At the summit of the G7 finance ministers, the leaders adopted a new mechanism which, according to their idea, is to reduce their dependence on China, Le Figaro reports. In particular, they will make efforts to ensure that countries where resources are extracted recycle them – with a view to removing China from the chain.
On Saturday, the G7 countries agreed to implement a new mechanism to diversify global supply chains by the end of 2023 at the latest, writes Le Figaro. In particular, they expect this will help make them less dependent on China. The system includes financial assistance from G7 countries, an exchange of know-how and partnerships with low- and middle-income countries. The G7 countries took this decision after a three-day meeting of finance ministers in Japan.
The mechanism is called RISE – Strengthening Sustainable and Inclusive Supply Chains. It will be implemented in cooperation with the World Bank and other international organisations. In particular, the mechanism should, for example, help countries not just produce raw materials, but also process them there. This would partly do without China in providing these services.
However, the publication specifies that this plan has not been presented as anti-Chinese, China is not mentioned there at all. “Supply chain diversification has the potential to contribute to energy security and help us maintain macroeconomic stability,” the communiqué said.
G7 politicians also reiterated “unwavering” support for Ukraine and recalled that they would oppose any attempts to circumvent economic and financial sanctions against Russia. However, they did not announce any new sanctions. The meeting was also attended by the heads of the G7 central banks, the International Monetary Fund and the World Bank. Therefore, topics of discussion ranged from banking sector issues to the fight against global warming.
But the meeting was above all a forum for exchange, and the author of the Le Figaro article compared it to a dress rehearsal before the G7 leaders’ summit in Hiroshima at the end of next week.
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