Based on the perspective of time domain and frequency domain, this paper analyzes the time-varying effect of global economic policy uncertainty on China’s economic growth (consumption, investment, import and export). The research firstly find that affected by irregular events, the uncertainty index of global economic policies changes frequently, which mainly produces negative time-varying impact on China’s consumption, investment, import and export. Secondly, the occurrence of irregular events has a positive and negative “V” time-varying impact on China’s consumption, import and export in the short term, and a negative and positive “concave” time-varying impact on China’s investment in the short term. Thirdly, the outbreak of extreme events makes the uncertainty index of global economic policy fluctuate sharply in the long term, which mainly produces positive time-varying impact on China’s consumption and negative time-varying impact on China’s investment, and a positive and negative time-varying impact on China’s import and export trade. Fourthly, In the long run, the global economic downturn has the strongest positive time-varying impact on China’s consumption. Both the financial crisis and the global economic downturn have a strong negative time-varying impact on China’s investment. The financial crisis has a positive time-varying impact on China’s import and export trade, while the global economic downturn has a negative time-varying impact on China’s import and export trade.