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World Leaders Meet as Global Economy Faces Multiple Threats


The Chinese description of the meeting suggested that those policies, and others meant to redirect American supply chains away from China, “completely violate the principles of market economy and undermine the principles of international trade.”

The American description said Mr. Xi and Mr. Biden had agreed to empower senior leaders to barter on debt relief and several other other issues, a possible sign of progress.

Still, American negotiators have sought to work around China and Russia on economic issues ahead of the gathering, leaning on help from Britain, Germany and India, amongst other nations, on efforts just like the oil price cap. The approach jeopardizes the normal consensus-based efforts of the Group of 20, which was meant to bring a wide selection of nations together to unravel global problems.

In previous gatherings of Group of 20 officials this yr, the standard joint statement, or “communiqué,” couldn’t be drafted. China has resisted strong language about debtors and debt, and there have been differing opinions among the many countries about Russia’s war in Ukraine.

“In October, when there was discussion of the macro outlook, many, many countries said the only most significant thing that we are able to do to enhance the macro outlook is for Russia to finish its invasion of Ukraine,” Janet L. Yellen, the Treasury secretary, told reporters in Bali, adding that there was broad support for that sentiment. “And, after all, Russia is a member of the G20, and there are other countries which can be reticent about criticizing Russia, in order that’s been an issue all yr.”

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

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