The Zhitong Finance App learned that on October 15, 2026, the Group of Twenty (G20) held the third G20 finance ministers and central bank governors meeting this year in Bangkok, Thailand. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered a speech. Pan Gongsheng said that the high-quality development of China's economy continues to improve, the financial market is running smoothly, and the fundamentals and supporting conditions for long-term economic growth have not changed. The People's Bank of China will continue to implement a moderately loose monetary policy to create a favorable monetary and financial environment for the steady growth of the Chinese economy and the smooth operation of the financial market.
The original text is as follows:
People's Bank of China Governor Pan Gongsheng attended the G20 Finance Ministers and Central Bank Governors Meeting
On October 15, 2026, the Group of Twenty (G20) held the third G20 finance ministers and central bank governors meeting this year in Bangkok, Thailand. The conference discussed topics such as the global economic situation and prospects, and financial sector reform. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered a speech. Xuan Changneng, Deputy Governor of the People's Bank of China, attended the meeting.
The participants believed that the world economy remains resilient in general, but it still faces multiple risks and challenges. Trade frictions and protectionism drag down the global economy through factors such as influencing supply chains, boosting inflation, and disrupting market expectations. The financial sector is an important foundation for achieving effective allocation of resources and steady economic growth. All parties support improving the financial supervision framework and maintaining financial stability. All parties called on the G20 to strengthen policy coordination to promote global economic growth.
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. With regard to global imbalances, all parties should have a more comprehensive analytical perspective. 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.
Pan Gongsheng said that the high-quality development of China's economy continues to improve, the financial market is running smoothly, and the fundamentals and supporting conditions for long-term economic growth have not changed. The People's Bank of China will continue to implement a moderately loose monetary policy to create a favorable monetary and financial environment for the steady growth of the Chinese economy and the smooth operation of the financial market.
This article was edited by “Central Bank”, Zhitong Finance Editor: Li Fu.