China's rising clout spotlighted at finance chief meetings before G7 summit - SABC News

📆 15/05/2023 08:29:00
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The weekend gathering of finance chiefs from the Group of Seven (G7) advanced economies did not single out China as a threat in their communique, but left signs the world’s second-largest economy will loom large at this week’s summit in Hiroshima.

FILE PHOTO: Lines of trucks are seen at a container terminal of Ningbo Zhoushan port in Zhejiang province, China, August 15, 2021.FILE PHOTO: Lines of trucks are seen at a container terminal of Ningbo Zhoushan port in Zhejiang province, China, August 15, 2021.

“What’s going on at the G7 is reflecting changes in global order following the loss of the US dominance,” said Masamichi Adachi, economist at UBS Securities.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.

Japan followed suit, with Prime Minister Fumio Kishida visiting Egypt, Ghana, Kenya and Mozambique this month.

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