The fourth G20 Finance Ministers and Central Bank Governors Meeting was held in Washington D.C. on October 15 and 16. The meeting focused on issues including global macroeconomy and financial stability, international financial architecture, financial sector and impediments to development and growth in Africa. Governor Pan Gongsheng and Deputy Governor Xuan Changneng attended the meeting.

Ministers and Governors stressed that while the global economy has shown resilience, uncertainty and complex challenges remain, including trade tensions and geopolitical risks. G20 Members recognised the need to raise long-term growth potential by pursuing growth-oriented macroeconomic policies. Members further emphasised the importance of strengthening multilateral cooperation to address risks to the global economy, and reiterated their commitment to resisting protectionism. Members reiterated their commitment to a strong, quota-based, and adequately resourced IMF at the centre of the Global Financial Safety Net (GFSN). Members are working to secure domestic approvals for the quota increase agreed at the 16th General Review of Quotas (GRQ). To build consensus on future governance reforms, most members call on developing, by the 2026 Spring Meetings, a set of principles to guide future discussions on IMF quotas and governance.

In his remarks, Governor Pan Gongsheng stressed that prolonged trade policy uncertainty and geopolitical tension continue to disrupt supply chains. Rising fiscal vulnerabilities, amplified by financial fragilities, could trigger market disruptions. President Xi proposed the Global Governance Initiative last month, and multilateralism remains the only viable path to safeguard macro-stability and promote sustainable growth. At this juncture, it is crucial for G20 to reaffirm its commitment to collaboration and to strengthening global governance. Meanwhile，G20 should continue advancing the Fund’s quota reform. Concrete actions are needed under the 17th GRQ to achieve a meaningful quota share realignment. He noted that China’s economy remains resilient and financial markets operates smoothly. Looking ahead, the People’s Bank of China will implement an appropriately accommodative monetary policy to support the high-quality development of the economy.