When the threat of lockdowns dangled over global supply chains, people worried that China’s exporters were a source of vulnerability for the world economy. Now, the world economy is proving a source of vulnerability for China’s exporters
Save time by listening to our audio articles as you multitaskChina’s recently abandoned “zero-covid” policy cut the country off from the rest of the world, contributing to the fragmentation Mr Liu bemoaned. But China’s period of isolation had a notable duality of its own. Although the movement of people across China’s borders was sharply curtailed, the movement of goods from China to the rest of the world was spectacular.
With the abrupt removal of China’s zero-covid policy, the flow of people, like Mr Liu, across the mainland’s borders has resumed. The number of passengers on Air China’s international routes rose by a third in December compared with the previous month. Other parts of the economy will also improve as the year unfolds. A recovery is expected in retail spending, which fell last year and would have been even weaker had it not been for the anxious stockpiling of food and medicines.
In one important respect, China’s reopening has made life harder for its exporters. The turnaround in China’s zero-covid policy has contributed to a revival of the yuan, which has risen by 8% against the dollar since the start of November, making Chinese exports less competitive. Mr Liu invited his audience in Davos to visit China again. But even before the global capitalists arrive, global capital has rushed to reacquaint itself with Chinese assets, bidding up the price of its currency.
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