G-7 Affirms Unity in Dealing with China-led Bank

(PNA/Kyodo) — Leaders of the Group of Seven industrialized nations agreed Sunday to ensure close coordination in dealing with a China-led regional investment bank to be launched by the end of this year.

Speaking on the first day of a two-day summit in Germany, Japanese Prime Minister Shinzo Abe said he “does not mean to criticize” some G-7 members that have signed up to become founding members of the Asian Infrastructure Investment Bank, but called on other G-7 leaders to “look at things with the same will” and “ensure close coordination in the G-7,” according to a Japanese official.

The G-7 members are split in their response to the AIIB. While Britain, France, Germany and Italy have signed up for Beijing’s initiative, Canada, Japan and the United States have stayed out due to concern over the body’s governance and debt sustainability. (PNA/Kyodo) JBP/SSC