China’s objections prevent G20 joint communiqué

The G20 Meeting of Finance Ministers and Central Bank Governors was held in Asheville, United States, on August 31 and September 1. Although 19 members reached agreement, no joint communiqué was adopted after China objected to provisions on energy trade, global imbalances and debt restructuring.

China’s objections block G20 joint communiqué

The G20 Meeting of Finance Ministers and Central Bank Governors, held in Asheville, North Carolina, on August 31 and September 1, ended without full agreement on a joint communiqué. Global growth, debt burdens and economic imbalances were the meeting’s main agenda items.

Instead of a joint text, the United States issued a G20 Chair’s Statement. The statement said the global economy had remained resilient despite ongoing conflicts and called for reducing bureaucracy, encouraging investment in artificial intelligence, and securing critical supply chains such as energy and food.

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China objects to four provisions

China objected to the fourth provision, which addressed energy trade and geopolitical conflicts. Beijing also entered reservations on the 10th provision concerning global imbalances and the removal of non-market policies that restrict domestic consumption, the 11th provision on International Monetary Fund surveillance, and provisions on debt restructuring processes in the 13th provision.

U.S. Treasury Secretary Scott Bessent said he wanted a joint communiqué to be issued, but that full consensus had not been reached. Bessent said the members other than China had agreed and that the G20 Chair’s Statement reflected the issues considered important by 19 members.

Bessent described China as the country with the world’s largest and unsustainable current-account surplus and said Beijing had taken a contrary position on the statement. Asked about inviting representatives from Russia to the meetings, he said this had created an unpleasant impression among some Europeans but that dialogue and engagement were important.

Economy and supply chains in the chair’s statement

With private-sector representatives participating in the meetings, the discussions focused on removing administrative barriers to business growth and innovation. The statement emphasized that global imbalances posed a threat to economic stability and called on countries overly dependent on exports to carry out reforms that would increase domestic consumption.

It said the G20 Common Framework should be implemented more quickly and transparently to reduce the debt burden of developing countries. Improving financial literacy worldwide was also among the issues highlighted in the statement.

U.S. priorities and the IMF’s assessment

Before the meeting, a U.S. Treasury official said differences over reducing global imbalances and restructuring government debt could make it difficult to prepare a joint communiqué. The official said the text needed to reflect U.S. interests and “America First” priorities, adding that a statement on the discussions could be issued if no agreement was reached.

In a written statement after the meeting, IMF Managing Director Kristalina Georgieva said countries had diverged significantly in terms of their economic outlooks and risks. Georgieva said the energy supply shock had not ended, global public debt had reached approximately 100 percent of gross domestic product, and disinflation had stalled in many countries.

Georgieva said central banks should focus on price stability and called on fiscal authorities to prepare credible medium-term fiscal consolidation plans and remove barriers to growth through structural reforms.

Georgieva said high refinancing needs and rising debt-servicing costs were limiting spending on infrastructure, health and education in developing and low-income countries. The IMF chief said debt restructuring processes needed to be improved and countries’ fiscal resilience strengthened.

Georgieva also said global excess imbalances had increased by 0.7 percent of gross domestic product in 2025, recording the largest rise in the past 10 years. She stressed that countries with current-account surpluses and those with current-account deficits needed to take policy steps simultaneously for lasting rebalancing.