In the 1970s, the economic situation of major capitalist countries deteriorated for a time. The successive "dollar crisis", "oil crisis", "Bretton Woods" system collapse and the serious economic crisis of 1973-75 have left western countries at a loss. In order to solve the world economic and currency crisis, coordinate economic policies, and revitalize the western economy,1In early July, 1975, France first proposed to hold a summit meeting attended by France, the United States, Japan, Britain and West Germany.
At the final meeting of CSCE held in July and August of the same year, the representatives of the five countries agreed to hold a summit of major western industrial countries through consultation, pointing out that the agenda of the summit "involves all economic issues of the world economic crisis". At the end of September, the preparatory group for the five-nation summit was established. At the beginning of 10, the preparatory group meeting held in new york decided to invite Italy to participate. In June of the same year, the first meeting was held in Rambouillet, France on 1 15- 17.
1976 the second meeting was held in San Juan, the capital of Puerto Rico, and the Canadian prime minister was invited to attend. The meeting also confirmed that the annual summit will be held alternately in the participating countries in July. Since then, the summit attended by France, the United States, Britain, West Germany, Japan, Italy and Canada is generally called the G-7 summit.
1991July, the 7th meeting of the G-7 Summit was held in London. At that time, British Prime Minister Major invited former Soviet President Gorbachev to London as a host to meet with the leaders of the seven countries as a guest, but he had no right to attend the meeting. After the disintegration of the Soviet Union, Russian President Yeltsin became a "guest" or "observer" of the G-7 summit. However, it was not until1July 1994 that Russia was allowed to participate in the discussion of political issues at the 20th summit in Naples, but it was still excluded from the key meetings. Since then, this pattern of "7+ 1" has been maintained to the peak of the 23rd 1997. In this meeting, except for an hour-long meeting devoted to financial issues, Russia did not attend. Yeltsin and the heads of seven western countries discussed global political and economic issues together. At the 23rd summit held in Cologne, Germany from 65438 to 0998, the "7+ 1" model finally ended, Russia officially became a full member of the meeting, and the G8 summit was finalized.