The Governor of the People's Bank of China, Pan Gongsheng, emphasized that economic fragmentation and ongoing trade tensions continue to disrupt the Industry Chain and supply chains. Major economies should strengthen participation in international macroeconomic and financial policy coordination to maintain Global economic and financial stability. Currently, China’s economy has a good start, continuing to rise positively, and the financial market is running smoothly. The People's Bank of China will implement a moderately loose MMF policy to promote high-quality economic development in China.
According to a news report from the Financial Association on April 25, the G20 will hold its second finance ministers and central bank governors' meeting this year on April 23-24, 2025, in Washington, USA. The agenda includes discussions on the Global economic outlook, improving the international financial framework, and addressing development and growth challenges in Africa. Pan Gongsheng, the Governor of the People's Bank of China, attended the meeting and spoke, and the Deputy Governor of the People’s Bank of China, Xuan Changneng, also participated in the meeting.
Participants indicated that the Global economy continues to recover, but the downward risks have significantly increased, with trade tensions, tightening financing conditions, and long-term structural challenges intertwining. Concerns were raised about the negative impact of escalating trade frictions, calling for enhanced dialogue and policy coordination, improving the multilateral trading system, and seeking solutions in line with the interests of all parties. There is support for building a more stable, efficient, and resilient international financial architecture, strengthening the financing capacity of multilateral development banks, and continuing to provide development financing.
Pan Gongsheng stressed that economic fragmentation and ongoing trade tensions continue to disrupt the Industry Chain supply chain and weaken the momentum of Global economic growth. There are no winners in trade wars or tariff wars; major economies should strengthen their participation in the coordination of international macroeconomic and financial policies, take substantive actions to promote international cooperation, and maintain Global economic and financial stability. Currently, China's economy is off to a good start, continuing a trend of recovery, and the financial market operates smoothly. The People's Bank of China will implement a moderately loose MMF policy to promote the high-quality development of China's economy.
