G7 is concerned about China. When there is a superpower sensing it is losing its footing, it will not go away quietly. Dragged down but still kicking and yanking all the way, and at the same time rousing for support from the boot-licking countries.
Economically, China has already overtaken everybody. The other areas include military, financial centre status, education & research leadership, cultural/social leadership and influence on world affairs.Right now, the world is kind of governed by these bodies in varying scales of influence: G7, G8, G30, OECD, World Bank, NATO, IMF, United Nations, WHO, NAFTA, Asean, etc. You can lead it, be in it or fund it. Developments over the last 20 years have seen changes in importance and the rise and fall for certain member countries.