$KraneShares CSI China Internet ETF (KWEB.US)$ With China relaxing strict COVID-19 policies, many analysts and economists expect the economy to recover next year.
Daniel Lacalle, Chief Economist at Tressis Gestión SGIIC, predicted on Tuesday on CNBC's Squawk Box that the reopening of the Chinese economy will boost growth in 2023, although he still expects global growth to be quite soft compared to the years before the outbreak of the pandemic.
On December 27, after news of a reversal in China spread, the price of gold soared to its highest level since late June.
It is not yet clear whether Lacalle's predictions could become a reality, simply because the country has taken a big step away from its zero-COVID policy. In fact, the sudden reversal of its policies could bring about some serious issues.
China has not yet achieved — nor vigorously pursued — high levels of virus vaccination among its population, and the recent relaxation of its zero-case policy has led to a new wave of patients in the country's hospitals.
According to recent reports from The New York Times and other media outlets, the elderly population in the country has been hit the hardest. Most ominously, there are concerns that China may see COVID-related death tolls reach levels similar to those in the early stages of the pandemic in developed markets.
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