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G7 Leaders' Communiqué - China-related Excerpt

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Nothing contained in the following content constitutes an offer, solicitation, or recommendation regarding any investment management product or service, or the offer to sell or the solicitation of an offer to buy any security; The following content is purely for information only and is based on information available at the time it was created. It does not take your financial situation or goals into consideration, and may not be suited for you.


Item 51 and 52 are directly copied from the Communiqué with important points highlighted. Supply chain diversification and issue of technology transfer remain as core concerns. While the disagreement is apparent, the tone remains diplomatic.

Excerpt

51. We stand together as G7 partners on the following elements, which underpin our respective relations with China:


We stand prepared to build constructive and stable relations with China, recognizing the importance of engaging candidly with and expressing our concerns directly to China. We act in our national interest. It is necessary to cooperate with China, given its role in the international community and the size of its economy, on global challenges as well as areas of common interest.


We call on China to engage with us, including in international fora, on areas such as the climate and biodiversity crisis and the conservation of natural resources in the framework of the Paris and Kunming-Montreal Agreements, addressing vulnerable countries’ debt sustainability and financing needs, global health and macroeconomic stability.


Our policy approaches are not designed to harm China nor do we seek to thwart China’s economic progress and development. A growing China that plays by international rules would be of global interest. We are not decoupling or turning inwards. At the same time, we recognize that economic resilience requires de-risking and diversifying. We will take steps, individually and collectively, to invest in our own economic vibrancy. We will reduce excessive dependencies in our critical supply chains.


With a view to enabling sustainable economic relations with China, and strengthening the international trading system, we will push for a level playing field for our workers and companies. We will seek to address the challenges posed by China’s non-market policies and practices, which distort the global economy.  We will counter malign practices, such as illegitimate technology transfer or data disclosure. We will foster resilience to economic coercion. We also recognize the necessity of protecting certain advanced technologies that could be used to threaten our national security without unduly limiting trade and investment.


We remain seriously concerned about the situation in the East and South China Seas. We strongly oppose any unilateral attempts to change the status quo by force or coercion.


We reaffirm the importance of peace and stability across the Taiwan Strait as indispensable to security and prosperity in the international community. There is no change in the basic positions of the G7 members on Taiwan, including stated one China policies. We call for a peaceful resolution of cross-Strait issues.


We will keep voicing our concerns about the human rights situation in China, including in Tibet and Xinjiang where forced labor is of major concern to us. We call on China to honor its commitments under the Sino-British Joint Declaration and the Basic Law, which enshrine rights, freedoms and a high degree of autonomy for Hong Kong.


We call on China to act in accordance with its obligations under the Vienna Convention on Diplomatic Relations and the Vienna Convention on Consular relations, and not to conduct interference activities aimed at undermining the security and safety of our communities, the integrity of our democratic institutions and our economic prosperity.


We call on China to press Russia to stop its military aggression, and immediately, completely and unconditionally withdraw its troops from Ukraine. We encourage China to support a comprehensive, just and lasting peace based on territorial integrity and the principles and purposes of the UN Charter, including through its direct dialogue with Ukraine.


52. There is no legal basis for China’s expansive maritime claims in the South China Sea, and we oppose China’s militarization activities in the region. We emphasize the universal and unified character of the UNCLOS and reaffirm UNCLOS’s important role in setting out the legal framework that governs all activities in the oceans and the seas. We reiterate that the award rendered by the Arbitral Tribunal on July 12, 2016, is a significant milestone, which is legally binding upon the parties to those proceedings, and a useful basis for peacefully resolving disputes between the parties.


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Disclaimer:

Nothing contained in the following content constitutes an offer, solicitation, or recommendation regarding any investment management product or service, or the offer to sell or the solicitation of an offer to buy any security; The following content is purely for information only and is based on information available at the time it was created. It does not take your financial situation or goals into consideration, and may not be suited for you.


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