Pan Gongsheng urges multilateralism at G20 meeting
People's Bank of China Governor Pan Gongsheng attended the first G20 Finance Ministers and Central Bank Governors Meeting in Washington, D.C., advocating for stronger macroeconomic policy coordination. He called for a holistic view on global imbalances and a firm commitment to multilateralism.
Global shocks and calls for coordination
Participants at the G20 meeting voiced deep concerns over the Middle East situation's impact on global economic growth, anticipating persistent energy price increases, supply chain disruptions, and elevated inflation expectations.
Many countries also face structural impediments, including inadequate investment, labor challenges, and excessive business burdens.
Governor Pan Gongsheng highlighted accelerating "great changes unseen in a century" and severe shocks from geopolitical conflicts to global supply systems.
He urged all nations to firmly support multilateralism, fully leverage the G20 Finance Track, and strengthen macroeconomic policy coordination to address these global challenges collectively.
Pan emphasized a holistic and dynamic approach to global imbalances, attributing their widening to rising protectionism, trade fragmentation, and inherent flaws in the international monetary system.
He called for deficit and surplus economies to collaborate on rebalancing the global economy and to avoid the negative side effects of unilateral policies.
China's stable trajectory and policy focus
Governor Pan affirmed China's stable and sound economic development, citing structural optimization and high-quality progress.
He noted stable financial markets and unchanged long-term growth conditions.
For the 15th Five-Year Plan, China will prioritize domestic demand, boosting consumption and developing the service sector.
Investment in physical assets and human capital will integrate to enhance productivity.
China also aims for accelerated green transition, sustainable growth, and high-standard opening up.
The PBOC will implement a moderately accommodative monetary policy, supporting Chinese modernization and contributing to global economic growth.
A familiar call, a nuanced message
Pan's speech reiterates common G20 themes of multilateralism, but his critique of protectionism and the international monetary system adds a sharper edge.
Domestically, China's 'moderately accommodative' policy signals continuity, yet the focus on domestic demand and green transition highlights evolving priorities.
The address thus balances global cooperation calls with a clear articulation of China's strategic economic direction.