Despite Biden’s stumbles, the G7 leaders are the team with the power to keep China in check.
And Beijing knows it. "The world cannot decouple and does not need de-risking with China as the target," foreign ministry spokesman Wang Wenbin fretted on Thursday.
Yep, China’s worried. The G7 nations outweigh China’s economy by more than 2-1. And if China goes too far, the G7 can slam the door on President Xi Jinping’s global ambitions.
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Xi is so cross, he held his own summit with Central Asian border states this week. And China’s Communist Party mouthpiece Xinhua News Agency released a report titled "America’s Coercive Diplomacy and Its Harm" detailing the "evil deeds" of the USA over the last 30 years. For real?
Here are four reasons China hates the G7.
Combined, the G7 economies are worth $42.4 Trillion per year versus China at $19 Trillion according to these World Bank numbers from 2021. The G7 and European Union markets are China’s best customers.
G7 leaders are also on the verge of a new strategy to hit back if China continues economic coercion. China’s tactics like boycotts and intimidation of U.S. businesses in China have raised real concerns.
As it turns out, in select areas, China is almost 100% dependent on imports. Targeted sanctions on commodities like silver powder for solar cells – sold mainly from G7 member Japan – could be effective, as Victor Cha of the Center for Strategic and International Studies and Georgetown University testified to Congress on May 10. Let’s hope the G7 steps up.
Ukrainian President Volodymyr Zelensky’s pop-up visit and President Joe Biden’s endorsement of Ukrainians receiving F-16 pilot training reminds Xi that these leaders, for all their flaws, will fight hard for a just and noble cause. Xi fell for Putin’s overconfidence and picked the wrong side. China’s disgusting "no-limits" partnership with Russia generated oil sales, but it won’t resolve China’s long-term economic growth challenges.
No communists allowed! Despite China’s economic status, Xi won’t be among the G7 leaders sitting down to fancy dinners at scenic spots. Xi can cut all the diplomatic deals he wants with Saudi Arabia, Iran, Central Asian nations and yes, even Honduras. It’s all still the minor leagues compared to the G7.
Even with Biden soft on China, G7 leaders like Britain’s Prime Minister Rishi Sunak have declared China "the biggest long-term threat to Britain." China tries to pick off the world leaders one by one, but although there are still wobbles (I’m looking at you, French President Emmanuel Macron) the G7 is waking up to China’s hostility.
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Beyond this, G7 finance ministers are talking about "de-risking" which means tighter boundaries for investment in China. Yes, it’s all terribly slow and polite and filled with global-speak like Treasury Secretary Janet Yellen’s term "friendshoring."
However, this is a huge contrast with the G7 agenda of just a few years ago. "Whether de-risking becomes de-coupling lies in China’s hands," European Union official and German politician Nicola Beer explained on May 18.
If the world is dividing into two camps, the camp with the U.S. and the G7 is still the place to be.
Want to know what the G7 can do to really stick it to China and Xi? Invite India as their guest next year.
