G20 leaders meet in Bali as global economy faces multiple threats | Bot To News

China’s description of the meeting suggests that these policies and others designed to redirect US supply chains away from China “completely violate the principles of a market economy and undermine the rules of international trade.”

The US account said Mr Xi and Mr Biden agreed to authorize senior leaders to negotiate debt relief and a range of other issues, a possible sign of progress.

Still, ahead of the meeting, US negotiators sought to sidestep China and Russia on economic issues, relying on help from Britain, Germany and India, among other countries, on efforts such as curbing oil prices. The approach threatens the traditional consensus-based efforts of the Group of 20, which is supposed to bring many countries together to solve global problems.

The usual joint statement or “communique” could not be drawn up at earlier meetings of G20 officials this year. China balked at harsh language about debtors and debt, and there were differences of opinion among countries about Russia’s war in Ukraine.

“In October, when the macro outlook debate took place, many, many countries said that the most important thing we can do to improve the macro outlook is for Russia to end its invasion of Ukraine,” Janet L. Yellen, Treasury Secretary . secretary, he told reporters in Bali, adding that there was broad support for that view. “And, of course, Russia is a member of the G20 and there are other countries that are reticent about criticizing Russia, so it’s a problem all year round.”

Amid concerns that slowing growth in China is dragging down the global economy, Ms. Yellen planned to ask her Chinese counterparts about the zero-tolerance approach to Covid, which has included strict lockdowns, and the state of the housing market, Treasury officials said. .

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