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US tariffs severely undermine rules-based multilateral governance system: China central bank governor

Global Times

By Global Times Published: Apr 26, 2025 12:26 PM

The US' recent arbitrary imposition of tariffs has seriously infringed upon the legitimate rights and interests of other countries and severely undermined the rules-based multilateral governance system, said Pan Gongsheng, Governor of the People's Bank of China, the central bank, during his speech at the 51st meeting of the International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF), according to a statement published on the central bank's website on Saturday.

The meeting was held on Thursday and Friday in Washington, DC, where participants discussed global economic and financial conditions as well as the IMF's ongoing work.

During the speech, Pan noted that the current momentum for global economic growth remains weak, with significant downside risks. He said the US' recent tariff measures have dealt a serious blow to the global economic order, jeopardizing the long-term stability and growth of the world economy and triggering sharp fluctuations in global financial markets, particularly in advanced economies.

The Chinese central bank governor said these tariff actions threaten global financial stability and pose major challenges for emerging market economies and developing countries.

He stressed the urgent need for countries to enhance coordination on macroeconomic policies, support the multilateral trading system, and steer globalization toward a more open, inclusive, beneficial, and balanced direction in order to jointly promote global economic and financial stability.

China remains committed to true multilateralism, advocates for economic globalization and trade liberalization, firmly supports and defends the World Trade Organization, actively participates in global economic governance, and is dedicated to building an open world economy, Pan reiterated, noting that China is also willing to further deepen cooperation with the IMF and support the organization in safeguarding global economic and financial stability.

Participants at the meeting acknowledged that the world economy is at a critical turning point. They noted that rising trade tensions have heightened uncertainty and market volatility, posing risks to economic growth and financial stability.

The meeting reaffirmed support for a strong, quota-based, and adequately resourced IMF at the core of the global financial safety net. It called on countries to swiftly complete the domestic approval processes required for the 16th General Review of Quotas. The meeting also emphasized that quota adjustments should better reflect members' relative positions in the global economy while protecting the voice of the poorest countries.