The Group of Seven (G7) wealthy democracies is considering taking action against China for flooding global markets with its manufactured exports, G7 finance ministers and central bank governors said on Saturday. The ministers said a “level playing field” needed to be assured in line with the principles of the World Trade Organization (WTO) and that it would “monitor the potential negative impacts of overcapacity.” The G7 consists of the United States, the United Kingdom, France, Germany, Italy, Japan and Canada. The European Union is a “non-enumerated” member, meaning it takes part in the meet…