Pan Gongsheng: China never deliberately pursues trade surpluses and continues to implement a moderately loose monetary policy

The Zhitong Finance App learned that on September 2, from August 31 to September 1, 2026, the Group of Twenty (G20) held the second meeting of finance ministers and central bank governors this year in Asheville, USA. The conference discussed topics such as the global economic situation and prospects, promoting economic growth, global imbalances, and the sovereign debt of developing countries. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered a speech. Pan Gongsheng said that China's economy is generally running smoothly and improving, the structure continues to be optimized, new progress has been made in high-quality development, the financial market is running smoothly, and the fundamentals and supporting conditions for long-term economic growth have not changed. The Chinese Government insists on and continues to promote the transformation and upgrading of the economic structure, and has made this a strategic priority of the “15th Five-Year Plan.” China has never deliberately pursued a trade surplus, insisted on expanding domestic demand, adhering to a high level of opening-up to the outside world, providing new opportunities for all parties with China's large market, and contributing to a new round of global economic dynamics. The People's Bank of China will continue to promote the transformation of the monetary policy framework, improve the interest rate system, continue to implement a moderately loose monetary policy, and create a favorable monetary and financial environment for the steady growth of the Chinese economy and the smooth operation of the financial market.

The original text is as follows:

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

From August 31 to September 1, 2026, the Group of Twenty (G20) held the second meeting of finance ministers and central bank governors this year in Asheville, USA. The conference discussed topics such as the global economic situation and prospects, promoting economic growth, global imbalances, and the sovereign debt of developing countries. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered a speech.

Participants believed that global economic growth faced multiple risks and challenges but remained resilient. To achieve a stable and predictable economic growth environment, countries should strengthen policy coordination to reduce the uncertainty faced by market players. All parties support G20 financial channels to strengthen mutual learning from experience and deal with obstacles to economic growth. All parties called on the G20 to strengthen cooperation to support developing countries in resolving their debt problems, and called on surplus countries and deficit countries to work together to ease global imbalances.

Pan Gongsheng pointed out that trade frictions and protectionism are dragging down the global economy through factors such as influencing supply chains, boosting inflation, and disrupting market expectations. All parties should firmly uphold multilateralism, make full use of the G20 financial cooperation platform, strengthen macroeconomic policy coordination, and work together to address global risks and challenges. Resolving sovereign debt issues should adhere to the principle of “common action, fair burden”. The G20 should play a leading role to ensure that all parties effectively implement the principle of “comparable treatment” under a common framework. Economic growth is a fundamental solution to developing countries' debt problems and restoring debt sustainability. Internationally, rising trade protectionism, generalized national security issues, and an unpredictable policy environment are important reasons why global imbalances have worsened in recent years. Addressing global imbalances requires countries to push for their own structural reforms. Deficit countries cut their fiscal deficits and raise their savings rates, while surplus countries moderately boost consumption and investment growth. At the same time, we must adhere to multilateralism and strengthen international cooperation. Addressing global imbalances should focus on medium-term commitments. All countries should formulate medium- to long-term policies and plans, make clear commitments and firmly implement them, and avoid “flipping pancakes” back and forth.

Pan Gongsheng said that China's economy is generally running smoothly and improving, the structure continues to be optimized, new progress has been made in high-quality development, the financial market is running smoothly, and the fundamentals and supporting conditions for long-term economic growth have not changed. The Chinese Government insists on and continues to promote the transformation and upgrading of the economic structure, and has made this a strategic priority of the “15th Five-Year Plan.” China has never deliberately pursued a trade surplus, insisted on expanding domestic demand, adhering to a high level of opening-up to the outside world, providing new opportunities for all parties with China's large market, and contributing to a new round of global economic dynamics. The People's Bank of China will continue to promote the transformation of the monetary policy framework, improve the interest rate system, continue to implement a moderately loose monetary policy, and create a favorable monetary and financial environment for the steady growth of the Chinese economy and the smooth operation of the financial market.

This article was selected from the official website of the “People's Bank of China”, Zhitong Finance Editor: Feng Qiuyi.