China does not seek trade surplus: central bank governor

China has never deliberately pursued a trade surplus and will continue expanding domestic demand and high-standard opening-up to contribute to a new dynamic balance in the global economy, central bank governor Pan Gongsheng said.

Pan made the remarks at the second meeting of G20 Finance Ministers and Central Bank Governors of the year, held in Asheville, the United States, from Aug 31 to Sept 1, according to a statement released by the People's Bank of China on Wednesday.

Pan said rising trade protectionism, the broadening of national security concerns and an unpredictable policy environment have been important factors behind worsening global imbalances in recent years.

Addressing such imbalances requires countries to advance their own structural reforms, he said. Deficit economies should reduce fiscal deficits and raise domestic savings rates, while surplus economies should appropriately promote consumption and investment growth.

At the same time, countries should uphold multilateralism and strengthen international cooperation, Pan said.

Efforts to address global imbalances should focus on medium-term commitments, he said, calling on all countries to formulate clear medium- and long-term policy plans, follow through resolutely and avoid repeated policy reversals.

The Chinese government remains committed to transforming and upgrading its economic structure and will make this a strategic priority during the 15th Five-Year Plan period (2026-30), Pan said, adding that China will leverage its vast market to create new opportunities for all parties.

The PBOC will continue to transform its monetary policy framework, improve the interest-rate system and implement a moderately accommodative monetary policy to support stable economic growth and the smooth functioning of financial markets, he added.