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. Last Updated: 07/27/2016

China, Russia to Attend G7 Finance Summit

PARIS -- China, a key focus of the global economic establishment, is due to take part in talks with finance ministers from the Group of Seven industrialized nations in London in early February, G7 sources say.

Finance Minister Alexei Kudrin is also expected to be Russia's envoy to the meeting on Feb. 4-5, which is primarily reserved to G7 economies -- the United States, Canada, Germany, France, Italy, Britain and Japan.

One source said that China was attending as part of the G7's so-called outreach program, in an endeavor to include some of the increasingly influential emerging market economies that do not have a permanent seat at such meetings. Britain is chairing the affairs of the wealthy nations' club this year.

Russia is in the process of being co-opted into the group and takes full part in summits, which are called G8s as a result. It has yet to gain full member status when it comes to meetings of finance ministers, however, which is why they are more often still called G7s.

Kudrin is expected to use his attendance at the G7 meeting to try to advance Moscow's demands for a discount from Paris Club creditor countries in return for repaying debts to them early, sources said.

The Paris Club, which includes all G7 countries in its total membership of 19, failed to agree a deal with Russia in talks last week and is expected to return to the issue at another meeting in February.

President Vladimir Putin will host the G8 summit in Russia next year, which raises a difficult issue that the club has not yet solved, that of whether and when Russia is to be a full member of meetings at the level of finance ministers.