Single-word dispute leaves G20 finance statement divided
A dispute over the term “non-market” lay at the centre of the breakdown between China and the United States at this week’s Group of 20 finance meeting, where Beijing withheld support for a consensus statement backed by the other members. The disagreement emerged during negotiations in Asheville, North Carolina, over language addressing global economic imbalances. People familiar with the talks…
A single-word clash over the phrase "non-market" caused discord between China and the United States during this week's Group of 20 finance meeting in Asheville, North Carolina. The disagreement arose while delegates negotiated language addressing global economic imbalances. Washington insisted the G20 should label certain policies and practices as "non-market", a term Beijing rejected, deeming it unfairly targeted at China's economic model.
As the 2026 G20 chair, the United States issued a statement reflecting agreement among most members except China on several contentious passages. U.S. Treasury Secretary Scott Bessent stated that China was the only dissenter on the central trade language, arguing that state-directed policies and large volumes of low-priced exports were causing harmful spillovers for trading partners and weakening growth elsewhere.
China's Foreign Ministry spokesman Guo Jiakun expressed regret for the lack of a joint statement, urging the U.S. and other members to conduct G20 coordination fairly and on the basis of equal consultation. China's central bank argued that global imbalances cannot be attributed solely to surplus economies, while IMF Managing Director Kristalina Georgieva stressed the need for international cooperation in managing debt, limiting cross-border spillovers, and addressing global imbalances.
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