G20 replicates the "19-1" situation: China becomes the only opponent, reflecting the growing isolation of Xi's diplomatic and economic lines.

At the 2026 G20 meeting of finance ministers and central bank governors, the United States, as the presidency, pushed to form a common position on issues such as global trade imbalances, non-market policies, key mineral supply chains.According to media reports such as Reuters, Associated Press and the Financial Times, the other 19 members, in addition to China, supported the main direction reflected in the statement of the chairman, while China refused to accept the relevant phrase, resulting in the meeting failing to form a joint communiqué that requires unanimous agreement.

This result means that China has not withdrawn from the G20, nor has it been withdrawn from membership, but has become the only member at the meeting that has not joined the relevant consensus.

According to public reports, U.S. Treasury Secretary Scott Bessent said that members of the meeting generally believe that long-term reliance on non-market policies, overcapacity and serious trade imbalances are not conducive to global economic stability, and China has a different opinion on this.

International isolation is not a coincidence but a result of policy choices.

In recent years, China's domestic and foreign policy under Xi Jinping has continued to change significantly.From strengthening the Party's comprehensive leadership in the economy, to strengthening supervision over private enterprises, Internet platforms and capital markets, to emphasizing national security priority over economic development, China's economic governance model is increasingly deviating from the direction of market reform.

Meanwhile, the friction between China and major developed economies such as Europe, the United States, Japan, Canada and Australia has continued to increase. From high-tech export control, supply chain restructuring, to trade investigation and investment review, the international community has accumulated doubts about China’s economic model.

It is worth noting that the conference controversy focused on the so-called “non-market policy” and trade imbalance issues, rather than on China’s qualification as a G20 member. Therefore, interpreting the event as China being “pulled out of the G20” is not a fact. But observed from an international political perspective, China becoming the only member opposed to the relevant consensus does indeed reflect that its policy differences between most major economies are expanding.

Economic pressures and diplomatic difficulties overlap

In recent years, China's real estate market has continued to adjust, local government debt pressure has increased, residents' consumption has recovered slowly, foreign capital flows have slowed, and exports are also facing increasing trade restrictions.

However, the United States and some of its allies believe that this model could further exacerbate global overcapacity and trade imbalances, prompting the G20 to discuss relevant issues and seek international consensus.

For the Xi Jinping government, adhering to existing policies means continuing to face external pressure; and if profound reforms are carried out, it may involve major adjustments in economic governance and the way power operates.

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The G20 meeting once again showed that China’s differences with other major economies in terms of trade, industrial policy and global economic governance remain clear. Factually speaking, China was not excluded from the G20 but became the only member at the meeting who did not join the consensus. In the future, whether or not the differences will further expand will still depend on China’s policy adjustment, changes in the international economic environment and the development of diplomatic interactions between the parties.

For the international community, how to find a balance between competition and cooperation remains an important issue; for China, how to respond to ongoing questions about its economic model and restore confidence in the international markets will also be important challenges to face in the future.