People's Bank of China (PBOC) Governor Pan Gongsheng said China has never deliberately pursued a trade surplus and remains committed to expanding domestic demand and high-level opening-up. Speaking at the second 2026 G20 Finance Ministers and Central Bank Governors Meeting in Asheville, United States, held from August 31 to September 1, Pan attributed worsening global imbalances partly to trade protectionism, broad national-security claims and unpredictable policies. He called for deficit countries to reduce fiscal deficits and raise domestic savings, while surplus countries increase consumption and investment, supported by medium- and long-term policy commitments. Pan said China’s economy remains generally stable and improving, with structural optimization, high-quality development and stable financial markets. He outlined four growth directions for the 15th Five-Year Plan period, including growth-model transformation, a more market-oriented and law-based business environment, and more inclusive growth; the official press release did not separately elaborate the second item. Pan also backed joint action and fair burden-sharing on sovereign debt, urged implementation of comparable treatment under the Common Framework, and said growth is central to restoring developing-country debt sustainability. He said China’s managed floating exchange-rate regime would continue to rely on market-based rate formation while resisting herd behavior and irrational expectations, and that the PBOC would maintain an appropriately accommodative monetary policy. Reuters reported that G20 participants other than China agreed nations should eliminate non-market policies that exacerbate imbalances, as China’s trade surplus reached about $1.2 trillion in 2025.