China Blocks G20 Consensus on Trade Imbalances at Asheville Meeting, Citing Objections to Export Criticisms

The G20 finance ministers and central bank governors meeting in Asheville, North Carolina, concluded on September 1, 2026, without a joint communiqué after China dissented on key language addressing global trade imbalances and non-market policies. US Treasury Secretary Scott Bessent publicly attributed the breakdown to Beijing, noting that 19 members agreed on the need to eliminate distortions from excessive export reliance and unsustainable surpluses.

Bessent stated that “the country with the world’s largest and unsustainable current account surplus, the People’s Republic of China, was the dissenter,” and that “non-market-based economies pushing out a never-ending stream of cheap exports is not sustainable.” US and European officials told the Financial Times that China objected to provisions supporting global supply chains for energy, food, fertilizer, and critical minerals, as well as sections on the Strait of Hormuz, IMF surveillance of imbalances, and debt restructuring.[1][2]

In place of a full communiqué, the US issued a chair’s statement backed by all members except China. The statement called for steps to remove non-market policies exacerbating imbalances, particularly urging surplus countries to boost domestic consumption rather than over-rely on exports. China’s Foreign Ministry later expressed regret over the lack of consensus, emphasizing the need for balanced discussions.[3]

The episode highlights deepening fractures in global economic cooperation amid China’s record $1.2 trillion trade surplus in 2025. Multiple outlets, including Bloomberg, AP News, Reuters, and Axios, confirm the 19-1 dynamic and Bessent’s remarks, underscoring allied concerns over subsidized exports hollowing out industrial bases.[4][5][6]

The discord precedes a planned Trump-Xi summit in Washington on September 24, 2026, with additional tensions over Iran sanctions and critical minerals export controls. The meeting occurred under the US G20 presidency, with the Asheville venue chosen to spotlight regional recovery efforts.