Gongsheng Pan: China's Economy Started Well in Q1, and the Financial System Remained Stable

On April 24, 2025, Eastern Time, Pan Gongsheng, Governor of the People's Bank of China, attended the series of meetings of the International Monetary Fund and the World Bank Spring Meetings.

Pan Gongsheng stated that the Chinese economy had a good start in Q1, with the financial system remaining stable, the financial market demonstrating strong resilience, and operating smoothly.

Pan Gongsheng noted that the Chinese economy had a good start in Q1, continuing its rebound and positive momentum, with continuous release of innovation momentum, expanding domestic demand, further enhancement of market vitality and confidence, and steady and rapid economic growth, with GDP YoY growth rate reaching 5.4%. Despite facing global uncertainties and external shocks, China's financial system remained stable, and the financial market demonstrated strong resilience, operating smoothly.

Pan Gongsheng stated that China is willing to further deepen cooperation with the International Monetary Fund and support it in better playing its core role as a global financial safety net.

Pan Gongsheng emphasized that the international financial architecture and governance system established after World War II have played a significant role in promoting global economic prosperity and maintaining global financial stability, and they need to be reformed and improved to keep pace with the times. However, any attempts to weaken or even subvert the existing system would be destructive. China is willing to further deepen cooperation with the International Monetary Fund and support it in better playing its core role as a global financial safety net.