Economists do not see China's reopening adding to global inflation.
, pointing instead to Chinese President Xi Jinping’s new blueprint for self-sufficiency, broader prosperity, and a socialist ideology as checks on big-ticket shopping.
“I don’t think China’s recovery or the reopening will cause any significant global inflation,” said Chi Lo, senior market strategist for Asia Pacific at BNP Paribas Asset Management. Worries that Chinese demand could force the US Federal Reserve and other central banks to increase rates further are “overblown,” Lo said. BNP’s portfolio managers are positioning for China’s rebound to boost regional tourism, but not export price rises for manufactured goods.In commodity markets too, where China is a price-setter for iron ore and the second biggest consumer of oil, further sharp price gains due to the reopening are unlikely.
“The old infrastructure spending, basically roads, bridges, airports, and ports; China will still build them,” but that kind of spending will not be a priority in the next decade, said Lo, who anticipates only a marginal tailwind for commodities.
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