G7 vows to counter ‘economic and national security threats’ posed by China

G7 pledges ‘to protect our workers and businesses from unfair practices’, but welcomes “constructive and stable” relations with Beijing

Reading Time:4 minutes

Group of 7 leaders at a global infrastructure and investment event during their summit, in southern Italy on Thursday. Photo: AP

Published: 7:50pm, 14 Jun 2024Updated: 4:25am, 15 Jun 2024

Leaders of the Group of 7 nations vowed on Friday to take collective action against Chinese industrial overcapacity, “unfair” state subsidies and state-led dominance of strategic industries and threatened sanctions against Chinese financial institutions that support Russia’s wartime economy.

“There was a collective diagnosis and collective agreement to confront the economic and national security threats from China,” a senior US administration official said at the conclusion of the three-day summit in Italy.

“Some of China’s actions to support the Russian war machine are now not just threatening Ukraine’s existence but European security and transatlantic security,” he added, speaking to reporters on background.

“And that’s why the sanction measures that were announced this week are so serious.”

03:07

Xi welcomes ‘old friend’ Putin to Beijing, affirms strength of China-Russia bond

On Thursday, the US Treasury targeted the Moscow Exchange, Russia’s main financial marketplace, and broadened the risk of secondary sanctions for any foreign financial institution doing business with Russia’s war economy.