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G7 finance leaders face tricky trade-off to counter China

28 Comments
By Leika Kihara and Andrea Shalal

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28 Comments
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Too little too late? the problem with the undue power that China has over the economy is not something that magically appeared in a moment, the G7 let this go out of control because before it was beneficial to them, now correcting the issue is not going to be easy.

10 ( +15 / -5 )

Hard to counter when China's growing 3x faster with almost no inflation.

Mid-East Peace between Suni and Shia, Saudi Arabia and Iran, that's VOTE of confidence in CHINA leadership and President Xi. Ditto OPEC and Global South. Why?

World Tired of US NATO, Strong $ disruption, chaos, war, destabilization, proxy wars, etc. Endless wars not good!

China's great hedge, optionality for world, competition to keep everyone accountable, track record matters!

-5 ( +6 / -11 )

One day: We love CCP, let's be their bbfs. Yay, show us the money!

Next day: CCP bad, CCP not fair. We must break ties with CCP. They only show themselves the money. Big ole poopy heads, boooooooo!

-1 ( +4 / -5 )

the G7 let this go out of control because before it was beneficial to them

Specifically, it was beneficial to large Western multinational corporations, not to mention Chinese communists. It was disastrous for working people in Western countries.

8 ( +10 / -2 )

virusrex

One of the downsides of capitalism is its insatiable appetite for greed.

This is not lost on the Government of China.

At least Ideologically

The G7 have fallen into a trap of its own making, exasperated by a global pandemic.

The race to the bottom mentality.

The Government of China, or the people pf China became the worlds manufacturer.

Cheap forced labour.

5 ( +5 / -0 )

“hurting trade with the world's second-largest economy could deal a heavy blow to export-reliant countries such as Germany and Japan.”

It’s a common misconception that Japan is export-reliant. At 14.6% , its export reliance is among the lowest in any major economies: only the U.S. and Brazil have less reliance on exports than Japan, while Germany’s exceeds 40%.

1 ( +1 / -0 )

A yawnfest that achieved nothing.

-2 ( +1 / -3 )

Goldman has China at 6% gdp growth and USA at 1.2%. You are talking a 7 liter V-8 engine against a four cylinder. Wait and see how things are June 2nd. Hopefully the Americans can raise the roof and work things out.

-3 ( +0 / -3 )

I wonder why they are grinning: their economic siege of Russia has failed and backfired. And now they have the gall to target China, egged on by the US and their UK poodle, which even the reactionaries in Tokyo don't seem that enthusiastic with for obvious (economic) reasons. And the phrase "economic coercion" seems a bit like the pot calling the kettle black coming from them.

-1 ( +4 / -5 )

Treasury Secretary Janet Yellen said many members of the G7 economies shared U.S. concerns about China's use of "economic coercion" against other countries, and were considering ways to counter such behavior.

But it's the g7 that is downright using trade as a weapon imposing sanctions just because China is doing better

1 ( +4 / -3 )

It's all about hegemony. Current system consists of one US superpower hegemon and it's G7 minions. Not perfect, but it is the the "least worst" system. Alternative is China, Russia hegemonic challenge to US which would result in a period of perilous global instability and lots of wars.

-3 ( +0 / -3 )

. Alternative is China, Russia hegemonic challenge to US which would result in a period of perilous global instability and lots of wars

Lol US and allies are responsible for most wars

-2 ( +2 / -4 )

"Rules based international order" means a special set of rules dictated by them, with a clause allowing them to move the goalposts or edit the rule book at any time, to suit their own needs, for whatever reason. The cunningly ambiguous phrase "economic coercion" has all the hallmarks of running afoul of this magic rule book. That could get you a red card and the VAR is rigged.

2 ( +6 / -4 )

Ideas for G-7? Stop destabilizing World with US NATO and Proxy Forces with Endless Wars & Central Banks exporting inflation globally with endless money printing.

-5 ( +2 / -7 )

Can the G7, in fact the global community agree any rules based international order/framework at its basic level?

I suggest otherwise, this allows the Government of China to divide and conquered to destabilize at will.

0 ( +1 / -1 )

""It's very difficult to leave China out, given its economic might," said Toru Nishihama, chief emerging market economist at Dai-ichi Life Research Institute. "Doing so could divide world trade, damage global growth and hurt G7 economies themselves."

The G7 rich democracies would also face difficulty helping emerging economies solve their debt problems by isolating China, which is the world's largest sovereign creditor.""

And there you have it, meeting is over, Mr. Nishihama knows it better than the G7 finance heads.

1 ( +2 / -1 )

World Needs China for Stability - SAD Pathetic Reality

-4 ( +2 / -6 )

Why you Ask? Because Elected Officials in Democracies that matter, like US, simply tools, controlled by elites.

Perfect Receipt for Global Destabilization, hidden globalists pursuing THEIR Dangerous Agendas, hardly the will of the people, rather just the Opposite.

Why Global South, OPEC, Mid-East, etc., everyone now flocking to China, for Stability over G-7 Chaos.

-2 ( +2 / -4 )

Can the G7, in fact the global community agree any rules based international order/framework at its basic level?

I suggest otherwise, this allows the Government of China to divide and conquered to destabilize at will.

The US can ratify the unclos

-2 ( +0 / -2 )

Everyone talks and acts in their own self interest.

I count 21 people, not 14, if they’re central bank governors and finance ministers. Don’t trust people who even count to seven.

-1 ( +1 / -2 )

Actually they are making significant headway and companies are leaving China for SE Asia, Mexico, India, etc. Just need to wait a bit. Canada will also be pulling out, after Pretty Boy PM learned a lesson of Chinese threat to Canadian politics. S Korea and the Philippines are now aligning more with the US and Taiwan. Japan has been instrumental in these changes and deserves a salute. Growth in China has been falling since 2008, even if we trust official Chinese figures; actually Chinese growth would be much lower. Like its population figures. True estimates are between 1 and 1.28 billion, but China is insisting on 1.41, puffing up its chest... to fool investors into thinking that its is still an expanding market, but just look at its real estate market -- grossly overbuilt and overloaned, all for relying on the wrong population figures. Cheerleaders for China haven't lived in it and seen all the crap.

-2 ( +0 / -2 )

what's tricky? Restore manufacturing back to our respective nations, cancel China and that's that

0 ( +1 / -1 )

The mask hasn't slipped off of the ugly face of China completely yet. We can only hope it never does or that we are prepared for when it does.

2 ( +2 / -0 )

China probably thinks the same.

0 ( +0 / -0 )

The US can ratify the unclos

The US wants everyone to abide by the unclos rules but does not abide by it itself. The rules are only for others

0 ( +0 / -0 )

what's tricky? Restore manufacturing back to our respective nations, cancel China and that's that

Lol why don't you do it as an individual first?

Don't use anything from China.

Now is as good a time to start as any

0 ( +0 / -0 )

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