G20 except China backs curbs on trade surplus distortions

ASHEVILLE, North Carolina, Sept. 1 (Reuters) - G20 finance leaders, except for China’s, agreed on Tuesday that countries with excessive trade surpluses should remove distortions that cause over-reliance on exports for growth and avoid unnecessary export restrictions.

G20 finance ministers and central bankers met in Asheville, North Carolina, to debate ways to stimulate economic growth and remove excessive imbalances.

“We agree that countries should take steps to eliminate non-market policies and practices that exacerbate imbalances,” said a G20 chair statement agreed on by all G20 members, except China, which objected to certain paragraphs.