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FX.co ★ G7 countries toughen their stance on China

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Forex Humor:::2021-07-06T15:41:30

G7 countries toughen their stance on China

The G7 summit that was held in June in the UK was a landmark event for a few reasons. One of the burning issues on the agenda was the adoption of the common strategy towards China and Russia whose hardline foreign policies frequently violate human rights and disturb the global political landscape.

To be honest, Russia does not pose a serious threat as it used to do. Once a superpower, Russia lost its economic strength long ago, though the Kremlin still maintains political ambitions. Unlike Russia, China contends for the status of the top global economy. So, the developed countries cannot discount this powerful figure in the political and economic arena. To sum up the outcome of the summit, well-informed sources reported that the participants made a decision to apply tough measures to China.

Citing an anonymous source, the G7 leaders unanimously condemned Beijing for breaching basic human rights and liberties which arise from the common values of mankind.

According to the communique with decisions reached by the participants, China has been high on the agenda. Interestingly, at the previous events, the China issue used to be touched on briefly. This time, Beijing has come under close scrutiny. The Western countries with well-established democracies are appalled by the genocide against the Uyghurs, the ethnic minority in the Xinjiang Uyghur Autonomous Region in Northwest China. They have been subject to outrageous abuse with a view to forcing them into loyalty for the Communist-led government.

Besides, Beijing is suspected of manipulating the market and making the yuan’s value weak to ensure the competitive advantage of Chinese manufacturers. Such unfair practice breaks the rules set by the World Trade Organization. Therefore, the WTO finds it appropriate to impose anti-dumping duties on China-made goods.

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