China reopening may add almost 1% to Australia's economic output: JPMorgan

Chinese student and tourist arrivals may add nearly one percentage point to Australia’s economic output over the next two years, according to JPMorgan Chase & Co.
 

China’s reopening after Covid-zero “is clearly beneficial for the external accounts and gross domestic product,” with the most potential coming from the services sector, Sydney-based economist Tom Kennedy wrote in a note to clients dated Jan. 7. 

A gradual restoration of tourist and student arrivals to 2019 levels may add 0.5% and 0.4% to GDP respectively, he added, given that China is the largest consumer of Australian tourism and education exports.

“These numbers are meaningful, though