The second meeting of finance ministers and central bank governors of the Group of Twenty (G20) in 2026 took place in Asheville, United States, from August 31 to September 1. The discussions centered on the global economic outlook, measures to foster growth, worldwide imbalances, and sovereign debt issues affecting developing nations. Pan Gongsheng, the Governor of the People's Bank of China (PBOC), attended and addressed the gathering.

Participants at the meeting acknowledged that the global economy remains resilient yet confronts multiple risk challenges. To secure a stable and predictable growth environment, nations were urged to enhance policy coordination and diminish uncertainties for market participants. There was broad support for G20 financial channels to intensify the sharing of experiences and tackle obstacles to economic expansion. The group also called for reinforced collaboration to assist developing countries in resolving their debt challenges, with a plea for both surplus and deficit nations to cooperate in easing global imbalances.

Governor Pan highlighted that trade friction and protectionism burden the global economy by disrupting supply chains, fueling inflationary pressures, and unsettling market expectations. He advocated for a firm commitment to multilateralism, urging parties to fully utilize the G20's financial cooperation platform and strengthen macroeconomic policy synergy to jointly confront global risks. On sovereign debt resolution, he stressed the need to adhere to the principles of "collective action" and "fair burden-sharing." The G20 should lead efforts to ensure effective implementation of the "comparable treatment" principle under the Common Framework. He also underscored that economic growth is the fundamental solution to addressing debt problems and restoring debt sustainability for developing nations.

Internationally, he pointed to rising protectionism, the over-politicization of national security issues, and unpredictable policy environments as key factors exacerbating global imbalances in recent years. Addressing these imbalances requires nations to pursue their own structural reforms. Deficit countries should aim to lower fiscal deficits and boost domestic savings, while surplus countries are encouraged to moderately increase consumption and investment. Concurrently, maintaining multilateralism and fostering international cooperation is vital. Solutions to global imbalances should focus on medium-term commitments, with each country developing clear, medium-to-long-term policy plans, making explicit promises, and executing them resolutely to avoid erratic policy shifts.

Governor Pan further stated that China's economy is performing steadily with an improving outlook, characterized by ongoing structural optimization and fresh progress in high-quality development. Notably, its financial markets remain stable, and the long-term positive fundamentals and supporting conditions for the economy are unchanged. The Chinese government is committed to persistently advancing the transformation and upgrading of its economic structure, treating this as a strategic priority in its 15th Five-Year Plan. China does not deliberately pursue trade surpluses; instead, it insists on expanding domestic demand and maintaining a high level of opening-up. By offering new opportunities through its vast market, China aims to contribute to a new round of dynamic global economic equilibrium.

The People's Bank of China will continue to advance the transformation of its monetary policy framework, refine its interest rate system, and implement a moderately accommodative monetary policy. This approach is designed to foster a favorable monetary and financial environment for the stable growth of China's economy and the smooth operation of its financial markets.