China dissented as G20 opposed export trade distortions: Bessent
China was the sole G20 member to dissent from a joint statement condemning non-market economic practices and excessive export reliance. Treasury Secretary Scott Bessent noted that other members plan to address these imbalances, while China also objected to language regarding shipping disruptions and debt transparency.
Why it matters
This highlights growing geopolitical and economic friction between the U.S.-led G20 consensus and China regarding trade policies and global economic stability.
China was the only Group of 20 member to dissent from a joint statement that "non-market based economies pushing out a never-ending stream of cheap exports is not sustainable," Treasury Secretary Scott Bessent said Tuesday.
The other G20 members will take action in the coming "days, weeks or months" to "reach a resolution on this unsustainable equilibrium," Bessent said at a press conference following days of meetings with finance ministers and central bankers in Asheville, North Carolina.
The statement, released later Tuesday by the Treasury Department, includes a footnote specifying that China objected to a paragraph in which the 19 members agreed "that countries should take steps to eliminate non-market policies and practices that exacerbate imbalances."
"In particular, countries with excessive and persistent external surpluses should remove distortions that constrain domestic consumption and that result in an overreliance on exports for growth," that paragraph reads.
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