Pan Gongsheng: Global economic imbalances are related to the inherent flaws of a single currency-dominated international monetary system

Caixin: “The improvement of China’s industrial international competitiveness first benefits from over 40 years of reform and opening up.” People’s Bank of China Governor Pan Gongsheng pointed out at the “2026 China Development High-Level Forum” that China will accelerate becoming a core global demand market based on its status as a major manufacturing country.

In his keynote speech titled “High-Quality Development in China and Global Economic Rebalancing,” Pan Gongsheng first analyzed that currently, geopolitical conflicts and trade disputes are frequent, and discussions about global economic imbalance and rebalancing have increased significantly. These issues have also become important topics at this year’s G20.

“Regarding the source of China’s industrial international competitiveness, some international perceptions still believe it is because the Chinese government provides unreasonable industrial subsidies,” he said. He analyzed that the enhancement of China’s industrial competitiveness first benefits from over 40 years of reform and opening up. “In opening up to the outside world, we learn from our international partners, including the excellent international companies present here today. We learn through competition, and grow through learning.”