Pan Gongsheng urges IMF reform, China's economy shows resilience
People's Bank of China Governor Pan Gongsheng called for true multilateralism and IMF governance reform at the 53rd IMFC meeting. He also detailed China's stable economic performance and proactive policy stance.
Multilateralism against rising protectionism
Pan Gongsheng highlighted grave global challenges including rising unilateralism, protectionism, trade restrictions, climate change, energy shocks, and geopolitical conflicts.
He emphasized that all countries must practice true multilateralism, safeguard free trade, and build an open world economy.
China supports the International Monetary Fund (IMF) in playing an active role in global economic and financial stability.
The Governor stressed the urgency of strengthening the Global Financial Safety Net (GFSN) and advancing IMF quota and governance reforms to enhance legitimacy and representation, particularly for emerging markets.
China welcomes the Diriyah Guiding Principles and urges early implementation of the 16th General Review of Quotas (GRQ) increase, while also accelerating the 17th GRQ for meaningful quota share realignment.
He also called for enhanced IMF surveillance, especially on fiscal risks of major advanced economies, and objective assessment of global imbalances beyond just current accounts.
China's economy demonstrates resilience
China's economy maintained stable performance with strong resilience, achieving 5 percent GDP growth in 2025 and 5 percent year-on-year in Q1 2026.
Retail sales increased by 2.4 percent and fixed asset investment by 1.7 percent in Q1. March saw CPI at 1.0 percent and PPI at 0.5 percent, with PMIs returning to expansion.
Financial stability remains robust: commercial banks' capital adequacy ratio stood at 15.5 percent and non-performing loan ratio at 1.5 percent by end-2025, both exceeding regulatory standards.
Efforts to resolve local government financing vehicle (LGFV) debt risks have seen significant progress, with debt scale declining over 70 percent since early 2023.
Balancing growth with stability
China's accommodative monetary policy and proactive fiscal stance reflect a strategic balance for growth and stability.
The detailed policy toolkit aims to stimulate domestic demand while managing financial risks effectively.
This comprehensive approach seeks resilient development under the 15th Five-Year Plan, navigating global uncertainties through expanded opening-up.