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Treasury Secretary Scott Bessent notes China's dissent from G20 joint statement regarding non-market economies and export imbalances.

Treasury Secretary Scott Bessent stated that China was the only Group of 20 member to dissent from a joint statement regarding the sustainability of non-market based economies. During a press conference in Asheville, North Carolina, Bessent noted that the 19 other members agreed that countries should take steps to eliminate non-market policies that exacerbate imbalances.

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The statement, released by the Treasury Department, specifies that countries with persistent external surpluses should remove distortions that constrain domestic consumption and result in an overreliance on exports for growth. China also objected to paragraphs expressing concern about shipping disruptions in the Strait of Hormuz, the International Monetary Fund's surveillance of global imbalances, and countries where a significant share of external debt is owed to G20 members. Bessent stated that the G20 members will take action in the days, weeks, or months to reach a resolution on this unsustainable equilibrium. He also noted that while the U.S. is pursuing Operation Economic Outcast to target Iran's economy, China remains Iran's top trading partner and oil buyer. Bessent stated that China agrees Iran cannot have a nuclear weapon and requires free maritime trade in the Strait of Hormuz.

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