G7 leaders who met in Hiroshima, Japan recently have issued a communique after a three-day summit, outlining a shared approach to 'de-risk, not decouple' economic engagement with China.
US President Joe Biden said the Group of Seven nations had agreed a united approach to China that called for diversifying supply chains to reduce dependence on one country, and hinted that he could speak with China's president soon, reports Reuters.
'We're not looking to decouple from China. We're looking to de-risk and diversify our relationship with China,' Mr Biden said, adding that g7 nations were more unified than ever in terms of 'resisting economic coercion together and countering harmful practices that hurt our workers.'
The communique has prompted China's embassy in Japan to urge the G7 to stop creating confrontation and division.
Also speaking after the summit, British Prime Minister Rishi Sunak said China represented the world's greatest challenge to security and prosperity, but other leading economies should not seek to fully decouple from it.
He said Britain and other G7 countries would pursue a common approach to reduce the challenges posed by China.
'With the G7, we are taking steps to prevent China from using economic coercion to interfere in the sovereign affairs of others,' he added.
The 'de-risking' policy is one that that President of the EU Commission, Ursula von der Leyen, who also attended the summit, has championed. This is a more moderate version of the US' idea of 'decoupling' from China, where they would talk tougher in diplomacy, diversify trade sources, and protect trade and technology.
While it's still vague on how this would work exactly, we're likely to see countries helping each other out by increasing trade or funding to work around any blockages put up by China.
The G7 also plans to strengthen supply chains for important goods such as minerals and semiconductors, and beef up digital infrastructure to prevent hacking and stealing of technology.
But the biggest stick they plan to wield is multilateral export controls. This means working together to ensure their technologies, particularly those used in military and intelligence, don't end up in the hands of 'malicious actors'.
SeaNews Turkey
US President Joe Biden said the Group of Seven nations had agreed a united approach to China that called for diversifying supply chains to reduce dependence on one country, and hinted that he could speak with China's president soon, reports Reuters.
'We're not looking to decouple from China. We're looking to de-risk and diversify our relationship with China,' Mr Biden said, adding that g7 nations were more unified than ever in terms of 'resisting economic coercion together and countering harmful practices that hurt our workers.'
The communique has prompted China's embassy in Japan to urge the G7 to stop creating confrontation and division.
Also speaking after the summit, British Prime Minister Rishi Sunak said China represented the world's greatest challenge to security and prosperity, but other leading economies should not seek to fully decouple from it.
He said Britain and other G7 countries would pursue a common approach to reduce the challenges posed by China.
'With the G7, we are taking steps to prevent China from using economic coercion to interfere in the sovereign affairs of others,' he added.
The 'de-risking' policy is one that that President of the EU Commission, Ursula von der Leyen, who also attended the summit, has championed. This is a more moderate version of the US' idea of 'decoupling' from China, where they would talk tougher in diplomacy, diversify trade sources, and protect trade and technology.
While it's still vague on how this would work exactly, we're likely to see countries helping each other out by increasing trade or funding to work around any blockages put up by China.
The G7 also plans to strengthen supply chains for important goods such as minerals and semiconductors, and beef up digital infrastructure to prevent hacking and stealing of technology.
But the biggest stick they plan to wield is multilateral export controls. This means working together to ensure their technologies, particularly those used in military and intelligence, don't end up in the hands of 'malicious actors'.
SeaNews Turkey