{"id":157453,"date":"2023-05-13T08:00:00","date_gmt":"2023-05-13T00:00:00","guid":{"rendered":"https:\/\/www.mediaintel.asia\/?p=918199"},"modified":"2023-05-13T08:00:00","modified_gmt":"2023-05-13T00:00:00","slug":"g7-finance-leaders-say-greater-economic-uncertainty-requires-vigilance-vow-to-contain-inflation-2","status":"publish","type":"post","link":"https:\/\/www.chinalegalblog.com\/en\/2023\/05\/13\/g7-finance-leaders-say-greater-economic-uncertainty-requires-vigilance-vow-to-contain-inflation-2\/","title":{"rendered":"G7 finance leaders say greater economic uncertainty requires vigilance, vow to contain inflation"},"content":{"rendered":"
\"MediaIntel.Asia\"<\/a><\/div>\n

NIIGATA, Japan (AP) \u2014 The Group of Seven\u2019s top financial leaders united Saturday in their support for Ukraine and their determination to enforce sanctions against Russia for its aggression.
\nThe finance ministers and central bank chiefs ended three days of talks in Niigata, Japan, with a joint statement pledging to bring inflation under control while aiding those suffering the most from surging prices.
\nThey also committed to collaborating to build more stable, diversified supply chains for developing clean energy sources and to \u201cenhance economic resilience globally against various shocks.\u201d
\nThe talks in this port city are in preparation for a summit of G-7 leaders in Hiroshima next week.
\nTHIS IS A BREAKING NEWS UPDATE. AP\u2019s earlier story follows below.
\nThe world is facing a \u201chistoric turning point,\u201d Japanese Prime Minister Fumio Kishida says, as Group of Seven advanced economies prepare for a summit next week in Hiroshima.
\nG-7 finance leaders were expected to confirm a show of unity on support for Ukraine, strengthening financial systems and supply chains and a range of other pressing global issues as they wrapped up three days of meetings in the Japanese port city of Niigata on Saturday.
\n\u201cThe international community is facing a historic turning point, facing divisions and conflicts such as Russia\u2019s invasion of Ukraine and Sudan,\u201d Kishida said in a statement issued late Friday.
\nThe G-7 will \u201cresolutely reject the threat or use of nuclear weapons and uphold the international order based on the rule of law,\u201d Kishida said. \u201cAs G7 chairman, I will convey my strong will to have an impact on history.\u201d
\nThe G-7 economies comprise only a tenth of the world\u2019s population but about 30% of economic activity, down from roughly half 40 years ago. Developing economies like China, India and Brazil have made huge gains, raising questions about the G-7's role in leading the world economy.
\nChina has blasted as hypocrisy assertions by the U.S. and other G-7 countries that they are safeguarding a \u201crules based international order\u201d against \u201ceconomic coercion\u201d from Beijing and other threats.
\nThe finance ministers and central bank governors gathered in Niigata face a host of challenges in promoting a strong and stable world economy. A joint statement to be released later in the day was due to reiterate the G-7's condemnation of Russia for its war on Ukraine and its determination to support Ukraine \u201cfor as long as it takes.\u201d
\nThe group was also expected to voice confidence in the global financial system despite recent turmoil in the banking industry and the potential of a default on the U.S. national debt if President Joe Biden and Congress do not resolve soon an impasse over the debt ceiling as the government runs out of funds to pay its bills.
\nAs host of the G-7 this year, Japan was also seeking support for launching a \u201cpartnership\u201d to strengthen supply chains to reduce the risk of disruptions similar to those seen during the pandemic, when supplies of items of all kinds, from medicines to edible oil to high-tech computer chips, ran short in many countries.
\nTensions with China, and with Russia over its war on Ukraine, have loomed large during the talks in Japan, the G-7's only Asian member.
\nThe G-7 finance ministers and central bank chiefs said they would discuss ways to prevent what they are calling \u201ceconomic coercion\u201d by China. That drew sharp retorts from Beijing.
\nChina is a victim of economic coercion, Chinese Foreign Ministry spokesperson Wang Wenbin said Friday.
\n\u201cIf any country should be criticized for economic coercion, it should be the United States. The U.S. has been overstretching the concept of national security, abusing export controls and taking discriminatory and unfair measures against foreign companies,\u201d Wang said in a routine news briefing.
\nChina accuses Washington of hindering its rise as an increasingly affluent, modern nation through trade and investment restrictions that U.S. Treasury Secretary Janet Yellen said were narrowly targeted to protect American economic security.
\nAsked what G-7 countries mean by trying to prevent \u201ceconomic coercion,\" namely by China, Yellen cited trade actions by Beijing against Australia as one example.
\n\u201cWe in the G-7 share a common concern with this kind of activity and are looking to see what we can try to do to try to counter this kind of behavior,\u201d she said.
\nChina's relations with the 27-nation European Union, which is also a member of the G-7, have also been frayed by friction over trade and over its tacit support for Russia.
\nThe G-7 financial chiefs also discussed ways to prevent countries from skirting sanctions against Moscow meant to hinder its ability to continue the war.
\nTheir broader responsibility is to help guide the world economy toward a sustained recovery from the pandemic while cooling inflation that surged to multi-decade highs in the past year.
\nThe collapses of Silicon Valley Bank and other lenders stemmed largely from the pressure of interest rate hikes that, by making borrowing more expensive, are designed to slow business activity and rein in surging prices.
\n__
\nAssociated Press journalist Haruka Nuga contributed.
\nElaine Kurtenbach, The Associated Press<\/p>\n

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

NIIGATA, Japan (AP) \u2014 The Group of Seven\u2019s top financial leaders united Saturday in their support for Ukraine and their determination to enforce sanctions against Russia for its aggression.
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