G7 finance leaders pledge financial system stability, supply chain diversity

G7 finance leaders pledged on Wednesday to take action to maintain the stability of the global financial system after recent banking turmoil and to give low- and middle-income countries a bigger role in diversifying supply chains to make them more resilient.

A communique final draft seen by Reuters did not mention China by name, but the supply chain language fit in with "friend-shoring" efforts by industrial democracies to work with each other to become less reliant on the Asian manufacturing powerhouse.

"We commit to jointly empowering low- and middle-income countries to play bigger roles in supply chains through mutually beneficial cooperation by combining finance, knowledge, and partnership, which will help contribute to sustainable development and enhance supply chain resilience globally," the G7 finance ministers and central bank governors said in the statement.