BEIJING, Sept 2 (Reuters) – China never deliberately pursues a trade surplus and insists on expanding domestic demand and maintaining a high level of opening up to the world, its central bank governor told the G20 Finance Ministers and Central Bank Governors meeting, according to a statement from the bank on Wednesday.
• The two-day G20 meeting in the U.S. concluded on Tuesday.
• A G20 chair’s statement said the participants, except China’s, agreed that countries should eliminate “non-market policies” that exacerbate imbalances.
• China reported a record trade surplus of nearly $1.2 trillion in 2025, unnerving trading partners and prompting calls for stronger measures to shield domestic industries from surging Chinese imports.
• The statement from China’s central bank quoted its governor, Pan Gongsheng, as saying that all countries need structural reforms to address global trade imbalances.
• Pan said that deficit countries should cut fiscal deficits and boost domestic saving rates while surplus countries should promote consumption and investment growth.
• He attributed rising trade protectionism, generalisation of national security issues and unpredictable policy as key drivers behind worsening global economic imbalance in recent years, the central bank’s statement said.
• Trade frictions and protectionism have dragged down the global economy by affecting supply chains, driving up inflation and disrupting market expectations, Pan added.
(Reporting by Ellen Zhang, Shi Bu and Liz LeeEditing by David Goodman)
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