G7 wraps up with little agreement on growing global economy

CCTV News

G7 leaders G7 leaders . PHOTO/Twitter @G7

The G7 Summit has wrapped-up in Japan. And it concluded with little agreement over how to boost the global economy.

Japan had called for a global stimulus package. But, it was rejected by Germany and others.  The grouping, which does not include China or Russia, also issued a statement on the East-and-South China Seas.
CCTV’s Nathan King has a summary of the two-day summit.

G7 wraps up with little agreement on growing global economy

G7 wraps up with little agreement on growing global economy

While the final statement agreed on the need for growth, countries decided against a plan as deep divisions over economic policy divide the G7. CCTV's Nathan King has a summary of the two-day summit.

With a sluggish economy, negative interest rates and debt the highest in the developed world host Japan wanted this summit to produce a global stimulus plan to grow the global economy.

While the final statement agreed on the need for growth, countries decided against a plan as deep divisions over economic policy divide the G7.  Japan had warned the global economy was potentially falling into crisis not seen since 2008. German chancellor Angela Merkel openly rejected that view.

The final statement read: “Taking into account country-specific circumstances, we commit to strengthening our economic policy responses in a cooperative manner and to employing a more forceful and balanced policy mix, in order to swiftly achieve a strong, sustainable and balanced growth pattern.”

The G7 final statement expressed concern about the situation in the East and South China Sea. In an apparent reference to China, it talked of the importance of peaceful management and settlement of disputes.

The Chinese Foreign Minister, Wang Yi, had this reaction.

“China’s stance on the South China Sea issue is very clear. The dispute should be resolved peacefully by relevant countries through dialogues and negotiations based on the international law and the ASEAN-China Regional Code of Conduct in the South China Sea. China will stick to its stance which is being understood and supported by more and more countries in the world.”

The G7 statement on the East and South China Sea is the second statement issued by the group since Japan took over the rotating chairman ship of the group.

The G7 also committed to tackling the refugee problem, instability in Iraq and implementing the global climate agreement as soon as possible.

Saruhan Hatipoglu on the week’s economic news