The country’s opening up has the potential to reignite its economy, as more people travel and do business, putting upward pressure on prices around the world.
The broad view for next year is that inflation around the world will slow as interest rates rise, recession looms and consumers spend less. Cooling commodity, food and energy prices, magnified by the favourable comparison with last year’s steep gains, will combine to slow the broad rate of inflation.could rattle those expectations. The scenario goes like this: at some point next year, China opens its borders for the first time since the early days of the pandemic.
In September, the International Energy Agency said China’s purchases of oil this year would be the lowest since 1990. China’s imports from trade bellwether South Korea, its fifth-biggest trading partner, fell more than 25 per cent in November, the largest decline since 2009. How likely China is to reopen next year remains an open question, but it’s clear a pivot is under way. On December 7, authorities in Beijing issued a
Christopher Beddor, an analyst at Gavekal, says recent policy steps demonstrate that the government’s COVID-19 policy is evolving. “China has arrived at the beginning of the end of Zero Covid,” he says.
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