The Prime Minister added: "China poses the biggest challenge of our age to global security and prosperity, they are increasingly authoritarian at home and assertive abroad."

"This is all about de-risking, not de-coupling."

During the G7 talks, world leaders focussed on Ukraine and China.

Mr Sunak: "We will work together as the G7 and other countries make sure that we can de-risk ourselves and the vulnerability of supply chains that we have seen from China, take the steps necessary to protect ourselves against hostile investment and do so in a way that doesn't damage each other."

On Saturday, world leaders also urged China to put pressure on Russia to end its war on Ukraine.

In a joint statement, the G7 leaders emphasised they did not want to harm China and were seeking "constructive and stable relations" with Beijing.

"We call on China to press Russia to stop its military aggression and immediately, completely and unconditionally withdraw its troops from Ukraine," said the statement.

What else happened during the G7 summit?

The three-day gathering also saw Ukrainian President Volodymyr Zelenskyy huddled with some of his biggest backers at the meeting, hoping to add momentum to his country’s war effort against Russia.

Mr Zelenskyy held two rounds of meetings on Sunday, one with G7 leaders and a second with the group and a host of invited guests, including India, South Korea and Brazil.

The Ukrainian president also held one-to-one talks with US President Joe Biden.

Mr Biden authorised Western allies to give advanced F-16 fighter jets to Ukraine.

Speaking at the summit, White House national security adviser Jake Sullivan said: "As the training unfolds in the coming months, we will work with our allies to determine when planes will be delivered, who will be delivering them, and how many."

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The US president continued to support the embattled nation as he announced a new military aid package.

"We have Ukraine's back and we're not going anywhere," Mr Biden said.

Mr Sunak furthered his support for Ukraine and said, "We will stand with Ukraine."

He added: "We will stand with Ukraine as long as it takes because their security is our security.

"We have made a real breakthrough at this summit, thanks to President Biden's support for an international coalition to provide F-16 jets.

"Any peace settlement must be on Ukraine's terms."

Mr Sunak said training for pilots to successfully fly F-16s will begin this summer.