G7 finance chiefs address economic challenges amidst US-China debt concerns and Russian sanctions evasion.

The G7 finance leaders' meeting in Japan this week will focus on diversifying supply chains away from China, while also seeking Beijing's cooperation in solving global debt problems. The US debt crisis, which could jolt financial markets, will overshadow the three-day meeting. Other key themes include strengthening the global financial system, preventing Russia from circumventing sanctions over its invasion of Ukraine, and global economic risks such as stubbornly high inflation. Japan hopes to issue a G7 joint statement after the meeting.