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Despite Biden’s stumbling blocks, the G7 leaders are the team with the power to keep China in check.
And Beijing knows it. Foreign Ministry spokesman Wang Wenbin said on Thursday that “the world cannot decouple and there is no need to risk aversion targeting China.”
Yes, China is worried. G7 countries outperform China’s economy by more than two to one. And if China goes too far, the G7 could close the door on President Xi Jinping’s global ambitions.
Japan G7 summit: ‘important’ meeting for major powers with Russia, China as focus
Mr. Xi was so irate that he held his own summits with border countries in Central Asia this week. And the Chinese Communist Party’s mouthpiece, the Xinhua News Agency, released a report titled “U.S. Coercive Diplomacy and its Harm,” detailing America’s “bad deeds” over the past 30 years. actually?
Here are four reasons why China hates the G7.
1. G7 leaders have the means to push back against China’s economic coercion
According to World Bank figures for 2021, the total economic value of the G7 countries is $42.4 trillion annually, compared to China’s $19 trillion. The G7 and European Union markets are China’s largest customers.
G7 leaders are also ready to launch new strategies to counteract China’s economic repression if it continues. Chinese tactics such as boycotts in China and threats against US companies have caused great concern.
After all, it turns out that in some regions, China is almost 100% dependent on imports. As Victor Cha of the Center for Strategic and International Studies and Georgetown University testified before Congress on May 10, commodities such as silver powder for solar cells (mainly sold by G7 member Japan) ) can be effective. Let’s hope the G7 strengthens.
2. G7 support for Ukraine
Ukrainian President Volodymyr Zelensky’s surprise visit and President Joe Biden’s endorsement of Ukrainians being trained to be F-16 pilots prompted Xi Jinping to say that these leaders were willing to accept any shortcomings. It reminded me that I would fight hard for a just and noble cause, no matter what. Mr. Xi fell for Putin’s overconfidence and chose the wrong side. China’s reluctant “unlimited” partnership with Russia has created oil sales, but it does not solve China’s long-term economic growth challenges.
3. China will never be a G7 member
No communists allowed! Despite China’s economic status, Xi won’t be among the G7 leaders enjoying fancy dinners in scenic locations. Xi can cut off any diplomatic pacts that Saudi Arabia, Iran, Central Asian countries and even Honduras want. It’s still a minor league compared to G7.
4. G7 thwarts China’s position as world leader
Despite Biden’s weakness toward China, G7 leaders, including British Prime Minister Rishi Suak, have declared China to be “the greatest long-term threat to Britain.” As China seeks to eliminate world leaders one after another, and while still teetering (look at French President Emmanuel Macron), the G7 is waking up to China’s hostility.
G7 leaders are also ready to launch new strategies to counteract China’s economic repression if it continues. Chinese tactics such as boycotts in China and threats against US companies have caused great concern.
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Not only that, but G7 finance ministers are talking about “risk aversion”, which means tightening limits on investments in China. Yes, it’s all frighteningly slow and polite, full of international terms like Treasury Secretary Janet Yellen’s term “friendshoring.”
But this is very different from the G7 agenda just a few years ago. “Whether risk aversion is decoupling is in China’s hands,” European Union official and German politician Nicola Biel explained on May 18.
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Even if the world is divided into two camps, the camp with the United States and the G7 is still the right place.
Want to know what the G7 can do to really stick with China and Xi Jinping?
Click here to read more about Rebecca Grant