Verbal gymnastics

The Group of Seven nations are struggling to find common language over China. [View in browser]( [Bloomberg]( In the ups and downs of the relationship between China and a host of other powers, the language is becoming increasingly tangled. In part, it reflects the contortions the US, Europe and allies are going through on how to manage ties with the world’s second-largest economy on a number of stress points — from the fate of Taiwan and China’s relationship with Russia to US tech curbs, business practices and human rights. Key Reading: [China Blasts US ‘Sincerity’ as Biden Calls for More Talks]( [Biden Says US-China Relations Set to Improve ‘Very Shortly’]( [China Bars Micron Chips in Escalation of US Tech Clash]( [US-Papua New Guinea Defense Deal Seen as Bid to Counter China]( [G-7 Struggles to Win Over Swing Nations Courted by China, Russia]( The verbal gymnastics around China was on full-throated display at the Group of Seven summit in Japan at the weekend. Countries talked about a common approach against “economic coercion” — increasingly, code for Beijing’s policies. They issued statements about “de-risking” with China, without “decoupling” from it entirely. Then there’s the whole discussion around “onshoring,” “reshoring,” “reindustrialization” and “self-sufficiency.” Plus, throw in some “cooperating” while also “competing” with China. From Beijing’s perspective, it is being “contained” — a notion rejected outright by Washington. The language is ill-defined. But basically it reflects efforts by the G-7 and their partners to find common language they can all use to show a united front politically against China. It’s also about putting the relationship into manageable compartments, joining forces against Beijing on the tension spots while engaging with it on other matters. And when it comes to trade and supply chains, lessening the reliance on China while acknowledging they can’t cut the cord entirely. The re-emergence of a multipolar world is shifting the balance of power in ways we will only see with hindsight. The G-7 meeting showed us that members are still grappling with how the rise of China will affect them in the longer term. Over time the word salad should evolve into a clearer and cleaner strategy. But we’re still at the stage of Europe and the US trying to figure that out. — [Rosalind Mathieson]( Performers celebrate Lunar New Year in Wuhan, China, on Feb. 7. Photographer: Qilai Shen/Bloomberg Check out the latest [Washington Edition newsletter](. You can [sign up]( now to get it in your inbox every weekday. And if you are enjoying this newsletter, sign up [here](. Global Headlines President Joe Biden and Republican House Speaker Kevin McCarthy are set to hold talks today on [averting a US debt default]( after their negotiators met for more than two hours yesterday in Washington. Treasury Secretary Janet Yellen said the chances the US can pay all its bills by mid-June are “quite low” without a deal. Another Russian missile barrage damaged dozens of buildings and vehicles in the central Ukrainian city of Dnipro overnight, Ukrainian authorities reported. Across the country, they said air defenses [shot down]( four of 16 missiles launched as well as 20 drones. A Russian Su-35 fighter jet was also downed near Kherson in Ukraine’s south. The problem of local government debt in China is making investors increasingly nervous and [threatening to be a drag]( on its economy for years to come. Goldman Sachs estimates the nation’s total government debt is about $23 trillion, a figure that includes the hidden borrowing of thousands of financing companies set up by provinces and cities. Yet another cabinet scandal awaits UK Prime Minister Rishi Sunak after his trip to the G-7 summit. He will have to decide what to do about a Sunday Times report that Home Secretary Suella Braverman asked civil servants to help arrange a private driving-awareness course after being caught speeding, in a [possible violation]( of ministerial rules. Best of Bloomberg Opinion - [For These Strongmen, It’s Not the Economy, Stupid: Pankaj Mishra]( - [What All Nations, From Ukraine to China, Share: Andreas Kluth]( - [The Best US Strategy Against China Is Patience: Niall Ferguson]( The extreme heat that’s been scorching Asia in recent weeks has produced one clear beneficiary: Russia. As countries across the region scramble to make sure they can keep the lights on and air conditioners running, [Russian exports]( to Asia of thermal coal and natural gas, the two fuels most often used for electricity generation, have grown markedly. Motorcyclists gather in the shade as they wait at a traffic signal in Bangkok on May 18. 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Thanks to the 40 people who answered our Friday quiz and congratulations to Cristina Olea, who was the first to correctly name Ecuador as the country whose president dissolved congress to avoid being impeached. And finally ... Saudi Arabia has something of an image problem after its part in a brutal war in neighboring Yemen and the murder of dissident Jamal Khashoggi in 2018. Now the world’s biggest crude exporter is spending big to try to burnish its credentials as a welcoming destination and supercharge its tourism industry. Read how the kingdom is [splurging]( on sports assets, the arts, music concerts and celebrity chef restaurants as it strives to attract 100 million visitors by 2030 to help diversify its fossil fuel-based economy. Alicia Keys performs in Al-Ula on Feb. 11, 2022. Source: Xinhua News Agency Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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