G20 Chair’s Statement (2026)

[1] The statement was agreed by all G20 members present except China, which objected to paragraphs 4, 10, 11, and 13.

10. We recognize that excessive and persistent imbalances pose risks and can generate economic distortions and adverse cross-border spillovers that hinder growth, drive and exacerbate imbalances in other countries, heighten economic and supply chain vulnerabilities, and reduce resiliency. These detrimental effects can contribute to economic tensions and potential risks of disorderly adjustment, including through the financial channel. We agree that countries should take steps to eliminate non-market policies and practices that exacerbate imbalances. In particular, countries with excessive and persistent external surpluses should remove distortions that constrain domestic consumption and that result in an overreliance on exports for growth. These policies and practices result in harmful spillovers to global, regional, and domestic markets and increase economic dependency. Countries with excessive and persistent external deficits should also undertake policies that include supporting domestic savings and fiscal consolidation. We acknowledge that a lack of policy adjustment can impair global growth and resiliency. On this front, continued G20 cooperation would be welcome, as addressing these imbalances is of common interest for both surplus and deficit economies. We welcome the productive discussions of the G20 study group on global imbalances, which concluded its 2026 workplan in June, and we thank Australia and the Republic of Korea for co-chairing this group.