China was the only member of the Group of 20 (G20) to dissent from a joint statement condemning “non-market based economies” for exporting cheap goods that distort global markets, Treasury Secretary Scott Bessent revealed following the 2026 G20 financial meetings in Asheville, North Carolina. The other 19 members agreed that countries with persistent surpluses should cease policies that suppress domestic consumption and overly rely on exports for growth. China objected specifically to language urging these economies to remove such distortions, highlighting its status as the nation with the world's largest current account surplus.

The statement also addressed concerns beyond trade imbalances. China opposed paragraphs related to ongoing shipping disruptions in the Strait of Hormuz, a critical oil transit route blocked amid heightened tensions with Iran. Beijing further resisted praise directed at the International Monetary Fund for monitoring global financial imbalances and clauses highlighting countries heavily indebted to G20 members. These objections underscored China's reluctance to publicly support certain economic critiques tied to its policies and geopolitical interests.

Bessent expressed disappointment that he could not announce a unanimous communiqué, emphasizing the seriousness of the trade imbalance challenge faced by most G20 members. His comments came amid the Trump administration’s aggressive strategy, dubbed “Operation Economic Outcast,” aimed at crippling Iran’s economy through secondary sanctions on its business partners. The U.S. is heavily engaged in trade discussions with China, with President Xi Jinping scheduled to visit later in September, adding complexity to the economic and diplomatic dynamics.

Despite these conflicts, Bessent noted areas of potential cooperation with China regarding Iran, highlighting mutual concerns over nuclear proliferation and the importance of free shipping in the Strait of Hormuz. He urged China to play a proactive role in resolving the regional crisis, given its significant energy reliance on Gulf imports. Bessent’s remarks signal ongoing efforts to balance tough economic measures with diplomatic engagement on broader geopolitical issues between the world’s two largest economies.