China Slams G-7 for ‘Hyping’ Overcapacity as Trade Tensions Soar
- Foreign ministry says group wants to slow China’s progress
- Spat is latest display of mounting global tensions on trade
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China hit back at the Group of Seven nations over their criticism of Beijing’s global trade practices, accusing members of exaggerating the threat of overcapacity posed by the world’s second-largest economy.
The club of rich-world finance ministers and central bankers accused China in a communique on Saturday of hurting the economies of its trade partners through its “comprehensive use of non-market policies and practices,” adding that members would continue to monitor the “negative impacts of overcapacity.”