G7 Countries Howl Over China’s Excess Production

Many finance chiefs from the Group of Seven (G7) wealthy democracies expressed concern that China's underpriced excess production has had a negative impact on the global economy, Japan's top currency diplomat said, Kyodo News reported.

Kanda made the remarks after G7 finance ministers and central bank governors finished the first part of their discussions. I Photo: G7 Italy Facebook

Masato Kanda, Japan's vice finance minister for international affairs, also touched on currency issues, telling reporters in the northern Italian town of Stresa, "It's all about taking appropriate action if there are excessive fluctuations."

The G7 meeting came at a time of considerable depreciation of the yen against the US dollar.

Kanda made the remarks after G7 finance ministers and central bank governors finished the first part of their discussions.

China's excess industrial capacity, supported by massive government subsidies, was one of the major topics at their meeting, which wrapped up on Saturday. The US administration of President Joe Biden, who is aiming for his second term, is especially keen on the issue.