China opts out of joining other G20 members on rectifying global imbalances

China on Tuesday refused to accept a U.S.-drafted joint statement summarizing the results of a Group of 20 finance meeting, deciding not to work with other members on rectifying global trade imbalances.

Because China objected to parts of the communique language, the United States instead issued a G20 chair's statement after the two-day meeting in Asheville, North Carolina, saying, "We agree that countries should take steps to eliminate nonmarket policies and practices that exacerbate imbalances."