The entire world economy is at risk from a glut of cheap Chinese exports, France’s Finance Minister Bruno Le Maire said in tandem with a barrage of joint criticism from the Group of Seven.

"We have an issue with the economic model in which China is producing more and more cheaper industrial devices because it could be a threat not only for the EU, not only for the U.S., but for the global world economy,” Le Maire said in an interview with Bloomberg Television. "We need to address that issue.”

Leading industrialized nations are coalescing for a tougher and more united challenge to overcapacities in China, which they say threaten their domestic manufacturers.