US Treasury Secretary Bessent Says Debt Can Only Be Absorbed Through Growth

U.S. Treasury Secretary Bessent said on Tuesday, September 1, at a press conference after the G20 finance ministers and central bank governors meeting in Asheville, North Carolina, that the world has been flooded with debt after the global financial crisis and the pandemic, and that the only way out is to restore growth. According to Sina Finance, the U.S. Treasury released the G20 chair statement that night, adding growth, the private sector, sovereign debt, digital assets, financial literacy, and transit through the Strait of Hormuz to the text. Bessent said 19 members approved the statement, while China was the only country to oppose it. He also said the statement addressed growth barriers, artificial intelligence, financial literacy, sovereign debt restructuring predictability, stablecoins, cross-border payments, and energy trade disruptions.