(Bloomberg) -- China hit back at the Group of Seven nations over their criticism of Beijing's global trade practices, accusing members of exaggerating the threat of overcapacity posed by the world's second-largest economy.
The club of rich-world finance ministers and central bankers accused China in a communique on Saturday of hurting the economies of its trade partners through its “comprehensive use of non-market policies and practices,” adding that members would continue to monitor the “negative impacts of overcapacity.”
Chinese Foreign Ministry spokeswoman Mao Ning dismissed such claims during a regular press briefing in Beijing on Monday. “The G-7 hypes up the so-called overcapacity of China and attempts to set obstacles and limitations to China's progress,” she said.
“It's essentially protectionism,” she said. “It's not in the interest of any party.”
The spat is the latest display of mounting tensions between China and the world's industrialized nations.
The Biden administration announced Friday it's reimposing tariffs on hundreds of goods imported from China and has moved to quadruple US duties on Chinese electric vehicles. The EU launched a probe of China's EV industry last year and is nearing a decision on raising levies.
China, meanwhile, has signaled it's ready to unleash tariffs as high as 25% on imported cars with large engines.
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