Finance Minister Lan Foan: Tariff wars and trade wars further affect economic and financial stability

On April 25th, from April 23rd to 24th, 2025, South Africa, the chairpersonship of the Group of 20 (G20), held the second G20 Finance Ministers and Central Bank Governors Meeting this year in Washington, USA. Minister of Finance Lan Foan attended the meeting and delivered a speech, accompanied by Deputy Minister Liao Min. Lan Foan said that the current world economic growth momentum is insufficient, and tariff wars and trade wars further affect economic and financial stability. China firmly upholds the multilateral trading system with the World Trade Organization at its core, and advocates the settlement of trade and tariff disputes through equal dialogue and consultation. It will also firmly safeguard its own legitimate rights and interests. All parties should further improve the international economic and financial system by strengthening multilateral cooperation, actively promote the reform of multilateral development banks, effectively advance the equity review of the International Bank for Reconstruction and Development, pragmatically improve the implementation of the Joint Framework for the Follow-up Debt Treatment of the Debt Relief Initiative, and encourage the International Financial Institutions Group and the private sector to provide more support for fragile countries to cope with debt and liquidity challenges. All parties should pool more resources for Africa's development, strengthen the capacity building of African institutions, and use digitalization and green transformation as an opportunity to inject new momentum into Africa's economic growth. Lanfoan also highlighted China's economic stability and improvement trend and policy orientation and China's important measures to support Africa's development.