China Says It Never Deliberately Pursues Trade Surplus, Urges Structural Reforms

China's central bank governor has told the G20 that Beijing never deliberately seeks a trade surplus, pushing back against criticism of its record export performance.

In remarks delivered at the G20 Finance Ministers and Central Bank Governors meeting in the United States, People's Bank of China (PBOC) Governor Pan Gongsheng said the country remains committed to expanding domestic demand and maintaining a high level of openness to the world.

The two-day meeting concluded on Tuesday. A statement from the G20 chair noted that participants, with the exception of China, agreed on the need to eliminate "non-market policies" that worsen global imbalances.

Pan argued that all countries require structural reforms to address trade imbalances. He said deficit nations should cut fiscal deficits and raise domestic savings, while surplus economies should boost consumption and investment.

He attributed the recent worsening of global economic imbalances to rising trade protectionism, the generalisation of national security issues, and unpredictable policy decisions. Pan added that such frictions disrupt supply chains, fuel inflation, and unsettle market expectations, dragging down the global economy.

The remarks come as China reported a record trade surplus of nearly $1.2 trillion in 2025, a figure that has unnerved trading partners and intensified calls for protective measures against Chinese imports.