CP puts Thai businesses on alert for China reopening
Charoen Pokphan Group (CP Group) has advised Thai businesses to prepare for China to reopen in the latter part of this year.
CP Group senior vice president Thanakorn Seriburi said he expects China to reopen soon, following two years of tight restrictions under Beijing’s zero-Covid policy.
He said Thailand’s exporters should be ready for the reopening of Chinese markets as the country’s purchasing power will increase sharply. He added that tensions with Taiwan would not affect the economy.
"China's economy will expand despite Covid-19 impacts," he said, noting that China's GDP grew 0.4 per cent in the second quarter.
He added that Beijing is targeting 5 per cent economic growth this year despite the private sector saying it would be satisfied with 4 per cent.
Thanakorn said Chinese economic expansion is being driven by infrastructure projects including high-speed rail, motorways and airports.
"Infrastructure development is aiding China’s distribution of agricultural products, reducing logistics costs and facilitating travel."
He added that Beijing is focused on three areas of economic development: keeping city residents in place to expand the urban service sector, large-scale agriculture, and investment in high technology.
