Pan Gongsheng: Recently, the United States has been indiscriminately imposing tariffs, seriously infringing on the legitimate rights and interests of various countries, and seriously harming the rules-based multilateral governance system.

Pan Gongsheng, Governor of the People's Bank of China, attended the 51st meeting of the International Monetary and Financial Committee. Pan Gongsheng pointed out that the current global economic growth momentum is weak, with prominent downside risks. The recent rampant imposition of tariffs by the United States seriously infringes on the legitimate rights and interests of various countries, seriously damages the rule-based multilateral governance system, severely impacts the global economic order, and undermines long-term stable growth of the global economy; it also triggers violent fluctuations in global financial markets, especially affecting developed economies. This poses a threat to global financial stability and poses a serious challenge to emerging market economies and developing countries. Pan Gongsheng emphasized that countries urgently need to strengthen macroeconomic policy coordination, support the multilateral trading system, promote economic globalization towards more open, inclusive, beneficial, and balanced direction, and jointly promote global economic and financial stability. China adheres to true multilateralism, is an advocate of economic globalization and trade liberalization, a staunch defender and supporter of the World Trade Organization, actively participates in global economic governance, and is committed to building an open world economy. China is willing to further deepen cooperation with the IMF, support the IMF in playing a greater role in maintaining global economic and financial stability. Pan Gongsheng pointed out that as the core of the global financial safety net, the IMF continues to push for quota reforms to enhance the legitimacy, effectiveness, and representativeness of the IMF. Quotas are the foundation of the IMF, and quota adjustments are the most important part of governance reform. Quota adjustments should be made as soon as possible to reflect the relative position of member countries in the global economy and increase the representation of emerging markets and developing countries. China calls on all parties to complete internal procedures as soon as possible, promote the effective increase of quotas committed in the 16th General Review, and accelerate preparations for the 17th General Review, including discussions on the new quota formula, to maintain the credibility of the IMF and achieve meaningful quota adjustments soon.