Bank runs, cyber security and building more reliable supply chains to ensure economic security were among items on the agenda of closed-door financial talks Friday in Japan by the Group of Seven advanced economies.
Tensions with China, and with Russia over its war on Ukraine, loomed large on the wide horizon of issues the G7 is tackling this year in Japan, its only Asian member.
"If any country should be criticized for economic coercion, it should be the United States. The U.S. has been overstretching the concept of national security, abusing export controls and taking discriminatory and unfair measures against foreign companies," Wang said in a routine news briefing. "It's not focused on undermining China's economic competitiveness or preventing them to advance economically," Yellen said.
China's relations with the 27-nation European Union, which is also a member of the G7, have also been frayed by friction over trade and over its tacit support for Russia. For its G7 presidency, Japan has prioritized launching a partnership with low- and middle-income countries to build "robust supply chains" to help cut carbon emissions. One key area of concern for all G7 countries is the heavy concentration in China of suppliers of rare earths materials needed in many high-tech products.
The collapses of Silicon Valley Bank and other lenders stemmed largely from the pressure of interest rate hikes that, by making borrowing more expensive, are designed to slow business activity and cool inflation.
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