What Does Zero COVID Mean for Europe?

China is by far and away the most important driver of global tourism in 2019 150 million travellers went abroad from China they spent over 255 billion dollars that's twice the amount that American tourists spend to. By the summer of this year it could be back up to about 50% of its pre-crisis levels so that will deliver a huge boost to the tourism sectors of places like Cambodia for instance or Laos or Hong Kong. We're also seeing the rebound effect in commodity markets so both copper and steel are off their lows which they hit in the summer of 2022 amidst the sort of fear after Shanghai lockdown.