G20 backs final statement despite Russia tensions, China dissent
Nineteen G20 members backed a chair’s statement on exports and debt, while China objected to language on imbalances, 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.
136 Articles
136 Articles
Bessent Spouts Tough-on-China Rhetoric at G20, Setting Stage for Meeting Between Trump and Xi
The four-day summit of the G20 finance ministers in Asheville, N.C. closed on a tense note due to China’s repudiation of assertions that its export strategy deluges other markets in an excess of low-value goods.
DECRYPTAGE - Europeans did not appreciate the presence of the Russian Finance Minister invited by the US Presidency, while China opposed the draft final communiqué on "non-market policies" which exacerbate imbalances.
At G20, Treasury Secretary Bessent said all members align on cheap exports, except for one
Treasury Secretary Scott Bessent said Tuesday that 19 of the members of the G20 had agreed to address streams of “cheap exports” that cause global economic imbalances, but said China had dissented.Bessent made his comments at the end of a two-day meeting with finance ministers and central bankers where he tried to focus on growth, telling reporters he had urged some of his G20 counterparts to take a page from the Trump administration’s playbook …
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