The growth impulse will be felt through services sectors such as aviation, tourism and education. Read more at straitstimes.com.
BEIJING – China’s sudden reopening is set to offer a boost to a flagging world economy.
The impact is already flowing through financial markets. Copper prices have surged through US$9,000 a tonne for the first time since June, a gauge of Australian mining shares is honing in on an all-time high and the Chilean peso is enjoying its best streak of gains since August, all on China reopening bets.
For services, China expects the number of international flights to rebound to the equivalent of 15 per cent to 25 per cent of their pre-pandemic levels by the end of March. Tourist hot spots in South-east Asia including Thailand and Vietnam are also looking forward to a return of Chinese visitors. Thailand attracted around 11.5 million foreign visitors last year, way down from the 40 million before the pandemic in 2019 – when nearly a quarter were from China. The government expects 25 million foreign visitors this year.
There’s also a question around how China will impact global inflation. Bloomberg Economics estimates the reopening will push China’s 2023 GDP growth to 5.1 per cent, which would add about 0.9 percentage point to global inflation relative to what would happen if zero-Covid policies had continued.Policymakers are wary of how China may impact prices.
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