G7 China statement could enhance global economic stability

From: Chatham House
Published: Tue May 23 2023


The G7 offer to China for managing economic relations is credible, but careful implementation will be critical in persuading China to respond positively.

G7 leaders met in Hiroshima with an ambitious agenda set by the Japanese presidency, ranging from strengthening support for Ukraine to enhancing the group's economic security, to showing the developing world that the group was ready to respond to their calls for a reform of the multilateral system of development finance.

The summit has made progress of varying degrees on all these goals, reflected in a 40-page communique and six free-standing statements. There may also be more private progress in the form of understandings between G7 members - such as on the future evolution of the multilateral development banks - which will only become clear in the outcomes of the Indian G20 Summit in September.

However, the most important outcome from Hiroshima was the agreement reached within the group on handling future economic relations with China.

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Company: Chatham House

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