to promise domestic and international recycling of critical minerals in collaboration with developing countries. Reaffirms importance of cooperation on export controls on critical and emerging technologies such as microelectronics and cyber surveillance systems to address its 'misuse by malicious actors.'
• On the global economy: G7 need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about global economic outlook. Continue to closely monitor financial sector developments, stand ready to take appropriate actions.