G-20 Criticizes Export Reliance as China Dissents

The Group of 20 issued a statement Tuesday during a meeting of finance ministers and central-bank chiefs in Asheville, North Carolina, criticizing nations with persistent external surpluses for an overreliance on exports. The group called for the elimination of nonmarket policies and distortions that constrain domestic consumption to prevent harmful global spillovers.

While the statement did not explicitly name China in the main text, a footnote identified the Government of China as the sole dissenter to the agreement. U.S. Treasury Secretary Scott Bessent argued that a "never-ending stream of cheap exports is not sustainable," while Japanese Finance Minister Satsuki Katayama noted that international sentiment toward China's industrial policy has "crossed a threshold."

The Government of China issued a mild rebuke in response, attributing its export growth to economies of scale and arguing that the G-20 should act in an impartial way based on consensus.