China’s outsized role in world trade is alarming global finance chiefs, who are poised to forge a united front in Italy priming their nations to challenge "harmful practices.”
A draft communique formulated at the Group of Seven meeting in the lakeside resort of Stresa introduces much stronger common language than the club adopted just one year ago when it met in Niigata in Japan and last month in Washington.
"We will advance our cooperation to enhance global economic resilience and economic security and protect our economies from systemic shocks and vulnerabilities,” officials say in the document seen by Bloomberg. "To this end, we will work to make our supply chains more resilient, reliable, diversified and sustainable and to respond to harmful practices, while safeguarding critical and emerging technologies.”