Pan Gongsheng, Governor of the People's Bank of China, Attends the G20 Finance Ministers and Central Bank Governors Meeting

The fourth G20 Finance Ministers and Central Bank Governors Meeting of 2025 was held in Washington, D.C., the United States, from October 15 to 16. The meeting addressed such topics as the global economic outlook, the improvement of the international financial architecture, financial sector reform, and responses to Africa's development and growth challenges. Pan Gongsheng, Governor of the People's Bank of China, attended and delivered remarks at the meeting, while Xuan Changneng, Deputy Governor of the People's Bank of China, was also present.

Participants at the meeting noted that the global economy has demonstrated strong resilience, yet downside risks persist, with multiple challenges including strained trade conditions and geopolitical risks. All parties called for the implementation of growth - oriented macroeconomic policies to enhance long - term growth potential. They expressed support for strengthening multilateral cooperation to tackle global economic risks, endorsed the multilateral trading system with the World Trade Organization (WTO) as its core, and reaffirmed their commitment to rejecting protectionism. Additionally, all participants reaffirmed their support for a strong, quota - based, and adequately resourced International Monetary Fund (IMF) as the linchpin of the global financial safety net. They urged all countries to complete domestic approval procedures for quota increases under the 16th General Review of Quotas at an early date and formulate principles for the IMF's quota and governance reform by April 2026.

Pan Gongsheng emphasized that lingering uncertainties in trade policies and escalating geopolitical tensions have continuously disrupted industrial and supply chains. The combination of fiscal and financial vulnerabilities may trigger market volatility. General Secretary Xi Jinping put forward the Global Governance Initiative (GGI) in September this year, and multilateralism remains the only way to maintain macroeconomic stability and promote sustainable growth. He stressed that G20 members should further strengthen cooperation to continuously improve global governance, and advance the IMF quota reform to achieve meaningful quota adjustments under the 17th General Review of Quotas. Pan noted that the Chinese economy has maintained a positive momentum of transition and upgrading, with its financial markets operating steadily. The People's Bank of China will effectively implement a moderately accommodative monetary policy to drive the high - quality development of the Chinese economy.