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

A Chinese flag flutters on top of the Great Hall of the People ahead of the opening ceremony of the Belt and Road Forum (BRF), to mark 10th anniversary of the Belt and Road Initiative, in Beijing, China October 18, 2023.Edgar Su | ReutersBEIJING — 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 ...