Lan Foan: The tariff war and trade war further affect economic and financial stability.

From April 23 to 24, 2025, the G20 presidency held by South Africa will hold the second G20 finance ministers and central bank governors meeting this year in Washington, USA. Finance Minister Lan Foan attended and spoke at the meeting, accompanied by Deputy Minister Liao Min. Lan Foan stated that the current world economic growth momentum is insufficient, and the tariff war and trade war further affect economic and financial stability. China is firmly committed to safeguarding the multilateral trading system with the World Trade Organization at its core, advocating for resolving trade and tariff disputes through equal dialogue and consultations, while also firmly protecting its legitimate rights and interests. All parties should further improve the international economic and financial system through strengthened multilateral cooperation, actively promote the reform of multilateral development banks, effectively advance the equity review of the International Bank for Reconstruction and Development, pragmatically improve the implementation of the 'Common Framework for Debt Treatment Beyond the DSSI,' and encourage international financial institutions and the private sector to provide more support for vulnerable countries in coping with debt and liquidity challenges. All parties should gather more resources for African development, enhance the capacity of African institutions, and take the opportunity of digital and green transformation to inject new momentum into Africa's economic growth. Lan Foan also highlighted the stable and improving trend of the Chinese economy, its policy orientation, and important measures China supports for African development. (Ministry of Finance website)