G7 finance summit begins with focus on boosting growth

The G7 finance summit kicked off Friday in the Japanese city of Sendai with a focus on boosting and balancing the growth of the global economy amid the slowing down of the Chinese economy and those of other emerging countries.

The finance ministers and governors of the central banks of the world’s seven most developed countries (Japan, the United States, Germany, the United Kingdom, France, Italy and Canada) and their European Union counterparts met informally in the forum titled “Future of the Global Economy” to kickstart the twoday event.

International Monetary Fund chief Christine Lagarde, Eurogroup head Jeroen Dijsselbloem, World Bank President Jim Yong Kim and OECD SecretaryGeneral Angel Gurria are also attending the closed door symposium, along with experts from top US universities.

This is the first meeting to identify the pressing macroeconomic challenges and seek ways to stimulate growth and check volatility in markets by pooling together macroeconomic agendas.

The agenda also includes stock market exchange at a time when the US wants to reiterate its stand against “‘artificial’ devaluations to increase competitiveness while Japan argues that recent Forex movement justifies an intervention to devalue the yen.

The first working session will be held Friday at the main venue of the summit, Akiu, on the outskirts of Sendai, and known for its hot springs.

Before the first meeting, participants will travel to the coastal area of Sendai, which was devastated in the earthquake and tsunami of March 2011.

Japan, which is currently holding the G7 presidency, has chosen Sendai as the venue for the summit to showcase its efforts to rebuild the region and its experience in preparing for natural disasters.