01:36Switzerland: China’s COVID u-turn 'will kill a lot of people but also revive the economy' - Lagarde in Davos
The President of the European Central Bank, Christine Lagarde, assessed China's economy reopening during a panel session on Friday, on the last day of the World Economic Forum held in Davos.
Lagarde stated that 'China is waking up', as signalled by great economic growth expected for 2023. "The Covid policy, or the change of this Covid policy, will kill a lot of people but it will also revive the economy, and it is clearly a determined choice that was made by the Chinese authorities", she said.
"It's something that will be positive for China, most likely, and it will be positive for the rest of the world, but it will have inflation pressure on many of us", added the European Central Bank president.
In the last weeks, China retracted from its 'zero Covid' policy in hopes of reactivating different sectors, for example lifting restrictions on travelling. The new measures have reportedly led to a new Covid outbreak overwhelming the healthcare system.
The World Economic Forum comes to its end on Friday, after gathering 2,700 business and political leaders from 130 different countries. This year's event focus was on the impact of the Russia-Ukraine war, as well as innovative, clean energy technologies.
01:36Mandatory credit: World Economic Forum 2023. News use only
The President of the European Central Bank, Christine Lagarde, assessed China's economy reopening during a panel session on Friday, on the last day of the World Economic Forum held in Davos.
Lagarde stated that 'China is waking up', as signalled by great economic growth expected for 2023. "The Covid policy, or the change of this Covid policy, will kill a lot of people but it will also revive the economy, and it is clearly a determined choice that was made by the Chinese authorities", she said.
"It's something that will be positive for China, most likely, and it will be positive for the rest of the world, but it will have inflation pressure on many of us", added the European Central Bank president.
In the last weeks, China retracted from its 'zero Covid' policy in hopes of reactivating different sectors, for example lifting restrictions on travelling. The new measures have reportedly led to a new Covid outbreak overwhelming the healthcare system.
The World Economic Forum comes to its end on Friday, after gathering 2,700 business and political leaders from 130 different countries. This year's event focus was on the impact of the Russia-Ukraine war, as well as innovative, clean energy technologies.