BEIJING: China war­ned a G20 meeting that world economic growth was “insufficient” as tariff and trade wars exacerbated economic and financial instability and sapped growth momentum, its finance ministry and central bank said.

Speaking at the group’s meeting in Washington, Finance Minister Lan Foan called on all parties to strengthen multilateral cooperation, saying that China supported dialogue and consultation “on equal footing” to settle trade and tariff disputes.

Meanwhile, People’s Bank of China Governor Pan Gongsheng said that economic fragmentation and trade tensions had disrupted supply chains, weakening the momentum of global economic growth, the central bank said in a separate readout on Friday.

Pan also told the meeting, which took place on Wednesday and Thurs­d­­ay, that the world’s major economies should stren­gthen their participation in international macroeconomic and financial policy coordination.

Other participants at the finance ministers and central bank governors meeting also flagged the significant increase in risks to global growth from trade tensions, tighter financing conditions and long-term structural challenges, according to the PBOC statement.

Published in Dawn, April 26th, 2025