China was the sole dissenter in the G20 finance ministers meeting, preventing a joint statement due to objections to language addressing its large trade surpluses and reliance on exports for economic growth. U.S. Treasury Secretary Scott Bessent stated that 19 out of 20 members supported the proposed language, highlighting widening global concern over the impact of Chinese exports on industries worldwide. Bessent called China's "non-market-based economies pushing out a never-ending stream of cheap exports" unsustainable and noted that the agreement among the other members showed the "sheer enormity of the problem."
The proposed statement by the G20 chair, released by the U.S. Treasury, included a footnote indicating China's specific objections. China opposed sections that urged countries with excessive and persistent external surpluses to eliminate distortions constraining domestic consumption and leading to over-reliance on exports. This paragraph explicitly targeted countries like China, which saw a record trade surplus of $1.2 trillion in 2025, a 20% increase from 2024, and contributes to the U.S. trade deficit, which was roughly $200 billion with China in 2025.
Beyond trade imbalances, China also objected to paragraphs concerning the Strait of Hormuz and ongoing conflicts, greater International Monetary Fund (IMF) scrutiny of global imbalances, and provisions related to sovereign debt restructurings, particularly those involving G20 member countries. Bessent acknowledged that while he had hoped for a unanimous communiqué, the broad agreement among other nations underscored the urgency of these issues. Despite these disagreements, Bessent mentioned some common ground with China on the importance of keeping the Strait of Hormuz open and preventing Iran from acquiring nuclear weapons.
