China accuses G7 of 'creating division' over trade criticism by AFP Staff Writers Beijing (AFP) June 29, 2022 China accused Group of Seven countries on Wednesday of irresponsibly sowing division after the forum condemned Beijing's trade practices in an end-of-summit statement. G7 leaders had slammed China's "non-transparent and market-distorting" international trade tactics on Tuesday, in a statement that also vowed to reduce "strategic dependencies" on the Asian giant. Chinese foreign ministry spokesman Zhao Lijian on Wednesday hit back at the criticism, saying the statement showed the allies were "keen to create divisions and confrontations without any sense of responsibility or morality". The G7 should "advance globalisation" rather than encourage division "at a critical time for the international community fighting the pandemic and striving for economic recovery," Zhao said at a regular press conference. The G7 statement, in which leaders pledged to "foster diversification and resilience to economic coercion, and to reduce strategic dependencies," came hours before the leaders joined a larger group of their counterparts at a NATO summit in Madrid. There, the 30-member alliance was also poised to toughen its stance against Beijing. The United States has long cast a wary eye at China over its trade practices, which Washington believes are designed to accord an unfair advantage to Chinese companies over foreign firms. Russia's invasion of Ukraine and Beijing's refusal to distance itself from Vladimir Putin has prompted other countries, including export giant Germany, to also reconsider their economic reliance on the Asian giant. Beijing's increasingly strident claims over much of the South China Sea has also sparked alarm over its military ambitions. Western allies acknowledge that the world's biggest challenges, including climate change, cannot be solved without Beijing's cooperation, but have become more cautious about China's actions and aims. A US official called the collective statement "unprecedented in the context of the G7" in acknowledging "the harms caused by China's non-transparent, market distorting, industrial directives."
Hong Kong economy faces uncertain future 25 years after handover Hong Kong (AFP) June 29, 2022 When Hong Kong transitioned from British to Chinese rule, Edmond Hui was a floor trader at the bustling stock exchange, witnessing the roaring growth of a city at the crossroads of the West and Asia. Under a deal signed with Britain ahead of the 1997 handover, China promised Hong Kong could keep its capitalist system for 50 years, an arrangement that helped the city thrive as one of the world's top financial hubs. Friday marks the halfway point of that experiment, with uncertainty clouding the e ... read more
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