China does not deliberately seek a trade surplus and will continue expanding domestic demand and maintaining a high level of openness, central bank Governor Pan Gongsheng told the G20 Finance Ministers and Central Bank Governors meeting. His comments followed China’s record trade surplus of nearly $1.2 trillion in 2025, which has unsettled trading partners and prompted calls for stronger protection against rising Chinese imports. Pan said deficit economies should reduce fiscal deficits and raise domestic saving rates, while surplus economies should encourage consumption and investment. He also called for structural reforms across countries to address global trade imbalances, attributing their deterioration to protectionism, the broader use of national-security arguments and unpredictable policy. The two-day G20 meeting in the U.S. ended Tuesday. The G20 chair’s statement said participants, except China’s, agreed that countries should eliminate "non-market policies" that worsen imbalances.