"We note that global imbalances have persisted, creating risks to growth and stability. We recognize that global rebalancing is in our common interest and agree to strengthen communication and cooperation in this regard." Interestingly, this meeting was held in Hong Kong and chaired by China's Finance Minister. So they were involved in crafting this language. Now there is probably a big difference between how the U.S. and Chinese interpret what caused the imbalances and how to solve them, and this has been a topic at IMF and G20 meetings for a long time. But what is newer is a more direct connection of industrial overcapacity and big surpluses to national security and redistribution of supply chains. It is more evidence of a shift in the international debate toward the structure of global trade itself. https://www.apec.org/meeting-papers/sectoral-ministerial-meetings/finance/2026-apec-finance-ministers'-meeting