Chinese central bank governor addresses global trade imbalances at G20

China's central bank governor Pan Gongsheng defended his country's trade record at a G20 meeting in North Carolina on August 31 and September 1, 2026. Pan said China does not deliberately try to run trade surpluses. He blamed growing trade imbalances on rising protectionism and the expansion of national security rules in trade policy. Pan called on countries with deficits to save more and cut government spending. He said surplus countries should spend and invest more at home. However, other G20 members disagreed. A chair's statement said all participants except China agreed that non-market policies worsen imbalances and should be removed. Deputy Governor Xuan Changneng also attended the meeting.