Pan Gongsheng: Firmly implement the global governance initiative and continue to promote global financial governance reform and improvement.

Zhou Xiaochuan, the Governor of the People's Bank of China, stated in an article published in "Seeking Truth" entitled "Firmly Implementing Global Governance Initiatives, Continuously Promoting Global Financial Governance Reform and Improvement" that looking ahead, it is crucial to establish a diverse and efficient global financial safety net with a strong International Monetary Fund (IMF) at its core in order to prevent and resolve international economic and financial crises. He emphasized that maintaining the consistency and authority of global financial regulatory rules is essential for all countries and international organizations to continue to adhere to and strive towards. He also pointed out that the current shareholding proportions of the IMF do not accurately reflect the relative positions of member countries in the global economy. Therefore, it is key to adjust the shareholding proportions as soon as possible in order to enhance the governance, legitimacy, and representativeness of the IMF. In addition to improving governance structures, major international financial organizations should further strengthen their economic and financial supervisory functions, objectively assess global and national risks, actively guide countries to firmly support economic globalization and the multilateral trading system. They should also enhance policy guidance for each country, strengthen macroeconomic policy coordination, and maintain the stability of the international financial system. Zhou emphasized that the People's Bank of China will be a firm practitioner of global governance initiatives, adhering to the path of reform and opening up, multilateralism, and actively playing a leading role as a major country in conducting global financial governance and cooperation. They will continue to build a more fair, just, inclusive, and resilient global financial governance system, contributing to the improvement of global governance.