(ECNS) -- The United States has advanced a misleading narrative that blamed China for the failure to reach a joint communiqué at the G20 Finance Ministers and Central Bank Governors' Meeting, which concluded in Asheville on Sept. 1.
In reality, Washington attempted to insert language unfairly pinning responsibility for global economic challenges on China, while ignoring its own role in disrupting energy markets and imposing restrictive semiconductor barriers.
China's core stance throughout the meeting centered on ensuring the communiqué delivers an objective, comprehensive assessment of the global economic landscape.
Notably, the fourth paragraph of the communiqué sees the U.S. call for the efficient and smooth functioning of key value chains, such as energy, food, fertilizer, and critical minerals to support global growth. Yet Washington has deliberately ignored its own role in disrupting global energy markets and erecting restrictive semiconductor barriers worldwide.
Escalating tariffs and unilateral restrictive measures have severely eroded the foundations of the multilateral trading system. Even U.S. allies publicly acknowledged that Washington's tariff policies have inflicted widespread economic damage across multiple countries.
The International Monetary Fund projects global inflation will rise to 4.7% in 2026, up from 4.1% last year, with geopolitical conflicts identified as a major driver.
Despite focusing on remedying global economic challenges, the final communiqué entirely omitted China's constructive proposals to uphold free trade and promote inclusive economic globalization.
Such omissions have fueled widespread suspicions that the U.S. is exploiting the multilateral mechanism to push self-serving agendas targeting China.
The document's references to "non-market policies and practices" and "overreliance on exports for growth" merely repackage Washington's recently hyped, unsubstantiated narratives, including claims of industrial "overcapacity," "China shock 2.0," and the so-called "China squeeze."
A G20 working group co-chaired by South Korea and Australia was established this year to conduct research on global economic imbalances. Group participants universally recognized that economic imbalances stem from multiple structural factors, including global labor division, demographic changes, financial fluctuations, U.S. dollar dominance, and variations in capital and financial account dynamics.
Nevertheless, the U.S. sought to dismiss these consensus-based professional discussions, aiming to retain only non-unanimous conclusions to brand China as a "non-market" economy. Such biased attempts are hard to be recognized by China.
Going further, Washington has pressured international bodies including the IMF and the OECD to enhance their analytical tools to validate its self-fabricated labels. Such maneuvers are purely politically motivated targeting against China, rather than objective academic research or evidence-based analysis.
The communiqué also contains nonobjective content on global debt issues. It disproportionately singles out official bilateral creditors, which hold merely around 15 percent of developing countries' total external debt, official data shows, while turning a blind eye to the continuous decline in development aid provided by developed economies.
Chinese Foreign Ministry Spokesperson Guo Jiakun emphasized on Wednesday that the G20, as a primary platform for international economic cooperation, should conduct coordination on major global economic issues in an objective, fair and balanced manner.
If the G20 abandons its foundational mission and devolves into a tool for targeting individual countries, it will fail to represent true multilateralism and suffer a substantial decline in its credibility, Guo said.
(By Zhang Dongfang)
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