G7 urged to safeguard economic security

2023-05-16 Editor : Mo Honge ECNS App Download

China called on the Group of Seven on Monday to urge Washington to correct its aggressive adjustment of monetary policies and avoid shifting domestic risks to the whole world, in order to safeguard economic security.

Foreign Ministry spokesman Wang Wenbin made the remarks after reports said the upcoming G7 summit in Hiroshima, Japan, was expected to issue an economic security statement emphasizing joint efforts to counter "economic coercion" and reduce dependence on China in key areas like semiconductors.

Meanwhile, there were some voices of concern raised over the potential dire consequences if the United States were to fail to resolve its debt ceiling stalemate, which could tip its economy into recession, as well as worries that the G7 nations can little afford further risks to their fragile economies.

World Bank President David Malpass told Reuters the risk of a US default added to problems already facing the global economy, which was entering a prolonged period of slow growth.

The Foreign Ministry spokesman told a regular news briefing that "if the G7 countries were actually concerned about economic security, they should urge the US not to seek a solution to its debt default problem by constantly raising the debt limit".

Wang added that "if they really were concerned about economic security, they should take prompt action to identify the perpetrators of the Nord Stream pipeline explosions and hold them accountable to safeguard the security of key transnational infrastructure".

The US should also be urged to stop bullying other countries under the pretext of national security, coercing its allies to form exclusive cliques and disrupting global industrial and supply chains, Wang said.

He called on G7 members to urge the US to stop dividing the world into two markets and systems, which is the primary threat to the world economy at the moment.

The US has been pushing countries to economically decouple from China, imposing a technology blockade on China and wantonly oppressing Chinese enterprises, Wang said.

Such moves have nothing to do with fair competition, but have seriously violated the principles of market economy and the rules of the World Trade Organization, he said. "We urge the US, Japan and other members of the club of rich countries to refrain from advancing the interest of their small clique at the expense of the rest of the international community."

China hopes they will think of tangible ways to contribute to world peace, stability and development, he said, calling on Japan to not become an accomplice of economic coercion while holding the rotating presidency of the G7.

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