China has urged members of the Group of Twenty (G20) to reinforce their commitment to free trade and economic globalization that benefits all nations inclusively. Speaking at the group’s second meeting of finance ministers and central bank governors this year, held in Asheville, North Carolina, Vice-Minister of Finance Liao Min emphasized the necessity of stronger macroeconomic policy coordination to foster global growth amid rising protectionism and geopolitical tensions.
China’s Ministry of Finance underscored the importance of maintaining an open and predictable policy environment conducive to international trade and capital flows. The call reflects China’s ongoing dedication to multilateral cooperation and supporting sustained global economic recovery, especially at a time when global growth faces uncertainty.
Experts associated with Chinese institutions reiterated these themes. Tu Xinquan, dean of the China Institute for WTO Studies, warned that intensifying trade protectionism and attempts by some Western countries to realign global supply chains on ideological grounds could increase costs and undermine efficiency, which is vital for growth. He argued that economic efficiency should guide supply chain evolution, not ideological considerations.
Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, highlighted the role of enhanced policy coordination among major economies in reducing risks stemming from unilateralism, protectionism, and geopolitical friction. Liao Min also stressed the need for a balanced and objective assessment of global economic imbalances and identified development as a core solution to the debt problems faced by developing countries.
Pan Gongsheng, governor of the People’s Bank of China, pointed to growing protectionism, the overextension of national security concerns, and unpredictable policies as key drivers behind worsening global imbalances. He advocated for structural reforms within countries: deficit economies are urged to curb fiscal deficits and increase domestic savings, while surplus economies should encourage greater consumption and investment growth.
China’s economy is undergoing structural reforms aimed at fostering new growth drivers and strengthening resilience to shocks. According to data from the National Bureau of Statistics, China’s gross domestic product expanded by 4.7 percent year-on-year in the first half of 2023, with over 40 percent of growth attributed to emerging sectors. Liao Min highlighted priorities for China’s forthcoming 15th Five-Year Plan (2026–2030), which include expanding domestic demand, investing in human capital, promoting innovation-driven development, and creating a supportive environment for businesses of all ownership types.
Jiang Ying, chair of Deloitte China, noted that predictability and stability offered by the Chinese market are critical advantages amid global uncertainty.
On the diplomatic front, Foreign Ministry spokesman Guo Jiakun reiterated at a Beijing news briefing that the G20, as the premier international economic forum, should address global economic challenges with fairness, objectivity, and consensus. China urged the United States, which holds this year’s G20 presidency and is set to host the upcoming summit in Miami, to respect the legitimate concerns of all member states and pursue constructive outcomes.
Guo acknowledged differences at the recent ministerial meeting and regretted the absence of a communique. He affirmed China’s readiness to cooperate with the US and other members to strengthen G20 coordination on macroeconomic policies, improve global economic governance, and support economic growth.