China hits back at G20 statement on its reliance on exports, accusing them of 'promoting protectionism'

BEIJING — China has accused other G20 nations of "promoting protectionism," after they criticized economies that rely heavily on exports.

U.S. Treasury Secretary Scott Bessent on Tuesday said 19 of the G20 members agreed to address the "unsustainable equilibrium" resulting from a "stream of cheap exports." China was the only G20 member to dissent from a joint statement over references to such "imbalances."

The Commerce Ministry on Thursday pushed back on trade complaints from the U.S. and Europe, calling them "an excuse to pressure and restrict China."

"China believes that taking advantage of the G20 and other multilateral mechanisms to hype up so-called 'economic imbalances' and 'overcapacity' is essentially promoting protectionism," Ling Huang, Commerce Ministry spokesperson, said in Chinese, translated by CNBC.

"China is firmly opposed," she said during a weekly press conference. "This will only disrupt the global economic and trade order, and harm the healthy development of the global economy."

The words come amid a flurry of different multilateral meetings and growing anticipation for Chinese President Xi Jinping's trip to Washington, D.C. later this month .

When asked by CNBC about the latest U.S. anti-Iran sanctions, which can extend beyond Iranian entities to foreign companies or individuals accused of helping Iran, Huang said the U.S. should "immediately correct its wrong practices and lift sanctions against relevant Chinese companies and citizens."

"Despite repeated requests from China, the U.S. has used Iran as an excuse for repeatedly imposing sanctions on Chinese companies and citizens, to which China is strongly dissatisfied and firmly opposes," she said.