The People's Bank of China (PBOC) confirmed on September 2 that at the G20 Finance Ministers and Central Bank Governors meeting held in Asheville, USA, on August 31-September 1, Governor Pan Gongsheng outlined the institution's ongoing efforts to advance the transformation of its monetary policy framework. He emphasized plans to refine the interest rate mechanism while continuing to implement a moderately accommodative monetary policy stance, aiming to foster a conducive monetary and financial environment for steady economic growth and stable financial market operations in China.

During his address, Governor Pan noted that the Chinese economy is demonstrating overall stability with positive momentum, marked by continuous structural improvements and steady progress in high-quality development. He reiterated that financial markets remain stable, and the fundamental conditions supporting long-term economic growth remain unchanged. Pan underscored that the Chinese government is persisting with efforts to upgrade and transform the economic structure, positioning this as a strategic priority in the upcoming 15th Five-Year Plan.

Pan emphasized that China does not deliberately pursue trade surpluses. Rather, the country is committed to expanding domestic demand and maintaining a high level of opening-up, leveraging its large market to provide new opportunities for all parties and contribute to a new dynamic balance in the global economy.

Participants at the meeting acknowledged that the global economy faces multiple risks and challenges yet retains its resilience. To achieve stable and predictable economic growth, countries were urged to strengthen policy coordination and reduce uncertainties faced by market entities. Attendees expressed support for enhanced experience-sharing through G20 finance channels to tackle obstacles to economic growth. There was also a collective call for strengthened G20 cooperation to assist developing countries in resolving debt issues, alongside a call for surplus and deficit countries to work together to alleviate global imbalances.

Governor Pan pointed out that trade friction and protectionism are weighing on the global economy through their impact on supply chains, inflationary pressures, and market expectations. He called on all parties to firmly uphold multilateralism, make full use of the G20 financial cooperation platform, and strengthen macroeconomic policy coordination to jointly address global risks and challenges. Regarding sovereign debt resolution, he stressed adherence to the principle of "collective action with fair burden-sharing." The G20 should play a leading role in ensuring all parties effectively implement the comparability of treatment principle under the common framework.

Pan further emphasized that economic growth is the fundamental path to resolving debt problems and restoring debt sustainability in developing countries. He noted that rising trade protectionism, the generalization of national security concerns, and unpredictable policy environments have been major contributing factors to the worsening global imbalances in recent years. Addressing these imbalances requires all countries to advance structural reforms, with deficit countries reducing fiscal deficits and increasing national savings rates, while surplus countries appropriately boost consumption and investment growth.

Concluding his remarks, Pan stressed the importance of multilateralism and enhanced international cooperation in resolving global imbalances. He advocated focusing on medium-term commitments, stating that all countries should formulate medium- and long-term policy plans, make clear commitments, and implement them firmly to avoid policy reversals that could undermine confidence and stability.