A disagreement between Chinese and US officials at a Group of 20 finance chiefs meeting this week mostly revolved around a dispute over one word, according to people familiar with the talks.
Treasury Secretary Scott Bessent on Tuesday publicly accused Chinese officials of preventing the group from issuing a joint communique after the two-day gathering in Asheville, North Carolina. The US side attributed that impasse to disagreements on language spanning issues from critical minerals to debt restructuring.
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But the most crucial sticking point was the inclusion of the phrase “non-market” in a sentence addressing trade imbalances, according to the people familiar, who asked not to be identified discussing private matters. That term was seen by Chinese officials as a veiled attack on state-owned companies that are a foundational pillar of the nation's economy, the people said.
Photo Credit: Bloomberg News
During talks over the wording, China proposed a tweaked phrase that would have addressed trade imbalances without putting a spotlight on the nation's SOEs, according to the people familiar. Chinese negotiators privately received support from some countries for its suggestion, though they failed to reach consensus with the US, the people said.
The final chair statement from the US included a line saying countries should agree to “eliminate non-market policies and practices that exacerbate imbalances.”
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The dispute highlights simmering tensions between the world's biggest economies weeks before Chinese leader Xi Jinping heads to Washington for a high-profile summit with US President Donald Trump. Bessent is a key figure in steering Washington's relationship with Beijing, leading trade negotiations and poised to helm bilateral talks in the coming weeks on artificial intelligence.
China's Ministry of Finance didn't reply to a request for comment made out of hours. The US Treasury also didn't immediately reply to a request for comment outside of normal business hours.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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