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 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.Early last week, Bessent announced that any entity, including Chinese banks, that facilitates money laundering or sanctions evasion on behalf of Iran could be cut off from the U.S. financial system.Huang on Thursday also urged France to halt implementation of a new law aimed at curbing the low prices charged by Chinese e-commerce companies such as Temu."If France persists in its course of action, China will take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises, and France will bear all consequences," she said.China and the European Union more broadly have also been engaged in trade talks this summer as Europe wants to reduce its record trade deficit with China by October. EU Trade Commissioner Maroš Šefčovič warned in an interview with Euronews this week that Beijing must deliver "concrete results" by October or face "harsher measures."Huang said China is willing to work with the EU, but said demands should not be made unilaterally, and threats should not be made to close markets.