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As a result, a 100 dollar increase in tariffs on a 400 dollar ski jacket which already has a duty rate of 27.7 percent ends up costing the consumer as much as 300 dollars more after a distributor doubles the price and a shop owner adds their costs, the OIA said.

As for how to respond to the public health crisis and global economic recession, Li said all members of the global community should work together with a sense of partnership to prevail over the current difficulties.

As a supporter of globalization and sustainable development, China is playing an increasingly important role in global economic governance, according to the head of the Organization for Economic Cooperation and Development.

As for third-party market cooperation, China and Singapore signed a document in April, said Ning at the Singapore-China BRI Investment Forum, adding that it would benefit regional economic development, as well as the open global economy.

As cooperation between China and Germany deepens in many aspects of life, including art and culture, efforts have also been made to further popularize Go in Europe.