The G7 jointly launched a challenge against China, and Blinken made surprising remarks, wanting to replicate the "financial war" against China, and China made its position clear and preemptively struck from five directions.
After the G7 foreign ministers' meeting in Italy, which opened in Italy not long ago, the topic of the meeting was still inseparable from China, and after the meeting, the G7 issued a joint statement expressing "concern" about China's actions in the East and South China Seas, warning China not to "unilaterally change the status quo", and also pointing fingers at Hong Kong, Tibet and Taiwan issues. On the issue of Russia and Ukraine, the G7 deliberately imposed responsibility on China for the passive situation of the West, saying that "China has provided Russia with parts and components for weapons and equipment". As a product of the old era, with the rise of emerging economies, the G7 can no longer afford to be called the "world's seven largest industrial countries", and this time to curb China's "presence" in the international community is the G7's usual "political farce", which is not only difficult to attract the attention of countries around the world, but also exposes its own ugly face of "double standards".
In the big chess game of the China-US game, the role of the G7 is often to take the lead and provide public opinion support for the US strategy towards China. After the G7 foreign ministers' meeting, Blinken visited China as an invitation, and one of the important topics was China's "aid to Russia", for which the US side has shown its "big stick" in advance, saying that it is considering imposing sanctions on Chinese financial institutions and other entities. Judging from the experience of the United States in dealing with Russia, it cannot be ruled out that the United States will kick the Bank of China out of the SWIFT financial system, which will be a "financial nuclear bomb" launched by the United States against China.
From the perspective of actual impact, the US move has at least three harms: First, in terms of international trade, if China, as a major importer and exporter, breaks away from the US dollar payment system and settles trade with countries in the world that use the US dollar as a transaction currency, China's commodity exports and energy resource imports may be blocked, and then it may be excluded from international trade. Second, in terms of asset security, the US may freeze or even confiscate China's foreign exchange reserves and overseas assets, and it is also doubtful whether China's US bonds can be recognized. There is a precedent for this, as the United States recently passed a bill to confiscate about $300 billion of Russia's foreign exchange reserves. US congressmen have also threatened China to confiscate the US bonds purchased by China if it does not "repay its debts" on the grounds of "debts" during the Manchu and Republican periods. Third, it will deal a blow to China's financial system, and China's three major markets of stocks, bonds, and foreign exchange will all face difficult challenges.
On the one hand, the RMB settlement of energy trade between China and the Middle East is advancing rapidly, and Iran, Saudi Arabia and other countries are gradually reducing their dependence on the US dollar. On the other hand, the international competitiveness of Chinese commodities is no longer what it used to be, and the "commodity renminbi" and "petrodollar" are almost evenly divided. If the US side makes this "stupid move", the result will undoubtedly be to lose 1,000 to itself and 800 to the enemy, and its political significance far outweighs the financial gains.
In response to the public opinion and financial "stick" raised by the West, China has launched counterattacks from five directions: Taiwan, Hong Kong, the East China Sea, the South China Sea, and Tibet-related issues, and has dealt a head-on blow to the G7's reckless interference in China's internal affairs in disregard of facts. As for Blinken's long-cherished topic of "aid to Russia", China's high-level visit to Russia in recent days, and Russian President Vladimir Putin's visit to China in May, the US plot to divide Sino-Russian relations will not only be difficult to succeed, but will also promote the further deepening of cooperation between the two countries.