On June 13th to 15th, leaders from the world’s seven most developed democratic countries gathered in Italy for the G7 summit. The summit focused on three main issues related to countering the Chinese Communist Party, including how to continue addressing the Russia-Ukraine conflict, how to deal with China’s overcapacity, and how to replace the CCP’s Belt and Road Initiative. Experts analyzed that only by uniting and taking a common stance can democratic nations curb the systemic challenges posed by the CCP to democratic and free countries.
The Russia-Ukraine conflict was a key agenda at the G7 summit. In addition to reaching a consensus on providing funding for Ukraine, US President Biden explicitly stated that the CCP provides Russia with the ability and technology to produce weapons. A senior EU official confirmed that a framework agreement has been reached to provide Ukraine with a multi-year loan using interest generated from frozen Russian assets, amounting to $500 billion to continue supporting Ukraine.
Assistant Professor Chung Zhi-dong, a Taiwan national security researcher, stated that as the Russia-Ukraine conflict prolongs, some Western countries have varying opinions. Through freezing Russian assets and utilizing them to unite European countries, primarily led by the US, towards a unified stance against Russia is crucial.
Regarding China’s overcapacity, maintaining fair competition in the international market, countering CCP’s control over critical material exports, and enhancing supply chains were significant topics of discussion at the G7 summit.
In the backdrop of China’s slowing domestic economy and reduced demand, Chinese products such as electric vehicles, lithium batteries, and solar panels, due to overcapacity, flood foreign markets, exacerbating trade tensions between China and Western countries. Various nations have begun taking actions, such as raising tariffs on Chinese imports extensively.
The Global Infrastructure Plan at the G7 summit was another key agenda item related to countering the CCP’s Belt and Road Initiative. Through investments in strategic projects like the Angola Lobito Corridor, the G7 aims to use the Private Sector Infrastructure and Investment Partnership to deter the CCP’s initiative.
The G7 consists of the United States, the United Kingdom, Canada, France, Germany, Italy, and Japan, the world’s most developed industrial nations. Key leaders from major regional powers such as India, Brazil, Argentina, Turkey, Algeria, and Kenya were also invited to the G7 summit in Italy.
The importance of observing how the US collaborates with its allies to pressure China at the G7 summit was highlighted by Zhi-dong. It is crucial to watch how the EU coordinates with the US in adopting a unified stance on economic and security issues concerning China.
Finally, to counter China’s economic coercion internationally, the need for cooperative action among Western countries was emphasized. It is essential for democratic nations to send a clear signal and act cohesively to address challenges posed by authoritarian regimes like the CCP.