At the G20 finance ministers and central bank governors meeting in Asheville on
Aug. 31–Sep. 1, PBOC'S PAN warned trade friction and rising protectionism are
weighing on the global economy by disrupting supply chains, lifting inflation
and unsettled market expectations. He urged defenders of multilateralism to use
the G20 platform to strengthen macro policy coordination and jointly address
global risks. On sovereign debt, Pan said resolution should adhere to
“collective action, fair burden‑sharing” and called on the G20 to lead
enforcement of “comparable treatment” under a common framework. He reiterated
that economic growth is the essential route to restoring debt sustainability in
developing countries. Pan blamed rising protectionism, expanded national
security concerns and policy unpredictability for worsening global imbalances,
and urged structural reforms: deficit countries should cut fiscal deficits and
raise national savings, surplus countries should modestly boost consumption and
investment, and all countries should set and stick to medium‑to‑long‑term policy
commitments to avoid policy reversals.
