China Rejects G20 Criticism on Export-Driven Economy and Accuses US, EU of Protectionism

China has rejected criticism from most G20 countries regarding its export-dependent economy, accusing the United States and the European Union of using trade imbalances and industrial overcapacity as a pretext to pressure Beijing. China did not support a joint statement backed by 19 G20 members calling for the correction of an “unsustainable imbalance” created by the flow of cheap products. Beijing also called on Washington to drop sanctions imposed on Chinese companies and citizens for allegedly helping Iran.