According to a survey by the Bank of Korea, China’s economic restart after the epidemic is expected to boost South Korea’s economic growth by 0.3 percentage points (Bloomberg data photo)

[Financial Channel/Comprehensive Report] The Bank of Korea released a report on the 27th showing that thanks to China’s post-epidemic economic restart, it is estimated that China’s economic growth rate this year will rise from 3% last year to 5%, which is expected to boost South Korea’s economy this year. increased by 0.3 percentage points.

Yonhap News Agency reported that the economic growth is mainly due to South Korea’s exports to China and the increase in Chinese tourists visiting South Korea. In terms of exports, South Korea’s exports to China have shrunk sharply during the epidemic. However, benefiting from the restart of China’s economy, it is expected that from the second half of the year, Exports will gradually increase, and the first to improve will be the export of chemical products, while the export of IT products such as smart phones and semiconductors is expected to recover gradually.

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As for tourism, the new crown inspection obligation for people entering China will be lifted from March 1, and the number of Chinese tourists visiting from this is expected to increase. Given that the per capita consumption of Chinese tourists is about US$1,689 (about NT$51,515 Yuan) is much higher than US$1,106 (approximately NT$33,733) in the United States and US$675 (approximately NT$20,587) in the United States. Every additional 1 million Chinese tourists visiting South Korea is expected to push up South Korea’s GDP ( GDP) growth rate of 0.08 percentage points.

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