The G7 finance chiefs met at a time when worries over the U.S. The discussions among the finance leaders will lay the groundwork for next week's G7 summit in Hiroshima. The draft communique made no mention of an idea, flagged by the United States, to consider imposing targeted restrictions on investments to China to combat Beijing's use of "economic coercion" against other countries.īut it said G7 countries will work to ensure foreign investment in critical infrastructure "does not undermine the economic sovereignty of host countries." Treasury Secretary Janet Yellen said in a bilateral meeting with her Japanese counterpart Shunichi Suzuki on Saturday. "Spillovers from Russia's war against Ukraine and disruptions caused by the pandemic have made clear the importance of diversified and resilient supply chains," U.S. The G7 would work with interested countries and relevant international organizations with the aim of launching the scheme "by the end of this year at the latest," it said. "Diversification of supply chains can contribute to safeguarding energy security and help us to maintain macroeconomic stability," the draft communique said. Under the new partnership scheme, the G7 economies would offer aid to low- and middle-income countries so they can play a bigger role in supply chains for energy-related products, such as by refining minerals and processing manufacturing parts. default.Ĭhina has also been much on the minds of the G7 finance leaders, with this year's chair Japan spearheading efforts to diversify supply chains and reduce their heavy reliance on the world's second-biggest economy. debt ceiling stalemate, which overshadowed the G7 gathering as policymakers fretted over the risk of a potential U.S. The draft communique made no mention of the U.S. The finance ministers and central bank governors of the G7 rich democracies will issue the communique after their three-day meeting in the Japanese city of Niigata concludes later on Saturday. "Nevertheless, we need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," it said. "The global economy has shown resilience against multiple shocks including the COVID-19 pandemic, Russia's war of aggression against Ukraine, and associated inflationary pressures," the draft communique said. In the draft communique, the G7 central banks said they remained "strongly committed" to achieving price stability and ensuring inflation expectations stayed well-anchored. NIIGATA, Japan, May 13 (Reuters) - Finance leaders of the Group of Seven (G7) advanced economies set a year-end deadline for launching a new scheme to diversify global supply chains, and vowed to address regulatory gaps in the banking system, according to a final draft of their communique seen by Reuters.
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