People’s Bank of China governor meets World Bank president to deepen practical financial cooperation

The People’s Bank of China published a readout of Governor Pan Gongsheng’s meeting with World Bank President Ajay Banga on the sidelines of the International Monetary Fund and World Bank Spring Meetings, where the two sides exchanged views on cooperation between the central bank and the World Bank. Pan pointed to rising instability and uncertainty in the global economy, arguing that unilateralism and protectionism are undermining the international trade and economic order and weighing on global growth. He also outlined China’s current macro policy stance, citing a moderately loose monetary policy and a more proactive fiscal policy, and said the economy has maintained a recovery trend. The readout stated that the People’s Bank of China is willing to further deepen practical financial cooperation with the World Bank and support multilateralism to promote global economic development.