On October 16-17, 2025, the International Monetary and Financial Committee (IMFC) convened its 52nd meeting in Washington, D.C., and discussed issues regarding the global economic and financial landscape and the work of the International Monetary Fund (IMF). Pan Gongsheng, the Governor of PBOC, attended the meeting and delivered remarks. Deputy Governor Xuan Changneng also attended the meeting.
The meeting was of the view that the global economy is undergoing a profound transformation, bringing uncertainty and challenges, but also opportunities. The participants reaffirmed their commitment to a strong, quota-based, and adequately resourced IMF at the center of the Global Financial Safety Net. They recognize that realignment in quota shares should aim at better reflecting member’s relative positions in the world economy, while protecting the quota shares of the poorest members. In this regard, the related parties are aiming at developing principles to guide future discussions on IMF quota and governance.
Governor Pan stressed that, trade frictions and geopolitical uncertainties have weighed on world economic growth, weakening its overall momentum. The fiscal sustainability of advanced economies and its spillover effects are raising concerns, and may lead to increased volatility in financial markets. Emerging market and developing economies (EMDEs) are facing grave challenges. Against this backdrop, countries should strengthen macroeconomic coordination and cooperation, firmly uphold multilateralism, and advocate an open and rules-based multilateral trading system, to bring more stability and certainty to the world economy. China stands ready to further deepen its cooperation with the IMF, and supports it in playing a more prominent role in safeguarding global economic and financial stability.
Governor Pan stressed that with the IMF at the center of the GFSN, advancing the quota reform remains critical to enhancing the IMF’s legitimacy, effectiveness, and representativeness. The IMF should advance the timely implementation of the quota increase under the 16th General Review of Quotas (GRQ) without further delay. In the meantime, it should speed up preparations for the 17th GRQ, and realize a meaningful quota share realignment as early as possible to uphold its credibility.
Governor Pan pointed out that, the shifting global economic landscape requires the IMF to further strengthen its economic surveillance and step up global macroeconomic policy coordination. Tariff policy uncertainties have heightened the risks to global economy and financial markets. Therefore, the IMF should objectively assess the related risks, and provide more targeted policy recommendations tailored to country-specific circumstances. It should also actively guide and encourage countries to firmly support economic globalization and the multilateral trading system, and safeguard the stability of the international financial system. Besides, the IMF should follow more closely the fiscal risks of major advanced economies and their spillover effects, and enhance the robustness and resilience of the global financial system.
