China disrupted efforts to reach a consensus at the recent G20 finance ministers’ summit by opposing language aimed at addressing “non-market policies” that contribute to global trade imbalances. The meeting, hosted by the United States in North Carolina on March 8-9, 2026, ended without a unanimous joint communiqué after Beijing objected to certain wording proposed by the other 19 member countries.
US Treasury Secretary Scott Bessent expressed disappointment over the failure to secure full agreement, saying he had hoped to announce a unanimous statement but was prevented from doing so by a single member. The United States and its G20 partners—including Japan, France, the United Kingdom, the European Union, India, and Russia—had endorsed language calling for the elimination of policies and practices viewed as distortions to market functioning, which they argued exacerbate global trade imbalances.
According to US and European officials familiar with the discussions, China resisted language explicitly referring to “non-market policies,” which are understood to relate to state interventions such as subsidies, export restrictions, and capacity controls. Beijing also opposed calls for enhanced data transparency to aid monitoring by international institutions like the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD). A senior US official characterized China as the “worst offender” when it comes to persistent distortions in global trade and expressed frustration that the outcome of 19 to 1 was “unbelievable.”
The impasse emerged only weeks before President Xi Jinping is scheduled to meet with US President Donald Trump in Washington, and ahead of the G20 leaders’ summit slated for Miami later this year. Analysts noted the wider context of ongoing tensions over China’s export policies, which many countries perceive as driven by domestic overcapacity. China disputes these characterizations.
Data released by the European Union indicates that China’s trade surplus with the bloc reached €360 billion in 2025. The United States is reportedly considering additional tariffs on Chinese goods as part of efforts to address overcapacity concerns. One section that Beijing opposed in the draft communiqué called for countries with “excessive and persistent external surpluses” to eliminate distortions that discourage domestic consumption and foster an export-dependent growth model. Additionally, China objected to any references to “critical minerals,” a sector where its export controls have drawn international scrutiny since the imposition of US tariffs in previous years.
The Chinese embassy in Washington declined to comment on the matter. Observers described the stalled consensus as a “lost opportunity” for coordinated global economic policy, reflecting ongoing challenges in reconciling competing national interests within multilateral forums.