On October 16, 2026, while attending the annual meeting of the International Monetary Fund/World Bank, Pan Gongsheng should have met with European Commission Economic and Productivity Commissioner Dombrowskis, European Central Bank President Lagarde, and Eurogroup Chairman Piera Kakis to exchange views on topics such as macroeconomic and financial policies between China and Europe and monetary and financial cooperation between China and Europe. Pan Gongsheng said that global economic imbalances are closely related to the evolution of the global division of labor patterns, inherent contradictions in the international monetary system, and long-term high fiscal deficits and high consumption in some countries. 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. China is a responsible power. In recent years, it has been committed to expanding domestic demand and actively promoting a transformation in the mode of economic growth. China will firmly implement the strategic direction and key initiatives set out in the “Fifteenth Five-Year Plan”, closely integrate investment with goods and investment in people, vigorously promote the development of the service industry, and continue to push forward structural reforms, thus pushing the macroeconomy to achieve a new internal and external balance at a higher level.
Zhitongcaijing · 2d ago
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On October 16, 2026, while attending the annual meeting of the International Monetary Fund/World Bank, Pan Gongsheng should have met with European Commission Economic and Productivity Commissioner Dombrowskis, European Central Bank President Lagarde, and Eurogroup Chairman Piera Kakis to exchange views on topics such as macroeconomic and financial policies between China and Europe and monetary and financial cooperation between China and Europe. Pan Gongsheng said that global economic imbalances are closely related to the evolution of the global division of labor patterns, inherent contradictions in the international monetary system, and long-term high fiscal deficits and high consumption in some countries. 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. China is a responsible power. In recent years, it has been committed to expanding domestic demand and actively promoting a transformation in the mode of economic growth. China will firmly implement the strategic direction and key initiatives set out in the “Fifteenth Five-Year Plan”, closely integrate investment with goods and investment in people, vigorously promote the development of the service industry, and continue to push forward structural reforms, thus pushing the macroeconomy to achieve a new internal and external balance at a higher level.
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