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Division on world economy and S. China Sea


05-28-2016 11:32 BJT

Full coverage: South China Sea Is Indisputable Part of China

On Friday, the G7 leaders wrapped up their summit in Japan, pledging to seek a more sustainable and balanced economic growth. They also voiced their concerns over the issue of maritime disputes in the Asia Pacific, which China said it was "strongly dissatisfied" with.

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.

"The greatest risk we face is that if we do not take appropriate action, the global economy will go beyond the range of usual economic cycles and fall into a crisis. We at the G7 were able to share that strong sense of crisis," Abe said.

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 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," said Chinese FM Wang Yi.

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.

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