Pan warns of trade risks and maintains accommodative monetary policy
People's Bank of China Governor Pan Gongsheng urged G20 members to counter trade protectionism and coordinate macroeconomic policy during the G20 meeting in Asheville. Pan confirmed that China will continue implementing a moderately accommodative monetary policy to support economic growth.
Multilateral push against fragmented trade
Speaking at the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, United States, Pan highlighted that trade frictions and rising protectionism disrupt supply chains, elevate inflation, and weaken market expectations.
Pan called on G20 members to uphold multilateralism and avoid overstretching national security concepts.
On sovereign debt in developing countries, he insisted on the principle of “joint action and fair burden sharing,” urging effective enforcement of comparable treatment under the G20 Common Framework.
Pan stated that sustainable economic growth remains the primary solution to debt distress, while addressing global imbalances demands fiscal discipline and higher savings from deficit nations alongside increased consumption in surplus economies.
Domestic demand over export surplus
Pan addressed China's macroeconomic trajectory, stating that structural upgrading under the 15th Five-Year Plan remains a priority and rejecting claims that the country deliberately pursues trade surpluses.
He reiterated China's commitment to boosting domestic demand and high-standard market opening.
For monetary policy, the PBOC will continue reforming its policy framework and interest rate transmission while maintaining a moderately accommodative stance to safeguard financial stability.
Defensive stance in polarized talks
Pan balances domestic monetary easing with a pushback against Western trade restrictions.
Shifting the blame for global imbalances onto deficit nations defends Beijing's export model.
Without tangible steps to boost Chinese consumption, these appeals will not ease trade tensions.