China’s involvement in the global trading system was roundly criticized by the Group of Seven’s financial leaders, in a show of unity that came with a threat of further escalation.
The rich world’s club of ministers and central bankers concluded its meeting in the Italian lakeside town of Stresa on Saturday with a communiqué naming the world’s second-largest economy and accusing the country of damaging the economy. economies of its trading partners.
“While we reaffirm our interest in balanced and reciprocal cooperation, we express our concerns about China’s pervasive use of non-market policies and practices that undermine our workers, industries and economic resilience,” they said. “We will continue to monitor the potential negative impacts. consequences of the overcapacity and will consider taking steps to ensure a level playing field.”
