China's Trade Surplus Objection Blocks G20 Joint Communique
US Treasury Secretary Bessent reported that the G20 joint communique could not be published due to disagreements over China's massive trade surplus.
Following the G20 meeting in North Carolina, US Treasury Secretary Bessent announced that China blocked the joint communique due to its trade surplus.
Communique Crisis at the G20 Meeting
The traditional joint communique could not be published following the G20 meeting held with the participation of finance ministers and central bank governors.
US Reaction to China's Trade Policies
US Treasury Secretary Bessent emphasized that the People's Republic of China has the world's largest and unsustainable current account surplus.
Non-Market Economies
Bessent stated that the flow of cheap exports created by non-market economies does not present a sustainable structure.
China's Approach and Outcome
The Chinese side argued that the issue of global imbalances should be approached with a comprehensive, objective, and balanced perspective.
As a result of the disagreements, instead of the traditional joint communique, a statement directly from the term presidency was shared with the public.