Pan Gongsheng: Global Economic Imbalances Are Related to Inherent Defects of International Monetary System Dominated by Single Currency | China Development Forum

[Caixin] “The improvement of China’s industrial international competitiveness first benefits from over 40 years of China’s reform and opening-up.” Pan Gongsheng, Governor of the People’s Bank of China, 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, making them important topics at this year’s G20.

“Regarding the sources of China’s industrial international competitiveness, some international perceptions still believe it is because the Chinese government provides unreasonable industrial subsidies,” he explained. The enhancement of China’s industrial international competitiveness primarily 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.”