China's central bank governor, Pan Gongsheng, stated that the country does not deliberately pursue trade surpluses and advocates for domestic demand expansion and opening up. He blamed rising trade protectionism for worsening global economic imbalances at a G20 meeting.
The statements come as global economic imbalances and trade protectionism are key concerns for international financial leaders, potentially impacting global trade relations and economic growth.
Pan Gongsheng, Governor of the People's Bank of China, stated at the G20 Finance and Central Bank Governors Meeting that China does not deliberately pursue trade surpluses. He advocated for expanding domestic demand and increasing openness, rejecting criticisms regarding global trade imbalances. This stance was taken amidst discussions where China reportedly blocked a G20 communique due to disagreements over trade surplus issues, resulting in a chair's statement instead. China's trade surplus reportedly reached $1.2 trillion in 2025. During the meeting, Pan Gongsheng also held bilateral talks with various international financial leaders, including the heads of the IMF, U.S. Treasury, Federal Reserve, and ECB. He also blamed rising trade protectionism and the broadening of national security concerns for worsening global economic imbalances.