The new coronavirus — believed to originate in Wuhan city — has struck China at a time when its economy has grown larger and established greater linkages with the world.
Taimur Baig, chief economist and managing director for group research at Singaporean bank DBS, said "the whole world didn't even notice" when China's growth slowed by around 1 percentage point following SARS.last week. "Now, China accounts for nearly a-fifth of global growth. China slowing by half a percent would be seismic."As with the SARS outbreak 17 years ago, the spread of the new coronavirus is likely to first hit consumer spending.
Travel bans and flight cancellations put in place since the emergence of the new coronavirus could curtail Chinese tourism spending overseas. That's a threat to many economies, especially those in Asia, said Kelvin Tay, regional chief investment officer at UBS Global Wealth Management. "If you look at Asia itself, Chinese tourism is now a bigger part of the economy for almost all countries," he told CNBC'sOn the trade front, rising demand within China has made the country the world's second-largest importer since 2009, data by theChina is the largest importer of commodities such as oil, iron ore and soybeans, as well as electronic parts such as integrated circuits.
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