{"id":20910,"date":"2023-05-13T23:20:47","date_gmt":"2023-05-13T23:20:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/g7-nations-discuss-countering-chinas-economic-coercion-economics-bitcoin-news\/"},"modified":"2023-05-13T23:20:47","modified_gmt":"2023-05-13T23:20:47","slug":"g7-nations-discuss-countering-chinas-economic-coercion-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/g7-nations-discuss-countering-chinas-economic-coercion-economics-bitcoin-news\/","title":{"rendered":"G7 Nations Discuss Countering China’s ‘Economic Coercion’ \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Group of Seven (G7) countries are discussing ways to counter China\u2019s \u201ceconomic coercion\u201d against other nations, <\/strong>U.S. Treasury Secretary Janet Yellen has shared. Noting that Canada, France, Germany, Italy, Japan, the U.K., and the European Union share similar concerns, she emphasized that any action by the U.S. will be \u201cnarrowly scoped and targeted at technologies where there are clear national security implications.\u201d<\/strong><\/p>\n

Janet Yellen Calls for Coordinated Efforts to Counter China\u2019s Economic Coercion<\/h2>\n

U.S. Treasury Secretary Janet Yellen revealed at a press conference Thursday that members of the Group of Seven (G7) are discussing how to respond to China\u2019s use of \u201ceconomic coercion\u201d against other nations. The press conference took place in Niigata, Japan, ahead of the G7 meeting of finance ministers and central bank governors, which Yellen attended. Japan holds the G7 presidency this year.<\/p>\n

Noting that the U.S. has been contemplating imposing more specific limitations on outbound investment to China for some time, and has been discussing the matter with its G7 allies, Yellen stated:<\/p>\n

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We have been engaging in discussions with our G7 colleagues, and I would expect that that would continue these meetings, at least in some informal way.<\/p>\n<\/blockquote>\n

The G7 comprises Canada, France, Germany, Italy, Japan, the U.K., and the U.S. \u2014 with the European Union as a non-enumerated member. Yellen emphasized: \u201cI would say that many G7 members share a common concern with this kind of activity and are looking to see what we could jointly do to try to counter this kind of behavior.\u201d<\/p>\n

In addition, she detailed that the U.S. government has been internally discussing the issue, but has not established a definitive plan of action. Lawmakers in the U.S. have been pushing the Biden administration to enhance its scrutiny of investments made by American companies and individuals in foreign countries, particularly China, citing concerns about national security and supply chain matters. They have also urged President Joe Biden to issue an executive order.<\/p>\n

The Treasury Secretary clarified that any action by the U.S. would be \u201cnarrowly scoped and targeted at technologies where there are clear national security implications.\u201d Yellen opined:<\/p>\n

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Obviously, it would be most effective if there\u2019s coordinated action by a group of like-minded countries and agreement that this is a useful approach.<\/p>\n<\/blockquote>\n

She noted that some restrictions on outbound investment would be a complement to existing measures in the U.S. aimed at protecting its national security, including inbound investment reviews and export controls. She described: \u201cMy own view is that this should be national security focused. It\u2019s not focused at undermining, say, China\u2019s economic competitiveness or ability to advance economically.\u201d<\/p>\n

Yellen further explained at the press conference that the G7 will \u201cadvance our work to mitigate geostrategic risks in our economies. As I said in a speech last month, the United States has a broad suite of tools to mitigate risks to our national security.\u201d She concluded:<\/p>\n

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We will take narrowly targeted actions when necessary. We are looking forward to working with the G7 to effectively counter economic coercion, which is a key focus of Japan\u2019s presidency.<\/p>\n<\/blockquote>\n

What do you think about the G7 countries discussing ways to counter China\u2019s \u201ceconomic coercion\u201d? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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