Efforts to grapple with China's growing global presence were evident at the three-day G7 finance chiefs' gathering in Niigata, Japan, during which they held their first outreach in 14 years, aimed at winning over emerging nations.
G7 host Japan persuaded its G7 counterparts to launch a new programme by the end of 2023 to diversify supply chains for strategically important goods away from China. The G7 comprises the United States, Britain, France, Japan, Italy, Germany and Canada. China is among the biggest markets for most G7 countries, particularly for export-reliant economies such as Japan and Germany. China-bound exports account for 22% of Japan's overall shipments.
Japan followed suit, with Prime Minister Fumio Kishida visiting Egypt, Ghana, Kenya and Mozambique this month.