China never deliberately pursues trade surplus, central bank governor says

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 US 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 US$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.

Reuters

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