Finance ministers and central bank governors from the Group of Seven (G7) nations have committed to addressing “excessive imbalances” affecting the global economy, according to a draft communique reported by Bloomberg News on Thursday. The officials, convening in Canada’s Rocky Mountains, emphasized the importance of a shared understanding about how “non-market policies and practices” threaten international economic security.

The draft document reportedly calls for a thorough examination of issues such as market concentration and the resilience of international supply chains, Bloomberg stated. Reuters has yet to independently confirm the report

German Finance Minister Lars Klingbeil, speaking on Thursday, noted that while the joint G7 statement was still being finalized in Banff, Alberta, he remained hopeful an agreement would be reached. The leaders expressed consensus on the need for a “level playing field” and a coordinated strategy to counteract the damage caused by actors who do not adhere to common rules or maintain transparency.

Although the draft did not explicitly name China, the references to “non-market policies and practices” are widely understood to target China’s state subsidies and export-driven economic model, which the U.S. and other G7 members have frequently criticized.

Earlier this week, the U.S. Treasury indicated that Secretary Scott Bessent planned to urge G7 partners to prioritize rebalancing the global economy in ways that protect workers and businesses from China’s “unfair practices.” A Treasury spokesperson has not yet commented on Bloomberg’s report.

The draft also highlights a rise in low-value international “de minimis” shipments, which can strain customs and tax systems and serve as a conduit for smuggling illicit goods, including drugs. The duty-free exemption on packages valued below $800 has been exploited by Chinese e-commerce giants like Shein and Temu.

Additionally, the G7 is exploring options to tighten sanctions on Russia if a ceasefire with Ukraine is not achieved. Klingbeil emphasized that Russia must commit to serious peace negotiations or face harsher international penalties.

The G7 finance chiefs from the U.S., UK, Canada, France, Germany, Italy, and Japan are concluding a three-day summit, with the reported statements likely forming part of the final communique summarizing their discussions.