China Accuses G20 Nations of Promoting Trade Protectionism
China condemned G20 efforts to address its export overcapacity as protectionism after the group failed to reach a joint communiqué on economic imbalances.
The Ministry of Commerce of the People's Republic of China accused G20 nations of promoting protectionism after dissenting from a joint effort to address global economic imbalances. U.S. Treasury Secretary Scott Bessent stated that 19 G20 members agreed that China's reliance on cheap exports created an unsustainable equilibrium, urging Beijing to shift its economy toward domestic consumption.
Chinese officials rejected these claims, with spokesperson Huang Ling characterizing the focus on overcapacity as a cover to pressure and restrict Chinese trade. Pan Gongsheng, governor of the People's Bank of China, warned that such trade frictions disrupt supply chains and fuel inflation. The dispute resulted in the G20 Finance Ministers and Central Bank Governors meeting concluding without a joint communiqué, a result the Chinese Foreign Ministry expressed regret over.
Beyond the G20, China urged the United States to lift sanctions imposed in May on Chinese companies and citizens involved in Iranian petroleum transactions. Tensions also rose with Europe; EU Trade Commissioner Maroš Šefčovič warned Beijing to provide concrete results in trade talks by October or face harsher measures and restricted market access. China responded by calling for equal dialogue and warning France it would take measures to safeguard enterprises if France implements laws curbing low prices from Chinese e-commerce firms.
Keep reading in the app
The full story and every source, free in the app.
Coming soonGoogle Play