G7 vows action against ‘unfair’ business practices by China

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The G7 also warned of action against Chinese financial institutions that helped Russia obtain weaponry for its war against Ukraine

Leaders of the Group of Seven vowed on Friday to tackle what they called unfair business practices by China that were undermining their workers and industries, according to a draft statement on the final day of their annual summit.

The draft statement, seen by Reuters, stressed the G7 was not trying to harm China or thwart its economic development but would “continue to take actions to protect our businesses from unfair practices, to level the playing field and remedy ongoing harm.” During the first day of their meeting in southern Italy, the G7 nations agreed on a deal to provide $50-billion of loans for Ukraine backed by interest from frozen Russian assets – hailing the accord as a powerful signal of Western resolve.

The issue has caused a dispute between France and Italy after Rome – which holds the G7 rotating presidency – demanded the removal of a reference to “safe and legal abortion” from the final statement. “It is a historic day. We will welcome the Holy Father. It is the first time for a pontiff at a G7. I am proud it will happen under the Italian presidency,” Italian Prime Minister Giorgia Meloni told reporters on Thursday.

 

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