<p>Top financial leaders of G7 nations gathered in Japan’s Niigata on Saturday to discuss the Ukraine war, sanctions on Russia, inflation and much more, but avoided discussing China and its “economic coercion”. Both EU and US have raised concerns in the past regarding China’s coercive actions against companies of those nations who speak against the communist country.&nbsp;</p>

<p><strong>Watch:&nbsp;India takes centre stage at G20 summit</strong></p>

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<p>However, officials attending the meeting in the Japanese port city steered clear of antagonising China, to keep their trade ties intact with the rising power and the world’s number 2 economy.</p>

<h2><strong>G7’s faltering promise to uphold “rule-based international order”</strong></h2>

<p>According to a joint communiqué released after the meeting, the financial leaders of G7 nations pledged to work together to “enhance economic resilience globally against various shocks, stand firm to protect our shared values, and preserve economic efficiency by upholding the free, fair and rules-based multilateral system.”</p>

<p>However, the leaders mentioned the need to uphold “rule-based international order” just once in the entire communiqué.&nbsp;</p>

<p><strong>Also Read |&nbsp;<a href="https://www.wionews.com/videos/us-president-biden-to-visit-japan-for-g7-summit-says-hopeful-of-convincing-republicans-592530">US President Biden to visit Japan for G7 summit, says 'hopeful of convincing Republicans'</a></strong></p>

<p>Earlier, a Bloomberg report highlighted how US and EU were facing a dilemma over countering the rising threats from China even as their supply chains remain so interlinked with the communist country.</p>

<p>Even the EU has hardened its stance on China after the outbreak of the Covid pandemic and the Russia-Ukraine war.</p>

<p>German Chancellor Olaf Scholz had called China a rival and a competitor last week. But the world’s top seven economies remain divided on how to pursue any joint effort to mitigate risks induced by China’s rise.</p>

<h2><strong>Group of Seven’s leaders to meet next week in Japan</strong></h2>

<p>&nbsp;As per a Reuters report, leaders of G7 nations are slated to meet in Japan’s Hiroshima from May 19 to 21, and the main G7 statement will carry direct references to China. The leaders will also focus on drafting policies to deny China's military access to tools it could use to gain technological superiority, and many in the Biden administration see them as complementary to export controls restricting access to some semiconductors that have the same goal.</p>

<h2><strong>China accuses the US of economic coercion</strong></h2>

<p>China’s foreign ministry on Friday blasted US and EU for their “hypocritical assertions.”</p>

<p>“If any country should be criticized for economic coercion, it should be the United States. The U.S. has been overstretching the concept of national security, abusing export controls and taking discriminatory and unfair measures against foreign companies,” Wang Wenbin, a spokesperson of China’s foreign ministry said.&nbsp;<br />
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<em>(With inputs from agencies)</em></p>

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Top financial leaders of G7 nations gathered in Japan’s Niigata on Saturday to discuss the Ukraine war, sanctions on Russia, inflation and much more, but avoided discussing China and its “economic coercion”.

Top financial leaders of G7 nations gathered in Japan’s Niigata on Saturday to discuss the Ukraine war, sanctions on Russia, inflation and much more, but avoided discussing China and its “economic coercion”. Both EU and US have raised concerns in the past regarding China’s coercive actions against companies of those nations who speak against the communist country. Watch: India takes centre stage at G20 summit × However, officials attending the meeting in the Japanese port city steered clear of antagonising China, to keep their trade ties intact with the rising power and the world’s number 2 economy. G7’s faltering promise to uphold “rule-based international order” According to a joint communiqué released after the meeting, the financial leaders of G7 nations pledged to work together to “enhance economic resilience globally against various shocks, stand firm to protect our shared values, and preserve economic efficiency by upholding the free, fair and rules-based multilateral system.” However, the leaders mentioned the need to uphold “rule-based international order” just once in the entire communiqué. Also Read | US President Biden to visit Japan for G7 summit, says 'hopeful of convincing Republicans' Earlier, a Bloomberg report highlighted how US and EU were facing a dilemma over countering the rising threats from China even as their supply chains remain so interlinked with the communist country. Even the EU has hardened its stance on China after the outbreak of the Covid pandemic and the Russia-Ukraine war. German Chancellor Olaf Scholz had called China a rival and a competitor last week. But the world’s top seven economies remain divided on how to pursue any joint effort to mitigate risks induced by China’s rise. Group of Seven’s leaders to meet next week in Japan As per a Reuters report, leaders of G7 nations are slated to meet in Japan’s Hiroshima from May 19 to 21, and the main G7 statement will carry direct references to China. The leaders will also focus on drafting policies to deny China's military access to tools it could use to gain technological superiority, and many in the Biden administration see them as complementary to export controls restricting access to some semiconductors that have the same goal. China accuses the US of economic coercion China’s foreign ministry on Friday blasted US and EU for their “hypocritical assertions.” “If any country should be criticized for economic coercion, it should be the United States. The U.S. has been overstretching the concept of national security, abusing export controls and taking discriminatory and unfair measures against foreign companies,” Wang Wenbin, a spokesperson of China’s foreign ministry said. (With inputs from agencies) WATCH WION LIVE HERE ×

All bark and no bite: G7 finance ministers fail to mention Chinese threat in latest communiqué

Foreign ministers from the Group of Seven nations condemned Russia's recent talk of stationing nuclear weapons in Belarus as unacceptable. They also hit out at China and called on Beijing to act as a responsible member of the international community. Japan, Britain, US, Canada, Germany, Italy, France and the EU promised to continue intensifying sanctions on Russia. Diplomats vowed to increase efforts to respond to those offering Moscow arms or other support, warning of severe costs. They also slammed Russia's irresponsible nuclear rhetoric. The G7 highlighted that any use of chemical, biological or nuclear weapons by Russia would be met with consequences. G7 underlined peace and stability in the Taiwan strait are indispensable to global security and prosperity. And without directly mentioning china, the group pledged to step up cooperation against economic coercion. Remember, economic coercion is the practice of weaponising import or export rules for political purposes.

Any Russian use of nukes would be met with 'severe consequences', warns G7 | Details

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All bark and no bite: G7 finance ministers fail to mention Chinese threat in latest communiqué

Any Russian use of nukes would be met with 'severe consequences', warns G7 | Details