The G20 finance ministers meeting concluded without a joint statement on Tuesday after China rejected provisions addressing global trade imbalances and reliance on exports for growth. The United States, as host, issued a chair's statement backed by the other 19 members.

U.S. Treasury Secretary Scott Bessent said China was the sole dissenter on language calling for the elimination of non-market policies that exacerbate imbalances. He noted that countries with excessive external surpluses should remove distortions constraining domestic consumption.

"The country with the world’s largest and unsustainable current account surplus, the People’s Republic of China, was the dissenter," Bessent said at a press conference. "Non-market based economies pushing out a never-ending stream of cheap exports is not sustainable."

China objected to four sections in the proposed text, including those on global imbalances, greater IMF scrutiny of surpluses, sovereign debt restructuring, and navigation through the Strait of Hormuz amid ongoing conflicts. The chair's statement highlighted the need to address over-reliance on exports and called for steps to promote balanced growth.

China recorded a record goods trade surplus of $1.2 trillion in 2025. Its exports rose sharply in recent months, including a 23.9 percent year-on-year increase in July, amid concerns over subsidized goods such as electric vehicles pressuring industries worldwide.

The Asheville gathering laid groundwork for the G20 leaders summit scheduled for December in Miami. The deadlock follows a pattern of recent G20 finance meetings failing to reach full consensus due to geopolitical and economic divisions.

Bessent emphasized that support from 19 members underscored the scale of the problem posed by export-driven models. Other G20 nations have voiced similar worries about supply chain distortions and the effects of persistent surpluses on their economies.