Zhou Xiaochuan: There is no consensus on global macro policy coordination

ChainCatcher news, at the 2025 Lujiazui Forum "Plenary Session II: Enhancing the Coordination of Global Monetary Policies," 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, stated that global monetary policy, including macroeconomic policy, was originally independent and did not require coordination, nor could it be coordinated.

However, since the beginning of this century, global economic cycles and macroeconomic conditions have become more aligned, and the macroeconomic status of major countries also affects other nations. Major reserve currency countries need to consider global impacts. Currently, there is no institution responsible for global macro policy coordination, existing in a "three no" state: no institution, no tools, and no consensus.