G20 Ministers Clashed Over 'Non-Market' Term in Trade Language Dispute
US Treasury Secretary Scott Bessent blocked a joint G20 financial minister statement because of China's objection to the phrase 'non-market', which Beijing feared implied criticism of state-owned enterprises.
Chinese and American finance ministers could not agree on a joint declaration following their recent meeting in Asheville, North Carolina. US Treasury Secretary Scott Bessent publicly accused Chinese authorities of preventing the release of a final statement. The dispute centered on the inclusion of the phrase 'non-market' regarding trade imbalances. Sources familiar with the negotiations stated that China interpreted this terminology as an implicit critique of its state-owned enterprises, which are central to its economy. During talks on drafting the document, Chinese negotiators proposed an alternative formulation focusing on trade imbalances without highlighting state entities. Negotiators from several countries offered informal support for this change but could not reach a consensus with American officials. The final version of the US presidential statement included text calling for nations to agree on eliminating policies and practices that are not oriented by market forces, though the specific Chinese objection was not resolved in the published output.
