Pan Gongsheng: China has never deliberately pursued a trade surplus and will continue to implement appropriate easing of monetary policy.

On September 2, the second meeting of central bank governors of the Group of Twenty (G20) for this year was held in Asheville, USA, from August 31 to September 1, 2026. The meeting discussed topics such as the global economic situation and outlook, promoting economic growth, global imbalances, and sovereign debt in developing countries. The Governor of the Peoples Bank of China, Pan Gongsheng, attended the meeting and delivered a speech. Participants at the meeting recognized that while the global economic growth faces multiple risks and challenges, it still maintains resilience. To achieve a stable and predictable economic growth environment, countries should strengthen policy coordination and reduce uncertainties faced by market participants. There was support for G20 financial channels to enhance mutual learning and address barriers to economic growth. The participants called for strengthened cooperation within the G20 to assist developing countries in solving their debt issues and for surplus and deficit countries to work together to alleviate global imbalances. Pan Gongsheng pointed out that trade friction and protectionism have hindered global economic growth by affecting supply chains, raising inflation, and disrupting market expectations. All parties should firmly uphold multilateralism, make full use of the G20 financial cooperation platform, strengthen coordination of macroeconomic policies, and work together to address global risks and challenges. The resolution of sovereign debt issues should adhere to the principles of "joint action and equitable burden." The G20 should play a leading role in ensuring effective implementation of the "comparable treatment" principle within a common framework. Economic growth is fundamentally the way to resolve the debt issues of developing countries and restore debt sustainability. Globally, rising trade protectionism, the broadening of national security issues, and unpredictable policy environments have significantly exacerbated global imbalances in recent years. To address global imbalances, countries need to promote their structural reforms. Deficit countries should reduce fiscal deficits and increase domestic savings, while surplus countries should moderately enhance consumption and investment growth. Additionally, multilateralism must be upheld, and international cooperation strengthened. Addressing global imbalances should focus on medium-term commitments. All countries should formulate medium- to long-term policy plans, make clear commitments, and steadfastly implement them, avoiding back-and-forth changes. Pan Gongsheng stated that Chinas economy is generally operating smoothly and positively, with continued structural optimization and ongoing progress in high-quality development. The financial market operates steadily, and the fundamental conditions and supporting factors for long-term economic improvement remain unchanged. The Chinese government remains committed to and continually promotes the transformation and upgrading of the economic structure, prioritizing this as a strategic focus of the 14th Five-Year Plan. China does not deliberately pursue a trade surplus, insists on expanding domestic demand, and maintains a high level of openness, providing new opportunities for all parties through its large market and contributing to a new round of dynamic balance in the global economy. The Peoples Bank of China will continue to advance the transformation of the monetary policy framework, improve the interest rate system, and continue to implement a moderately accommodative monetary policy, creating a favorable monetary and financial environment for stable economic growth and the smooth operation of financial markets in China. This article is compiled from the official website of the Peoples Bank of China, edited by GMTEight: Feng Qiuyi.