China Rejects G20 Claims Regarding Trade Imbalances
2 sources across 2 countries · Brazil · Hong Kong
Who reported this
- CNN Brasil
- South China Morning Post
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- Centre-left
- Centre
- Centre-right
- Right
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China has formally rejected claims of trade imbalances and overcapacity raised during a G20 gathering of finance ministers and central bank governors. Huang Ling, a spokesperson for the Ministry of Commerce, stated that using the G20 to highlight these issues is a deliberate attempt to mislead the public. She further asserted that such movements promote protecionism and serve as pretexts to pressure and restrict China.
During the meeting, People's Bank of China Governor Pan Gongsheng denied that Beijing deliberately pursues trade surpluses and vowed that the country would not weaponize the yuan to boost exports. Pan stated that addressing global imbalances requires all countries to promote their own structural reforms and noted that China remains committed to expanding domestic demand.
The US Treasury issued a statement, which it claimed was agreed upon by all present G20 members except China. This statement called for the elimination of non market policies and practices that exacerbate imbalances. It specifically urged countries with persistent external surpluses to remove distortions that constrain domestic consumption and lead to an overreliance on exports for growth.
How each side framed it
- Centre
- The center lean framing focuses on China's accusations that the G20 is being used as a tool for protectionism and pressure.
- Centre-right
- The center-right lean framing provides more technical detail regarding the US Treasury's specific objections and the central bank's response on currency devaluation.
Sources
100% of the statements in this article were traced back to the source articles listed above.