China’s central bank governor and finance minister have called for deeper cooperation with Asean, Japan and South Korea amid rising global volatility and geopolitical headwinds.

Finance Minister Lan Foan said Beijing is willing to work with regional partners to strengthen macro policy coordination, deepen trade and investment ties and safeguard production and supply chain stability, in an address on Sunday at the 28th Association of Southeast Asian Nations + 3 Finance Ministers’ and Central Bank Governors’ Meeting in Milan, Italy.

He emphasised that China seeks to reinforce strategic trust and development integration with neighbouring countries and is committed to open, inclusive and cooperative regional financial partnerships to counter global uncertainty.

“At present, the world economic landscape is undergoing profound changes, globalisation is experiencing a counter-current, unilateralism and protectionism are on the rise with instability and uncertainty clearly growing,” Lan said in a statement posted on the Ministry of Finance website on Monday.

Lan’s remarks come amid escalating global trade tensions following US President Donald Trump’s sweeping “reciprocal tariffs” in April against most of its trade partners. Countries, including Japan and Vietnam, have held talks with the US as they look to negotiate an agreement.

So far, no trade deals have been announced.

People’s Bank of China Governor Pan Gongsheng also attended the meeting, according to a statement published by the central bank on Monday.