China's finance minister, central bank governor stress multilateralism, global coordination at G20 meeting

Chinese Finance Minister Lan Fo'an and Central Bank Governor Pan Gongsheng emphasized China's support for multilateralism and coordinated global action to address various challenges while delivering their speeches at a G20 meeting which was held in Washington D.C. from Wednesday to Thursday.

Hosted by G20 Chair South Africa, the second G20 Finance Ministers and Central Bank Governors Meeting of the year focused on the global macroeconomic situation, financial stability, the international financial architecture and the promotion of growth and development in Africa.

Lan pointed out in his speech that world economic growth was insufficient as tariff and trade wars exacerbated economic and financial instability and sapped growth momentum.

He stressed that China firmly upholds the multilateral trading system with the WTO at its center, supports dialogue and consultation "on equal footing" to settle trade and tariff disputes, and will firmly safeguard its legitimate rights and interests.

Lan noted that all parties should work to further improve the international economic and financial system through strengthened multilateral cooperation.

He called for efforts to actively promote the reform of multilateral development banks, advance the equity review of the International Bank for Reconstruction and Development, improve the implementation of the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative, and encourage international financial institutions and the private sector to provide more support for vulnerable countries facing debt and liquidity challenges.

Pan warned in his speech that economic fragmentation and trade tensions are disrupting global industrial and supply chains, undermining the momentum of global economic growth.

He emphasized that trade wars and tariff wars have no winners, and urged major economies to strengthen international macroeconomic and financial policy coordination, take substantive actions to promote cooperation, and safeguard global economic and financial stability.

Pan also highlighted China's solid economic start in 2025 marked by a steady recovery and stable financial market. He added that the central bank will implement an appropriately accommodative monetary policy to support the high-quality development of the Chinese economy.

China's finance minister, central bank governor stress multilateralism, global coordination at G20 meeting

China's finance minister, central bank governor stress multilateralism, global coordination at G20 meeting

China's finance minister, central bank governor stress multilateralism, global coordination at G20 meeting

Chinese Premier Li Qiang on Thursday presided over a State Council executive meeting that studied work on building a unified national market and reviewed and approved a plan for the development of a modern emergency response system during the 15th Five-Year Plan period (2026-2030).

Noting that building a unified national market is essential to advancing high-quality development, the meeting called for deepening institutional frameworks in areas such as property rights protection, market access, fair competition, social credit and market exit mechanisms.

The meeting also urged efforts to advance high-standard connectivity of market infrastructure to facilitate smooth economic circulation and effectively reduce logistics costs across society.

Emergency management is critical to protecting people's lives and property, the meeting said. It called for accelerating the development of a modern emergency response system, deepening reform and innovation in emergency management, and improving coordinated response mechanisms.

Efforts should be made to strengthen risk prevention at the source, enhance monitoring, forecasting and early warning, and accelerate a shift in governance toward proactive prevention, according to the meeting.

A draft revision of the Law on the People's Bank of China was also discussed and approved in principle at the meeting, which decided to submit the draft to the Standing Committee of the National People's Congress for deliberation.

Chinese premier chairs State Council executive meeting