World cannot return to a state of isolation; China opposes all form of unilateralism: FM

Chinese Foreign Ministry Spokesperson Wang Wenbin on Wednesday said the world cannot return to a state of isolation and that China opposes all forms of unilateralism and protectionism in response to International Monetary Fund (IMF) warning that fragmentation of the global economy and increasing national security restrictions could lead to a 7 percent loss in global GDP.

Whether it is trade wars or technological battles, the underlying objective is to politicize, instrumentalize, and weaponize economic and trade issues. The aim is to secure a monopoly on their own developmental advantages, impede the growth of emerging markets and developing nations, and deny the 7 billion people worldwide their right to pursue a happy life, Wang said.

Wang said that China is willing to work with all parties to promote universally beneficial and inclusive economic globalization. China firmly opposes deglobalization and overstretching the national security concept, and opposes all forms of unilateralism and protectionism.

The remarks come as the IMF warned that global economic fragmentation could lead to a 7 percent loss in global GDP.

IMF Managing Director Kristalina Georgieva told CNN in an interview aired on Tuesday local time that restrictions related to "national security" are increasing, and geopolitical factors are causing economic divisions worldwide. 

Allowed to continue, this could ultimately reduce Global GDP by 7 percent - roughly equal to the annual output of France and Germany, she said.

"So we are all better off to find ways to reduce frictions, to concentrate on security concerns that are real and meaningful, and not go willy-nilly in fragmenting the world economy. We would end up with a smaller pie," she said.

Wang said that the world cannot return to a state of isolation and cannot be arbitrarily divided. Any practice of seeking selfish gains at the expense of neighbors, any mindset of confrontation between camps, and any arrogance of self-centeredness will not lead to good results.

China will promote equal rights, equal opportunities, and equal rules for all countries, safeguarding the development rights of all countries, and working toward common development and prosperity.

The IMF's report in October 2023 predicted a slowdown in global economic growth from 3.0 percent in 2023 to 2.9 percent in 2024.