China-US Spat at G20 Largely Came Down to Dispute Over One Word

A disagreement between Chinese and US officials at the Group of 20 finance chiefs meeting largely centered on a dispute over a single word, according to sources familiar with the talks. Treasury Secretary Scott Bessent accused Chinese officials of preventing the group from issuing a joint communique following the two-day gathering in Asheville, North Carolina.

The US claimed the impasse stemmed from disagreements on language related to critical minerals, debt restructuring, and trade imbalances. However, the most significant point of contention was the inclusion of the term "non-market" in a sentence about trade imbalances, which Chinese officials viewed as an indirect attack on their state-owned enterprises (SOEs).

During the language discussions, China offered an alternative phrase that would have addressed trade imbalances without singling out its SOEs, but the US did not reach an agreement, according to the sources. The final chair statement from the US included a line urging countries to eliminate "non-market policies and practices that exacerbate imbalances."

The dispute underscores the ongoing tensions between the world's two largest economies, just weeks before Chinese President Xi Jinping is set to visit the US for a high-profile summit with President Donald Trump.