From October 20-22, by the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference will return once again. Nobel Prize and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professors who "rescue" people from anxiety and involution—Macfarlane and Xiang Biao—will hold a live dialogue!
Limited spots available, first come first served. Let us journey together toward the sustainable covenant! [Click to register] On October 15, the Group of Twenty (G20) held its third G20 Finance Ministers and Central Bank Governors Meeting of the year in Bangkok, Thailand. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered remarks.
Pan Gongsheng stated that China's high-quality economic development continues to show a positive trend, the financial market is operating smoothly, and the fundamentals and supporting conditions for long-term positive economic growth have not changed. The People's Bank of China will continue to implement a well-calibrated moderately loose monetary policy to create a favorable monetary and financial environment for China's stable economic growth and the smooth operation of its financial markets.
Pan Gongsheng pointed out that intensifying geopolitical conflicts remain the greatest uncertainty for the global economy. Sharp fluctuations in some countries' government bond markets and rising correction risks in artificial intelligence-related asset valuations have aggravated financial fragility. Modernizing financial regulation does not mean loosening regulation, and it should not undermine the stability of the financial system or its capacity to resist risks. All parties should make full use of the G20 finance and financial cooperation platform, strengthen macroeconomic policy coordination, and work together to address global risks and challenges.
Regarding global imbalances, all parties should adopt a more comprehensive analytical perspective. It is not enough to look only at current accounts; attention should also be paid to financial channels. In particular, as global financial integration deepens, greater importance should be attached to the impact of financial factors such as capital flows on imbalances. Global imbalances cannot be adjusted relying on exchange rates alone. Exchange rates are affected by multiple factors, including economic growth, monetary policy, financial markets, geopolitics, and sudden risk events, and do not have a simple linear relationship with current accounts. Deficit countries and surplus countries should work together to achieve dynamic equilibrium in the global economy.
Participants at the meeting agreed that the world economy has generally remained resilient but still faces multiple risks and challenges. Trade frictions and protectionism weigh on the global economy by affecting supply chains, pushing up inflation, and disrupting market expectations. The financial sector is an important foundation for achieving efficient resource allocation and steady economic growth, and all parties support improving the financial regulatory framework and safeguarding financial stability. All parties called on the G20 to strengthen policy coordination and promote global economic growth.
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