At G20 in Washington, top Chinese officials slam trade war as talks remain elusive

China’s central bank governor and finance minister – its top financial and economic officials – have condemned the trade war at a Group of 20 ministers meeting in Washington, concluding the tour without official bilateral dialogue with their US counterparts.

“There are no winners in trade wars or tariff wars, and major economies should enhance their participation in international macroeconomic and financial policy coordination,” Pan Gongsheng, governor of the People’s Bank of China, said in an official statement on Friday following this week’s meeting.

As economic fragmentation and persistent trade tensions continue to disrupt industrial and supply chains while dampening global growth momentum, concrete action must be taken to advance international cooperation and safeguard global economic and financial stability, Pan said.

While noting how China’s economy got the year off to a strong start – with gross domestic product growth up 5.4 per cent in the first quarter – Pan said it was maintaining an upwards recovery trend, with financial markets operating smoothly.

And he reiterated that China would implement a moderately loose monetary policy to support growth.

Lan Foan, China’s finance minister, said during the same meeting that tariff wars and trade wars were further undermining economic and financial stability, as the current global economic growth already lacks momentum.