Key facts
- French President Emmanuel Macron will chair a video conference on Thursday involving G7 countries and China.
- The call aims to address global economic imbalances and foster coordinated economic steps.
- France believes Chinese overproduction, US overconsumption, and EU underinvestment contribute to these imbalances.
- The IMF and other invited countries will also participate in the meeting.
- The conference is intended to precede the upcoming G7 leaders' summit.
French President Emmanuel Macron is organizing a video conference involving the Group of Seven (G7) nations and China to discuss global economic imbalances. The call, scheduled for Thursday, aims to foster coordinated economic steps and address issues such as Chinese overproduction, underinvestment in the EU, and overconsumption in the US. Macron's office stated that the conference demonstrates a new willingness from China, the US, and Europe to engage in coordinated economic actions. The IMF and other invited partners, including Brazil, South Korea, India, Kenya, and Egypt, will also participate in the meeting, which precedes the upcoming G7 leaders' summit in Evian-les-Bains. France is using its G7 presidency to push for a shared recognition that each region bears some responsibility for the economic imbalances. While the European Commission viewed the initiative positively, an official questioned the format, suggesting China might be reluctant to acknowledge overproduction as a problem.