A picture prior to the central bank session of the Group of Seven finance ministers and central bank governors meeting in Niigata, Japan, on Saturday, May 13, 2023. Kiyoshi Ota/AP

G7 finance leaders pledge to contain inflation and to continue support for Ukraine

By The Associated Press

A picture prior to the central bank session of the Group of Seven finance ministers and central bank governors meeting in Niigata, Japan, on Saturday, May 13, 2023. Kiyoshi Ota/AP

NIIGATA, Japan — The Group of Seven’s top financial leaders united Saturday in their support for Ukraine and their determination to enforce sanctions against Russia for its aggression but stopped short of any overt mention of China.

The finance ministers and central bank chiefs ended three days of talks in Niigata, Japan, with a joint statement pledging to bring inflation under control while aiding those suffering the most from surging prices.

They also committed to collaborating to build more stable, diversified supply chains for developing clean energy sources and to “enhance economic resilience globally against various shocks.”

The statement did not include any specific mention of China or assertions regarding “economic coercion” in pursuit of political objectives, such as penalizing the companies of countries whose governments take actions that anger another country.

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Talk this week of “economic coercion” by China had drawn outraged rebukes from Beijing. Officials attending the talks in this port city reportedly had balked at overtly condemning China, given the huge stake most countries have in good relations with the rising power and No. 2 economy.

The finance leaders’ talks laid the groundwork for a summit of G-7 leaders in Hiroshima next week that President Joe Biden is expected to attend despite a crisis over the U.S. debt ceiling that could result in a national default if it is not resolved in the coming weeks.

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