On a high-stakes visit to Washington, China’s central bank governor Pan Gongsheng emphasized the importance of international cooperation and trust in preserving global economic stability. Speaking at a Group of 20 (G20) meeting on April 23, Pan warned against allowing the world economy to fall into a state of “high friction, low trust,” and reiterated China’s strong opposition to unilateral tariffs.
“All parties should strengthen cooperation and make efforts to prevent the global economy from sliding into a track of ‘high friction, low trust,’” Pan said, as quoted by China Central Television.
Pan’s comments come amid a week of key meetings involving the International Monetary Fund (IMF), the World Bank, and finance leaders from G20 nations. This marks the first time senior Chinese economic officials have been in Washington since U.S. President Donald Trump sharply increased tariffs on Chinese goods earlier this month—actions that rattled markets and heightened geopolitical uncertainty.
Although the meetings present a potential venue for U.S.-China dialogue, no bilateral talks have been publicly confirmed. President Trump, however, appeared to soften his rhetoric midweek, telling reporters that “everything’s active” regarding engagement with China and that the country was “going to do fine” once negotiations resumed.
Despite the more conciliatory tone, the atmosphere remains tense. China has been measured in its response, labeling the latest round of tariffs “meaningless” and cautioning other nations against cutting trade deals with the U.S. that could undermine Beijing’s economic interests. The Chinese government has consistently framed its stance as one in favor of multilateralism and open trade.
“There are no winners in trade wars,” Pan emphasized, pledging that China would continue to welcome foreign engagement and uphold the principles of free trade and the multilateral trading system.
With global economic growth facing headwinds from geopolitical uncertainty, protectionist policies, and monetary tightening cycles, Pan’s call for trust and collaboration underscores the increasingly fragile state of international economic relations. Whether the week’s meetings in Washington lead to substantive breakthroughs remains uncertain—but the signals from both sides suggest that a window for de-escalation may still be open.