China was the only G20 country that did not support a number of provisions in the final document of the meeting of finance ministers and central bank governors of the “Group of Twenty,” held August 31–September 1, 2026, in Asheville, North Carolina.
As a result, instead of a joint communiqué agreed upon by all participants, the United States, as G20 chair, issued a chair’s statement. The official document from the U.S. Department of the Treasury states that it was endorsed by all G20 members present, except for China, which opposed four sections.
One of the main points of contention was the issue of global trade imbalances. The text, supported by the other countries, calls on nations to abandon non-market policies and practices that exacerbate imbalances. Countries with excessive and persistent external trade surpluses are urged to eliminate factors that constrain domestic consumption and create excessive dependence of economic growth on exports.
U.S. Treasury Secretary Scott Bessent stated after the meeting that China was the only dissenting participant. He called China’s current account surplus the largest and “unsustainable” and stated that a non-market economic model that constantly increases the supply of cheap export goods cannot be sustainable.
China also did not support provisions to expand the International Monetary Fund’s role in monitoring global economic imbalances. The other G20 members advocated for strengthening the IMF’s analysis, including an assessment of non-market policies, the factors driving external trade imbalances, and their impact on other economies.
Another point of contention was the Strait of Hormuz. The G20 statement expressed concern over ongoing disruptions to energy trade and emphasized the need for free, safe, and predictable shipping through the Strait of Hormuz and other key maritime routes. China opposed the entire relevant section of the document.
In addition, Beijing disagreed with the section concerning sovereign debt restructuring and the continued application of the G20’s Comprehensive Framework for Addressing the Debt Problems of Developing Countries. An official document from the U.S. Treasury Department explicitly states that China objected to paragraphs 4, 10, 11, and 13 of the statement.
Despite the lack of full consensus, the remaining 19 G20 members supported the approach to reducing global imbalances. Reuters notes that the issue has effectively turned into a debate over China’s export model, industrial subsidies, and the growing supply of Chinese products to global markets.
These disagreements come amid growing concerns from the U.S., the EU, and several other major economies regarding China’s manufacturing capacity and its expanding trade surplus. Western nations fear that a glut of Chinese industrial goods could intensify pressure on local manufacturers and increase dependence on specific supply chains.
The meeting in Asheville marked the second gathering of G20 finance ministers and central bank governors under the U.S. presidency in 2026. Key topics included economic growth, global imbalances, public debt, digital assets, financial literacy, and the state of the global financial system.
The G20 currently comprises 19 countries: Argentina, Australia, Brazil, the United Kingdom, Germany, India, Indonesia, Italy, Canada, China, Mexico, Russia, Saudi Arabia, the United States, Turkey, France, South Africa, South Korea, and Japan.
In addition, the European Union and the African Union are full members of the G20. Thus, following the African Union’s accession in 2023, the G20 effectively comprises 21 members—19 countries and two regional organizations.
