China found itself in a lonely spot at the G20 this week, standing as the sole holdout against a joint statement aimed at addressing the flood of low-cost exports from non-market economies. The move underscores growing global frustration with Beijing's trade practices.
"Non-market-based economies pushing out a never-ending stream of cheap exports is not sustainable," Treasury Secretary Scott Bessent said at a press conference following days of meetings with finance ministers and central bankers in Asheville, North Carolina, Reuters reported on Tuesday.
The joint statement, issued later by the Treasury Department, noted China's objections to two key provisions. Beijing opposed a paragraph in which the 19 members agreed to eliminate non-market policies and practices that worsen economic imbalances. China also objected to language expressing concern over shipping disruptions in the Strait of Hormuz, a crucial oil route effectively blocked by Iran amid its conflict with the U.S.
Bessent expressed his disappointment at not being able to announce a unanimous joint communiqué but emphasized that the agreement from the 19 other members underscored "the sheer enormity of the problem."
