The third G20 Finance Ministers and Central Bank Governors Meeting under South Africa’s Presidency was held in Durban on July 17th and 18th, 2025. The meeting discussed key issues including the global economic outlook, international financial architecture, sustainable finance, financial sector reform, and financial inclusion. Deputy Governor Tao Ling attended the meeting and made remarks on behalf of the People’s Bank of China (PBOC) .
The overall view of the meeting was that the resilience of global economy has increased while the downside risks persist. Challenges remain from geopolitical and trade tensions, high debt levels, and climate change. All sides reaffirmed their commitment to a strong, quota-based, and adequately resourced International Monetary Fund (IMF) at the center of the Global Financial Safety Net.They looked forward to finalizing the domestic procedures for the 16th General Review of Quotas with no further delay. They called for developing a set of principles guiding quota reforms under the 17th General Review of Quotas. Participants recognized the significance of sustainable finance and noted the progress made thus far on the multi-year G20 Sustainable Finance Roadmap which is flexible and voluntary in nature.
Deputy Governor Tao Ling pointed out that China’s economy continues to improve. The PBOC has adopted an appropriately accommodative monetary policy to support economic growth and safeguard financial market stability. She emphasized China’s commitment to multilateralism and an open and fair international economic and trade system. She called for accelerating preparations for the 17th General Review of Quotas to achieve a meaningful quota share realignment as early as possible. She also highlighted the PBOC’s efforts in implementing international financial regulatory reforms and upholding the consistency and authority of global financial regulatory rules. She noted that, as the co-chair of the G20 Sustainable Finance Working Group, the PBOC would continue to work with all sides on the proposed deliverables this year.
