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Since the G-7 last met in spring 2015, before China's slowdown became apparent, that is accurate. However, it obscures what is widely regarded as better economic news since G-20 finance ministers met in Shanghai in February.
While not mentioning China directly, the G-7 also warned against dumping of steel on world markets at prices below cost. "We recognize that global excess capacity in industrial sectors, especially steel, is a pressing structural challenge . . . to be urgently addressed through elimination of market distorting measures," they said.
On security and China's construction of islands in the South China Sea, the communique was low-key, calling on nations to refrain from "force or coercion" in pushing their territorial claims, and to respect freedom of navigation and international law.
"We are concerned about the situation in the East and South China Seas, and emphasize the fundamental importance of peaceful management and settlement of disputes," says the communique.
China yesterday warned the G-7 to restrict itself to economic matters and not "escalate tensions" over the South and East China Seas. Japan and the U.S. have been pushing the European members of the G-7, which have less at stake in the Pacific, to take a firm line.
Sessions at the summit continued on Friday morning, with press conferences by several leaders scheduled for around 2pm in Japan. By mid afternoon, Mr Abe and Barack Obama are scheduled to leave for Hiroshima, where the U.S. president will make a historic visit to a memorial to the atomic bombing of 1945.