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

On April 16, the G20 held its first meeting of finance ministers and central bank governors of the year in Washington, USA. The meeting discussed global economic situation and outlook, addressing obstacles to economic growth, global imbalances, and other issues. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered a speech, while Deputy Governor of the People's Bank of China, Pan Changsheng, also participated. Attendees expressed deep concerns about the impact of the Middle East situation on global economic growth, believing that continued conflicts would drive up energy prices, disrupt supply chains, and raise inflation expectations. They acknowledged that many countries are currently facing structural problems such as inadequate investment, labor shortages, and burdensome business costs. Participants supported strengthening experience sharing through the G20 Finance and Central Banks channels, in order to identify and address obstacles to economic growth. Pan Gongsheng pointed out that the current century is witnessing accelerated changes, with geopolitical conflicts posing severe challenges to the global supply system. Countries should firmly support multilateralism, fully leverage the G20 Finance and Central Banks channels, enhance macroeconomic policy coordination, and collectively address global challenges. It is essential to adopt a comprehensive and dynamic perspective in addressing global imbalances. The recent exacerbation of economic imbalances is not only caused by the rise of protectionism leading to fragmented global trade, but also closely related to inherent flaws in the international monetary system. Deficit and surplus countries need to work together to achieve global economic rebalancing and avoid spillover effects from unilateral policies. Pan Gongsheng highlighted that the Chinese economy is stable and improving, with optimized structure and new achievements in high-quality development. The financial market operates smoothly, and the supportive conditions and underlying trend for long-term economic development remain unchanged. During the 14th Five-Year Plan period, China will prioritize domestic demand, implement policies to boost consumption, vigorously develop the service industry, integrate investment in material goods and human capital to promote productivity growth, accelerate green transformation and sustainable development, steadfastly advance high-level opening up, and drive high-quality development. The People's Bank of China will implement an appropriately accommodative monetary policy to support China's modernization with high-quality financial services and contribute to global economic growth.