G7 countries pledge to tackle 'excessive imbalances' in global economy: draft statement

Open this photo in gallery: Finance Minister Franà§ois-Philippe Champagne, centre, speaks with colleagues at the G7 finance ministers meeting in Banff, Alta., on May 21.Jeff McIntosh/The Canadian Press Finance ministers and central bankers from Group of Seven countries are vowing to tackle unfair economy practices that generate "excessive imbalances" in the global trading system according to a draft communiqué planned as their meeting wraps Thursday. Elements of the joint statement appear to target China and underscore U.S. concerns about the Chinese government's subsidies and overproduction that critics say are flooding foreign markets to the detriment of private sector competitors. The…