World Economy

China Rejects G20 Export Criticism, Calls Joint Statement Protectionist

China stood alone at G20 talks this week, dissenting from a joint statement that criticized export-dependent economies and overcapacity concerns. Treasury Secretary Scott Bessent said 19 of the 20 member nations agreed to address what he termed an "unsustainable equilibrium" driven by a "stream of cheap exports." Beijing's Commerce Ministry rejected the characterization Thursday. Spokesperson Ling Huang called trade complaints from the U.S. and Europe a pretext to restrict Chinese commerce. Huang stated that leveraging multilateral forums to highlight economic imbalances and excess capacity amounts to protectionism that undermines global trade order. The ministry said such rhetoric will damage worldwide economic development. The disagreement surfaces as anticipation builds for Chinese President Xi Jinping's upcoming visit to Washington.