China will be the elephant in the room at this week's meeting of G7 finance leaders, who will seek to diversify supply chains away from the country -- but also try to get Beijing's cooperation in solving global debt problems
The conflicting goals come on top of vulnerabilities the G7 rich democracies face due to their heavy reliance on China, which is the world's second-largest economy and the second biggest external holder of U.S. debt.
"It's trusted, and it is the ultimate safe asset and a failure to raise the debt ceiling, impairing the U.S. credit rating, would put that at risk. So that is a real concern." Underscoring its desire to win over the "Global South," Japanese Finance Minister Shunichi Suzuki invited this year's African Union chair Comoros to an outreach meeting to be held on Friday.
As the world's largest official bilateral creditor, China should participate in meaningful debt relief for countries facing problems, but it has served for too long as a "roadblock" to necessary action, YellenThere was uncertainty on whether G7 can convince emerging economies to help build supply chains less reliant on China, with many of them having been hit by aggressive U.S. rate hikes that have increased their dollar-denominated debt burden.
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