Pan Gongsheng warns protectionism drags on global economy

People's Bank of China Governor Pan Gongsheng told the 54th International Monetary and Financial Committee meeting in Bangkok that trade friction and protectionism are dragging on the global economy through supply chains, inflation and market expectations, and urged countries to back the multilateral trading system and resist protectionist measures in all forms.

Why it matters: China's central bank chief used the IMF's steering committee to press two demands bond and currency markets track: faster IMF quota reform that raises China's share, and closer IMF scrutiny of fiscal risks in the major developed economies and their spillovers.

Data as of People's Bank of China statement on the October 16 to 17, 2026 IMFC meeting in Bangkok, published October 17, 2026 and read in full in Chinese, translated here. Single primary source, the central bank's own account of its governor's remarks, hence grade C.

Pan Gongsheng told the International Monetary and Financial Committee in Bangkok on October 16 to 17 that trade friction and protectionism drag on global growth by disrupting supply chains, pushing up inflation and unsettling market expectations, and that countries should strengthen policy coordination, firmly support the multilateral trading system and resist protectionist measures in all forms, the People’s Bank of China said. He urged members that have not completed domestic approval of the 16th general review of quotas to do so quickly, and called for the 17th review to agree a new quota formula on a clear timetable so that quota shares shift in a meaningful way.

Pan also asked the IMF to strengthen its surveillance of fiscal risks in the major developed economies and their spillovers, and to give financial factors such as capital flows more weight in its analysis of global imbalances.

Pan Gongsheng warns protectionism drags on global economy

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