PBOC Governor Pan Gongsheng Calls for Multilateral Coordination at G20 Finance Meeting

China's central bank governor Pan Gongsheng attended and spoke at the Group of 20 finance ministers and central bank governors meeting in Asheville, the U.S., on August 31-September 1, according to Jiemian News. Pan said trade frictions and protectionism are weighing on the global economy by disrupting supply chains, lifting inflation and unsettling market expectations. He urged countries to uphold multilateralism, make full use of the G20 financial cooperation platform, strengthen macroeconomic policy coordination and work together to address global risks. Pan said sovereign debt resolution should follow the principles of common action and fair burden-sharing, and that the G20 should help ensure effective implementation of the comparability of treatment principle under a common framework. He also said economic growth is the fundamental way to ease debt problems in developing countries and restore debt sustainability. On global imbalances, Pan said rising trade protectionism, the overuse of national security concerns and unpredictable policy environments have worsened imbalances in recent years, and called on surplus countries to boost consumption and investment while deficit countries cut fiscal deficits and raise domestic savings. He said countries should set medium- and long-term policy plans and stick to them.