在美国阿什维尔，今年最重要的经济会议之一正在举行。G20 国家的财政部长和央行行长们正讨论创纪录的全球债务、与中国的贸易失衡、由伊朗战争引发的能源冲击以及数十亿美元的人工智能投资。与此同时，美国正在改变 G20 的既定方向，将经济增长、放松管制、能源和私人投资置于核心地位。然而，俄罗斯财政部副部长安东·西卢阿诺夫重返谈判桌也备受关注。

G20 财政部长及央行行长会议为期两天，于 8 月 31 日至 9 月 1 日在北卡罗来纳州的阿什维尔举行。这是美国担任 G20 主席国期间的关键部分，而非定于 12 月在迈阿密举行的国家元首和政府首脑峰会本身。美国财政部早在今年二月就已宣布，希望将 G20“回归核心使命”，并显著聚焦于经济增长、金融监管、贸易失衡、政府债务、跨境支付和数字资产。

全球债务接近 35.3 万亿美元

第一天会议的核心议题是债务。根据路透社引用的数据，今年全球总负债已攀升至创纪录的35.3 万亿美元。美国财政部长斯科特·贝森特坚称，仅靠预算削减无法解决这一问题。

他的基本论点很简单：世界必须通过“增长”来摆脱债务负担。因此，华盛顿正推动通过减少行政障碍、增加投资、提供可获得的能源、提升生产力和技术创新来实现更快的经济增长。

美国财政部将过度监管、不当设计的税收和财政激励措施、公共及私人投资不足、国内市场的碎片化以及合格劳动力短缺列为增长的主要阻碍。一个不寻常的举措是邀请私营部门代表直接参与部分会议议程。

人工智能正在改变全球资本流向

美国新任美联储主席凯文·沃什也显著介入了这场辩论。他认为，世界或许正从“全球储蓄盈余”时期转向全球投资繁荣时代。

这一转变的重要组成部分是对人工智能基础设施的巨额投资——包括数据中心、发电厂、网络、芯片及其他技术项目。过去流向美国安全国债等渠道的资金，如今获得了新的投资机会。

这有望提高生产力和推动长期增长，但同时也会维持较高的政府债券收益率并推高政府融资成本。值得注意的是，美国政府债务在八月已突破4 万亿美元大关。

中国及其 1.2 万亿美元的贸易顺差

周二会议议程显著聚焦于全球贸易失衡问题。华盛顿正准备重点探讨与中国相关的问题。

中国在 2025 年的贸易顺差接近1.2 万亿美元，贝森特认为这种水平长期不可持续。他希望其他 G20 经济体重新评估与中国的贸易条件，并对北京施加压力，促使其更多支持国内消费、减少对出口的依赖。

这也揭示了美国战略中的一个悖论：华盛顿一方面倡导放松管制、消除投资障碍和推动经济增长；另一方面却将关税视为对抗国家补贴、产能过剩和贸易失衡的合法手段。这种组合能否长期促进增长，抑或反而推高成本并限制全球贸易，仍是主要开放问题之一。

北京方面驳回了美国的论点。中国外交部发言人郭嘉昆于 8 月 31 日表示，中国“无意追求贸易顺差”，反对单边关税和贸易战，主张通过基于平等、相互尊重和共同利益的磋商解决贸易争端。

俄罗斯回归成为谈判最大的政治象征

Russian Finance Minister Anton Siluanov's arrival gave the meeting a distinctly political dimension. This marks his first personal participation in such G20 talks since the start of the war in Ukraine in 2022.

Siluanov also held separate bilateral meetings with Scott Bessent. The Russian Ministry of Finance stated that both ministers discussed Russia-US cooperation in finance and functioning within the G20 framework. Conversely, the American representative noted that President Donald Trump's peace plan for Ukraine was also on the agenda.

Reuters subsequently reported, citing an anonymous source familiar with the proceedings, that Bessent informed Siluanov that as long as the war continues, Russia cannot expect economic relief or agreements in other areas. The US Treasury Department did not publicly elaborate further on this specific statement.

The mere fact that American hosts allowed a Russian minister to return to the negotiating table and for Bessent to hold separate talks with him represents a significant shift compared to 2022. Back then, representatives from the USA, UK, Canada, and European Central Banks demonstrably left during the Russian delegate's speech.

Germany and Poland protest; Siluanov disappears from group photo

The return of Russia was criticized primarily by German Finance Minister Lars Klingbeil. He argued that creating an impression of returning to normal relations with Moscow is impossible while war continues. Polish Finance Minister Andrzej Domański stated he respects the hosts' right to determine participants but emphasized Poland's deep distrust towards Russia.

European representatives also rejected the creation of a traditional "family photo" if Siluanov were included. The resulting group photo was therefore produced without the Russian minister. Simultaneously, Klingbeil admitted that maintaining a channel for direct dialogue with Moscow could be significant.

Iran and energy return to center of economic policy

The talks took place during ongoing war with Iran affecting global energy markets again. Brent crude prices hovered above $90 per barrel on Tuesday, while uncertainty around the Strait of Hormuz creates pressure on inflation, interest rates, and state budgets.

Bessent is simultaneously seeking support from other countries for further economic isolation of Tehran. Washington is preparing new secondary sanctions and does not rule out actions against financial institutions facilitating trade with Iran. China, the largest buyer of Iranian oil, has long rejected US unilateral sanctions.

The current energy crisis also strengthens the American argument that affordable, accessible, reliable energy is not merely an issue of energy policy but a fundamental condition for industrial growth and further development of artificial intelligence.

G20 seeks new economic model

Asheville is thus not just another finance ministers' meeting. Under US chairmanship here collide different visions of how the global economy should look in coming years.

Washington advocates an economy based on higher productivity, greater private investment, technological development, accessible energy, and lighter regulatory burden. Simultaneously it wants to correct imbalances through trade barriers that according to its view are created mainly by China's economic model.

French Finance Minister Roland Lescure meanwhile pointed out responsibility does not lie solely with China. He believes the world needs a more balanced economy and both China, US, and Europe have their "homework" to do.

The second and final day of talks in Asheville is currently underway; no final results or joint communique have been released yet. What's certain already is that this year's American chairmanship moves G20 significantly towards issues of growth, geopolitical trade, energy, technology, and economic security.

俄罗斯重返谈判桌也表明，随着经济议程的推进，决定世界经济未来的外交版图也开始发生变化。

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