G20 backs final statement despite Russia tensions, China dissent
Nineteen members backed a chair’s statement calling for faster debt restructurings and action against export-driven distortions, officials said.
- G20 finance ministers and central bank governors concluded two days of talks in Asheville, North Carolina, issuing a chair's statement after failing to reach a unanimous joint communiqué.
- China emerged as the sole dissenter regarding language aimed at curbing non-market policies, non-tariff trade distortions, and excessive export surpluses.
- U.S. Treasury Secretary Scott Bessent stated that 19 G20 members agreed persistent streams of cheap exports from non-market economies create an unsustainable global economic equilibrium.
- Tensions surfaced over the participation of Russian Finance Minister Anton Siluanov, marking his first appearance at a G20 finance gathering since 2022 and drawing sharp criticism from Western allies.
- Despite the friction, attendees achieved consensus on peripheral geopolitical concerns, with U.S. officials noting shared ground with Beijing on preserving maritime transit through the Strait of Hormuz and preventing Iranian nuclear escalation.
117 Articles
117 Articles
Bessent's bombast boomerangs back: 'Not funny...but still laughing'
A member of President Donald Trump's cabinet has critics rolling in the proverbial aisles over a comment that was supposed to chastise them.Treasury Secretary Scott Bessent's words came back to bite him Wednesday morning as a video clip circulated on X of him lashing out at the press.""Everyone news outlet should be ashamed," he said, " [for] taking a lying regime at face value."Bessent said this in response to a question about the ongoing war i…
China does not seek trade surplus: central bank governor
China has never deliberately pursued a trade surplus and will continue expanding domestic demand and high-standard opening-up to contribute to a new dynamic balance in the global economy, central bank governor Pan Gongsheng said.
China has been in favour of manipulating global markets and generating ‘balancing’ by voting against them in the G20. In particular, the declaration envisaged ‘that countries should take measures to eliminate non-commercial policies and practices that exacerbate imbalances’, something the Asian giant has rejected. ‘In particular, ... Continue reading ‘China is in favour of manipulating global markets and refuses to ban it in the G20’
Skip the joint statement to the G20 Finance. The Asheville Summit, in North Carolina, did not produce a shared synthesis among all the countries gathered at the table for two days of meetings and sessions. The opposition came from China. To communicate it was the US presidency of turn, by the mouth of the Secretary of the Treasury, Scott [...] The article G20 Finance, skip the joint press release: China parades. The 19 Countries: "Low-cost expor…
The G20 finance ministers agreed at their meeting in the US, with the exception of China, to take action against excessive trade surpluses.
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