Pan Gongsheng pointed out that the intensification of geopolitical conflicts is still the greatest uncertainty in the global economy. Large fluctuations in the treasury bond market in some countries and the risk of asset valuation correction related to artificial intelligence have increased financial vulnerability. Promoting the modernization of financial supervision is not tantamount to easing supervision; it should not damage the stability of the financial system and the level of risk resistance. All parties should make full use of the G20 financial cooperation platform, strengthen macroeconomic policy coordination, and work together to address global risks and challenges. All parties should have a more comprehensive analytical perspective on global imbalances. We should not only look at current accounts, but also pay attention to financial channels. In particular, as global financial integration deepens, more attention should be paid to the impact of financial factors such as capital flows on imbalances. Global imbalances cannot be adjusted by exchange rates. The exchange rate is affected by various factors such as economic growth, monetary policy, financial markets, geopolitics, and sudden risk events, and there is no simple linear relationship with the current account. Deficit countries and surplus countries should work together to achieve a dynamic balance in the global economy. Earth

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