Can the G7 countries outsmart China by copying its economic playbook?

Leaders of the Group of 7 nations are meeting in Japan this weekend to discuss how to accelerate investment in advanced energy technologies in an effort to reduce their reliance on China, while providing their own economies with a new energy manufacturing base. US President Joe Biden’s new industrial approach, which includes incentives for electric vehicles, wind and solar farms, has spurred allied countries in Europe and Asia, including South Korea, Canada and Japan, to implement their own clean energy subsidies and access US subsidies. The global wave of actions is based on economic, national and energy security, the US Ambassador to Japan, Rahm Emanuel, has said. China has warned against the economic coercion its officials believe may be involved in such measures, and suggested the move away from Chinese manufacturing could be dangerous for the global economy. China has also been subjecting consulting firms with foreign ties to raids, detainments and arrests in recent months.

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