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Draft Statement-G7 'Not Trying To Harm China', But Threatens More Tariffs

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(MNI) London - Headlines from the draft G7 communique crossing wires at regular intervals. As would be expected, a significant number relate to the G7's economic, political, and security interactions with China.

  • Regarding the war in Ukraine, the draft statement says the G7 "will continue taking measures against actors in China and third countries that metarially support Russia's war machine. [...] We will restrict access to our financial systems for targeted entities, including Chinese, that support Russia's war effort."
  • Referring to China, the draft statement says "We will continue to take actions to protect our businesses from unfair practices, to levely the playing field and remedy ongoing harm." Adds that the G7 expresses concern over China's "persistent industrial targeting and comprehensive non-market policies and practicses that are leading to global spillovers...We call on China to refrain from adopting export control measures, particularly on critical minerals."
  • Draft statement: "We oppose China's militarisation, and coercive and intimidation activities in the South China Sea." Goes on to claim that "We are not trying to harm China or thwart its economic development."
  • These comments come as former ECB president and Italian PM Mario Draghi, in a change of tack from his usual moderate stance, calls for tariffs and subsidies to '"ffset unfair advantages created by industrial policies and real exchange rate devaluations abroad." (see 'MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China' 1126BST).
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(MNI) London - Headlines from the draft G7 communique crossing wires at regular intervals. As would be expected, a significant number relate to the G7's economic, political, and security interactions with China.

  • Regarding the war in Ukraine, the draft statement says the G7 "will continue taking measures against actors in China and third countries that metarially support Russia's war machine. [...] We will restrict access to our financial systems for targeted entities, including Chinese, that support Russia's war effort."
  • Referring to China, the draft statement says "We will continue to take actions to protect our businesses from unfair practices, to levely the playing field and remedy ongoing harm." Adds that the G7 expresses concern over China's "persistent industrial targeting and comprehensive non-market policies and practicses that are leading to global spillovers...We call on China to refrain from adopting export control measures, particularly on critical minerals."
  • Draft statement: "We oppose China's militarisation, and coercive and intimidation activities in the South China Sea." Goes on to claim that "We are not trying to harm China or thwart its economic development."
  • These comments come as former ECB president and Italian PM Mario Draghi, in a change of tack from his usual moderate stance, calls for tariffs and subsidies to '"ffset unfair advantages created by industrial policies and real exchange rate devaluations abroad." (see 'MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China' 1126BST).