China's objections derail G20 finance statement

The backdrop: The joint statements are meant to spell out where the world's largest economies agree on shared economic problems and how to address them.

• Several G20 finance meetings since Russia's 2022 invasion of Ukraine have failed to produce communiqués, as geopolitical divisions blocked consensus.

Between the lines: In place of a joint statement, the U.S. issued a chair's statement — as is the tradition for the host country — noting that the language was agreed to by all members except China.

• Treasury said China objected to four sections: one addressing the Strait of Hormuz and ongoing wars and conflicts; two focused on global imbalances, including countries' reliance on exports and greater IMF scrutiny, and one on sovereign debt restructurings.

The intrigue: Earlier on Tuesday, other global finance officials had signaled that Chinese officials were balking at communiqué language over global economic imbalances, a key theme of the gathering.

What they're saying: "I do think it is incredible to get 19 countries to agree to anything," Bessent told reporters at a press conference in Asheville, North Carolina, at the conclusion of the meetings.

• "We believe that the non-market-based economies pushing out a never-ending stream of cheap exports is not sustainable," Bessent said, referring to China. "The fact that 19 countries did want to address this shows the sheer enormity of the problem."

Of note: The statement does not mention Russia's invasion of Ukraine or the Middle East conflict by name, despite those conflicts looming large over the gathering.

• It refers broadly to "ongoing wars and conflicts."