G20 Finance Ministers Criticize China's Current Account Surplus, Japan Also Under Scrutiny
MacroDigital Finance
At the G20 finance ministers and central bank governors meeting held in Asheville, the United States, the chair country criticized China for accumulating a massive current account surplus and called for correcting imbalances. U.S. Treasury Secretary Bessent accused China, which records a trade surplus of $1.2 trillion (about 190 trillion yen), saying "the world cannot absorb it," and the chair's statement demanded the elimination of "non-market policies that worsen imbalances." China pushed back, but Russia also sided with the majority, and the voices of participating countries were united. Meanwhile, Japan, which continues to see a weak yen and falling bond prices, sought understanding for the Takashi administration's aggressive fiscal policy, but Bessent said "Japan can step back," implicitly urging a policy shift. The IMF warned that current account imbalances would rise to 3.7% of global GDP in 2025, increasing financial vulnerabilities.
