Foreign Ministry Spokesperson Mao Ning Photo: Ministry of Foreign Affairs

In response to a question on the latest OECD economic outlook report which has downgraded global growth expectations, saying that the recent trade barrier measures taken by some countries will affect the growth rate of the world economy and lead to higher inflation, Mao Ning, spokesperson from China's Foreign Ministry, said on Thursday that trade barriers, such as tariffs, are not in the interest of any party and are not conducive to global economic prosperity and stability. Economic and trade differences should be resolved through dialogue and consultation, rather than making the global economy bear the costs. 

Global GDP growth is projected to moderate from 3.2 percent in 2024 to 3.1 percent in 2025 and 3.0 percent in 2026, the OECD said on Monday in its latest Economic Outlook.

According to the OECD, the downward adjustment from its previous forecast is due to "higher trade barriers in several G20 economies and increased geopolitical and policy uncertainty weighing on investment and household spending." "Higher and broader increases in trade barriers would hit growth around the world and add to inflation," the OECD warned.

For China, regardless of changes in the external environment, we will persist in opening up, firmly support the principles of free trade and the multilateral trading system, and promote inclusive economic globalization for common development, mutual benefits and win-win outcomes with all countries in the world, Mao noted.

Global Times