The People's Bank of China reported on Deputy Governor Xuan Changneng’s participation in the first 2025 G20 Finance Ministers and Central Bank Governors meeting in Cape Town, which set the year’s work agenda across the global economic outlook, international financial architecture, financial sector reform and sustainable finance. Participants assessed global growth as resilient but subject to downside risks and uncertainty linked to geopolitical tensions, economic fragmentation and trade protectionism, and agreed to continue strengthening macroeconomic policy coordination. The meeting reaffirmed support for a strong, quota-based and adequately resourced International Monetary Fund as the core of the global financial safety net, and welcomed the IMF Executive Board’s plan to agree by June 2025 an overall approach to adjusting quota shares, including developing a new quota formula under the 17th General Review of Quotas. Sustainable finance priorities included improving the global sustainable finance architecture and scaling up climate adaptation finance. Xuan highlighted progress in China’s financial reforms and cross-border payments work and, as co-chair of the G20 Sustainable Finance Working Group, committed to advancing the group’s 2025 programme; he also held bilateral meetings with central bank and economic-finance counterparts from Brazil, Argentina, Australia, the United Kingdom and the European Commission.

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