PBOC chief states: U.S. tariffs endanger developing nations
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Pan Gongsheng, the governor of the People's Bank of China, participated in the 51st Meeting of the International Monetary and Financial Committee held in Washington, D.C., where he delivered important remarks.
Pan highlighted that the global economic growth momentum is currently weak and faces significant downside risks. He criticized the recent use of tariffs by the United States, stating that it has greatly violated the legitimate rights and interests of other nations, seriously undermined the multilateral governance system based on rules, disrupted the global economic order, and adversely affected the long-term stability and growth potential of the global economy.
He pointed out that this situation has led to sharp fluctuations in global financial markets, particularly affecting advanced economies. This has threatened global financial stability and posed severe challenges for emerging market economies and developing countries.
He emphasized the urgent need for countries to enhance macroeconomic policy coordination, support the multilateral trading system, and promote economic globalization in a more open, inclusive, universally beneficial, and balanced manner. The goal, he articulated, should be to jointly safeguard global economic and financial stability.
Pan affirmed that China upholds true multilateralism, positioning itself as an advocate for economic globalization and free trade, along with being a defender and supporter of the World Trade Organization. He mentioned that China is actively involved in global economic governance and committed to fostering the development of an open world economy. He expressed China's willingness to deepen cooperation with the IMF and support its enhanced role in maintaining global economic and financial stability.
Moreover, Pan underscored the urgent need to advance IMF quota reforms, describing adjustments in quota shares as vital for IMF governance reform. He argued that these changes are essential for enhancing the institution's legitimacy, effectiveness, and representativeness.
As a quota-based institution, Pan explained that realigning quota shares remains the most critical aspect of governance reform within the IMF. This realignment should be expedited to reflect the relative weights of its members in the global economy, especially to amplify the voice and representation of emerging markets and developing countries.
He called on all member states to promptly complete their domestic procedures to ensure the quota increases promised in the 16th General Review of Quotas. At the same time, the IMF must accelerate preparations for the 17th General Review of Quotas, including discussions on a new quota formula, to retain its credibility and achieve a significant realignment of quota shares as swiftly as possible.
The meeting, which took place from Thursday to Friday, addressed various topics concerning the global economic and financial landscape, along with ongoing work by the IMF.
Chinese Finance Minister Lan Fo'an also attended the World Bank's 111th Development Committee meeting in Washington, D.C., where he advocated for continued global cooperation to enhance stability and shared prosperity.
Lan pointed out that current protectionist trade policies could pose significant risks to global poverty reduction and development efforts. He urged international organizations like the World Bank to endorse principles such as non-discrimination and free trade, advocating for a collaborative and open international environment.
He noted that China has been both a beneficiary and a contributor to global economic integration, maintaining a contribution of around 30 percent to global economic growth in recent years.
In response to the current complex external environment, Lan declared that China would implement more proactive and effective macroeconomic policies to meet its annual growth targets, continuing to provide stability and momentum to the global economy.
Stressing adherence to its fundamental national policy of reform and opening-up, Lan stated that China has granted zero-tariff treatment to products from all least-developed countries with which it maintains diplomatic relations. He added that China is keen to further open its markets for mutual benefit and win-win outcomes.
Aarav Patel for TROIB News
Pan highlighted that the global economic growth momentum is currently weak and faces significant downside risks. He criticized the recent use of tariffs by the United States, stating that it has greatly violated the legitimate rights and interests of other nations, seriously undermined the multilateral governance system based on rules, disrupted the global economic order, and adversely affected the long-term stability and growth potential of the global economy.
He pointed out that this situation has led to sharp fluctuations in global financial markets, particularly affecting advanced economies. This has threatened global financial stability and posed severe challenges for emerging market economies and developing countries.
He emphasized the urgent need for countries to enhance macroeconomic policy coordination, support the multilateral trading system, and promote economic globalization in a more open, inclusive, universally beneficial, and balanced manner. The goal, he articulated, should be to jointly safeguard global economic and financial stability.
Pan affirmed that China upholds true multilateralism, positioning itself as an advocate for economic globalization and free trade, along with being a defender and supporter of the World Trade Organization. He mentioned that China is actively involved in global economic governance and committed to fostering the development of an open world economy. He expressed China's willingness to deepen cooperation with the IMF and support its enhanced role in maintaining global economic and financial stability.
Moreover, Pan underscored the urgent need to advance IMF quota reforms, describing adjustments in quota shares as vital for IMF governance reform. He argued that these changes are essential for enhancing the institution's legitimacy, effectiveness, and representativeness.
As a quota-based institution, Pan explained that realigning quota shares remains the most critical aspect of governance reform within the IMF. This realignment should be expedited to reflect the relative weights of its members in the global economy, especially to amplify the voice and representation of emerging markets and developing countries.
He called on all member states to promptly complete their domestic procedures to ensure the quota increases promised in the 16th General Review of Quotas. At the same time, the IMF must accelerate preparations for the 17th General Review of Quotas, including discussions on a new quota formula, to retain its credibility and achieve a significant realignment of quota shares as swiftly as possible.
The meeting, which took place from Thursday to Friday, addressed various topics concerning the global economic and financial landscape, along with ongoing work by the IMF.
Chinese Finance Minister Lan Fo'an also attended the World Bank's 111th Development Committee meeting in Washington, D.C., where he advocated for continued global cooperation to enhance stability and shared prosperity.
Lan pointed out that current protectionist trade policies could pose significant risks to global poverty reduction and development efforts. He urged international organizations like the World Bank to endorse principles such as non-discrimination and free trade, advocating for a collaborative and open international environment.
He noted that China has been both a beneficiary and a contributor to global economic integration, maintaining a contribution of around 30 percent to global economic growth in recent years.
In response to the current complex external environment, Lan declared that China would implement more proactive and effective macroeconomic policies to meet its annual growth targets, continuing to provide stability and momentum to the global economy.
Stressing adherence to its fundamental national policy of reform and opening-up, Lan stated that China has granted zero-tariff treatment to products from all least-developed countries with which it maintains diplomatic relations. He added that China is keen to further open its markets for mutual benefit and win-win outcomes.
Aarav Patel for TROIB News
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