Reuters
Published Jun 27, 2022 12:08PM ET
By Andrea Shalal
SCHLOSS ELMAU, Germany (Reuters) - U.S. President Joe Biden and Chinese President Xi Jinping are expected to speak in the next few weeks, U.S. national security adviser Jake Sullivan said on Monday, citing growing convergence among NATO and G7 members about the challenge China poses.
The Group of Seven rich democracies will address China's non-market economic practices, its approach to debt and its human rights actions in a communique on Tuesday, while a NATO strategic concept to be released later this week would address China in "ways that are unprecedented," he said.
"We do think that there is increasing convergence, both at the G7 and at NATO, around the challenge China poses," Sullivan told reporters at the G7 summit in southern Germany.
G7 leaders saw an "urgent need" for consultation and alignment on issues such as China's non-market economic practices, its practices with regard to developing countries' debt, and its approach to human rights, Sullivan said.
But he said the increased attention to China's actions on both the economic and security front did not mean the West was looking to launch a new Cold War.
"We're not looking to divide the world into rival blocs and make every country choose" he said. "We want to stand for a set of principles that are fair to everybody. And we want to ensure that we're working with like-minded partners to hold China accountable to adhere to those rules."
G7 leaders on Sunday pledged to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China's older, multitrillion-dollar Belt and Road project.
Biden and other G7 leaders launched the newly renamed "Partnership for Global Infrastructure and Investment" to support projects in low- and middle-income countries that help tackle climate change as well as improve global health, gender equity and digital infrastructure.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.