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Beijing, 24 April 2025 – People’s Bank of China (PBOC) Vice Governor Pan Gongsheng has said that rising trade friction between countries poses a serious threat to the credibility of the global economic system. Speaking at an international economic forum, Pan stressed that protectionist measures and trade barriers could undermine the stability and cooperation needed to rebuild the global economy after the recent turmoil.
“Trade frictions not only impede economic growth, but also weaken mutual trust, which is the foundation of international trade and investment,” Pan said. He called on countries to increase dialogue and coordination to resolve disputes and maintain an open trading system.
These statements came amid growing tensions between China and a number of countries, including the US and the EU, over tariffs, market access and technological restrictions. Pan emphasised that China will remain committed to globalisation while protecting its economic interests.
Experts note that the rise in protectionism could have far-reaching consequences, including slower GDP growth, disruption of supply chains, and higher prices for consumers. According to analysts, the NBK’s comments reflect Beijing’s concerns about the potential escalation of trade wars that could complicate China’s economic recovery.
The PBOC also reaffirmed its commitment to maintaining the stability of the renminbi and taking measures to stimulate domestic demand to mitigate external economic risks. Pan expressed hope that the international community could find common ground to avoid further escalation.
Source: Bloomberg
