Zhou Xiaochuan: No consensus has been reached on global macroeconomic policy coordination

PANews reported on June 18 that at the 2025 Lujiazui Forum "General Assembly II: Enhancing the Coordination of Global Monetary Policy", Zhou Xiaochuan, Vice Chairman of the 12th National Committee of the Chinese People's Political Consultative Conference and former Governor of the People's Bank of China, said that global monetary policy, including macroeconomic policy, was originally independent and did not need to be coordinated, nor could it be coordinated. However, since the beginning of this century, the global economic cycle and macroeconomic conditions have converged, and the macroeconomic status of major countries has also affected other countries. Major countries with reserve currencies need to consider global impacts. At present, no institution is responsible for global macroeconomic policy coordination, and it is in a "three-no" state: no institution, no tool, and no consensus.