Shanghai, China — The governor of the People’s Bank of China (PBOC), Pan Gongsheng, has called on major international financial institutions to strengthen their economic oversight and play a more active role in stabilizing the global economy. Speaking at the opening ceremony of the 2025 Lujiazui Forum in Shanghai, Pan highlighted the disparity between the economic influence of emerging markets and developing countries and their representation in international financial bodies.
“The shares and voting rights of emerging markets and developing countries in major international financial institutions are significantly lower than their actual economic weight in the global economy,” Pan stated. He emphasized the need for these institutions to “objectively assess global risks” and guide nations to support economic globalization and the multilateral trading system.
Pan urged international financial organizations to enhance their economic oversight functions to maintain the stability of the international financial system. “By strengthening oversight, we can better manage risks and foster a more inclusive and resilient global economy,” he said.
The Lujiazui Forum, held annually in Shanghai, is a key event where financial leaders and policymakers discuss pressing issues affecting the global economy. This year’s forum focused on the role of emerging markets and developing countries in shaping international financial governance.
Pan’s remarks come at a time when many countries in the Global South are seeking greater representation and influence within international financial institutions. His call reflects a growing consensus that the governance structures of these organizations need to evolve to reflect the changing dynamics of the global economy.
Attendees at the forum echoed Pan’s sentiments, emphasizing the importance of collaboration and reform in building a more equitable financial system. As the world faces ongoing economic challenges, the role of international financial institutions in promoting stability and growth remains crucial.
