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Federal Reserve Chairman Jerome Powell on Tuesday said the central bank will not get involved in issues like climate change that are beyond its congressionally established mandate.
Powell’s remarks, delivered at a conference hosted by Sweden’s central bank, follow calls from some Democrats for the Fed to play a more active role in addressing climate change.
Powell has reinterred that climate change is not a main consideration for the Fed when developing monetary policy.

Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell participates in a panel during a Central Bank Symposium at the Grand Hotel in Stockholm, Sweden, January 10, 2023.
Claudio Bresciani | TT | via Reuters

Federal Reserve Chairman Jerome Powell on Tuesday said the central bank will not get involved in issues like climate change that are beyond its congressionally established mandate, and vowed the institution will not become a “climate policymaker.”
Powell’s remarks, delivered at a conference hosted by Sweden’s central bank, follow calls from some Democrats for the Fed to play a more active role in addressing climate change and ensuring the country’s financial system is prepared for climate-related risks.

Powell has reinterred that climate change is not a main consideration for the Fed when developing monetary policy, noting that climate-related issues are more for the federal government than for his institution.
“Decisions about policies to directly address climate change should be made by the elected branches of government and thus reflect the public’s will as expressed through elections,” Powell said on Tuesday.
“Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals,” Powell said. “We are not, and will not be, a ‘climate policymaker.'”

More from CNBC Climate:

In recent years, the Fed has tiptoed into addressing climate change, including creating of two internal committees focusing on the issue. It’s also joined the Network for Greening the Financial System, a group of global central banks aimed at addressing the systemic risk climate change poses to the financial sector.
But Powell on Tuesday said the Fed’s regulatory powers give it a “narrow” role to ensure financial institutions “appropriately manage” climate-related risks. He added the Fed should “not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities.”

And while the Fed has requested big banks to examine their financial readiness in the event of climate-related disasters, Powell said this is as involved as the institution should be in addressing climate-related issues.
“The public reasonably expects supervisors to require that banks understand, and appropriately manage, their material risks, including the financial risks of climate change,” Powell said.
The Fed is set to launch a pilot program this year for six of the country’s largest banks to take part in a climate scenario analysis exercise that would examine the firms’ ability to manage major climate events.
— CNBC’s Jeff Cox contributed reporting

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House Republicans on Monday night voted to slash funding for the IRS, following a pledge to repeal the nearly $80 billion approved by Congress last year.
However, the measure doesn’t have the support to pass in the Democratic-controlled Senate, and the White House has already opposed the bill.

New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023.
Jon Cherry | Reuters

House Republicans on Monday night voted to slash funding for the IRS, following a pledge from newly-elected Speaker Kevin McCarthy to repeal the money approved by Congress last year.   
Passing along party lines, the bill would rescind tens of billions allocated to the agency over the next decade through the Inflation Reduction Act passed in August.

The measure doesn’t have the support to pass in the Democratic-controlled Senate, and the White House opposed the bill in a statement released Monday.
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“It’s not going to become law, but it makes a very strong political statement,” said Mark Everson, a former IRS commissioner and current vice chairman at Alliantgroup, noting that the partisan IRS divide isn’t good for the agency’s “long-term stability.”
The bill comes less than two weeks after Democratic members of the House Ways and Means Committee released six years of former President Donald Trump’s tax returns, angering many Republican lawmakers.
Known as the Family and Small Business Taxpayer Protection Act, the new House Republican measure would increase the budget deficit by more than $114 billion through 2032, according to the Congressional Budget Office.

IRS funding has face ongoing scrutiny

Treasury Secretary Janet Yellen in August outlined priorities for the new IRS funding — including plans to clear the backlog of unprocessed tax returns, improve customer service, overhaul technology and hire more workers.
However, the House Republican bill underscores the party’s continued pushback against President Joe Biden’s agenda, including more funding for the IRS. The agency is expected to deliver the funding plan in February per Yellen’s request.
The agency is also preparing for a new commissioner, expected to be Danny Werfel, who served President Barack Obama and President George W. Bush as the IRS acting commissioner and Office of Management and Budget controller. 

Winning the nomination to serve as House Ways and Means Committee chairman on Monday, Rep. Jason Smith, R-Mo., said in a statement that the new IRS commissioner should “plan to spend a lot of time” before the committee answering questions.
While the success or challenges of the upcoming tax-filing season may shape future discussions, the agency still has issues to address, Everson said.
“I hope that after the dust settles on this, both sides take a step back, and can find some way to work cooperatively and make improvements to the tax administration, which are sorely needed,” he added.

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Paramount and Skydance’s “Top Gun: Maverick” was the highest-grossing domestic release in 2022, generating $719 million in ticket sales.
Disney was the highest-grossing studio domestically, tallying $2 billion from “Avatar,” “Black Panther” and “Doctor Strange” sequels.
The domestic box office total reached an estimated $7.5 billion in 2022, down around 34% compared to 2019, before the pandemic.

Tom Cruise in “Top Gun: Maverick”
Source: Paramount

“Top Gun: Maverick” was the highest grossing theatrical release in 2022, but its $719 million haul wasn’t enough to make its studio, Paramount, ruler of the domestic box office.
The Tom Cruise-led action film was a juggernaut, generating $719 million in ticket sales in the U.S. and Canada, the most of any film released in 2022, according to data from Comscore. It also accounted for more than half of Paramount’s overall domestic haul for the year.

Other releases, including “The Lost City,” “Smile,” “Scream” and “Sonic the Hedgehog 2,” pushed Paramount’s 2022 box office to around $1.3 billion, the third-highest haul for studios, Comscore reported.
Ultimately, “Maverick” represented around 10% of the total $7.5 billion in domestic ticket receipts collected last year. That domestic total is down around 34% compared to 2019, before the pandemic.
While the “Top Gun” sequel topped the charts as the highest-grossing film of the year, it is Disney that ultimately wears the 2022 box office crown.
The company, which includes 20th Century Studios, tallied around $2 billion at the domestic box office thanks to several Marvel Studios pictures and James Cameron’s “Avatar: The Way of Water,” which is still pulling in big bucks after its mid-December release.
Disney films represented nearly 27% of all box office revenue domestically in 2022, with three of its releases earning spots in the top five highest-grossing films of the year and four of the top 10.

North America’s 2022 box office champions

Paramount’s “Top Gun: Maverick — $719 million
Disney’s “Black Panther: Wakanda Forever” — $436 million
Disney’s “Doctor Strange in the Multiverse of Madness” — $411 million
Disney’s “Avatar: The Way of Water” — $401 million
Universal’s “Jurassic World: Dominion” — $377 million
Universal’s “Minion: The Rise of Gru” — $370 million
Warner Bros.’ “The Batman” — $369 million
Disney’s “Thor: Love and Thunder” — $343 million
Paramount’s “Sonic the Hedgehog 2” — $191 million
Warner Bros.’ “Black Adam” — $168 million

Franchise films, always popular, were the strongest draw for cinemas after pandemic restrictions were lifted. In fact, all of 2022’s 10 highest-grossing films were based on existing intellectual property.
Universal had the second-highest market share for studios domestically, accounting for 22% of box office receipts in 2022, or around $1.65 billion. “Jurassic World: Dominion” and “Minions: The Rise of Gru” were its biggest ticket sellers, but the studio’s tally was also bolstered by several horror films including “Nope,” “The Black Phone” and “Halloween Ends.”
Warner Bros. had the fourth-highest market share, just behind Paramount, accounting for around 12.5% of ticket sales. “The Batman,” “Black Adam,” “Elvis” and “Fantastic Beasts: The Secrets of Dumbledore” contributed to its nearly $940 million total.
The fifth-highest market share was Sony, which started the year strong following the late 2021 release of “Spider-Man: No Way Home,” a collaboration with Disney. “No Way Home” collected $241 million in ticket sales in 2022. Sony also had releases like “Uncharted,” “Bullet Train” and “Where the Crawdads Sing,” which contributed to its around $870 million in receipts, nearly 12% of the total 2022 box office.
Last year was “a year of realignment and recovery for movie theaters,” said Paul Dergarabedian, senior media analyst at Comscore.
While ticket sales have rebounded, there were significantly fewer films released in theaters in 2022, which resulted in a lower annual box office.
Industry experts like Dergarabedian are encouraged by the more robust 2023 slate of films, which includes several blockbuster features as well as low-to-mid-tier budget movies. Expectations are high for a handful of Marvel and DC superhero films alongside an increase in family-friendly fare.
Movies like Warner Bros.’ “Barbie,” Disney’s “The Little Mermaid” and Sony’s “Spider-Man: Across the Spider-Verse” are just some of the hotly anticipated features coming in 2023.
“The journey ahead promises to be a much more consistent and robust year for the big screen,” Dergarabedian said.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

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San Francisco-based satellite imagery specialist Capella Space raised $60 million from the U.S. Innovative Technology Fund of billionaire Thomas Tull.
The latest raise brings Capella to about $250 million in total equity and debt financing since its founding in 2016.
Capella has seven satellites in orbit currently, with its next-generation Acadia satellites “lined up” to launch this year.

A satellite image taken at night on Nov. 14, 2022 of NASA’s Artemis I mission before launch from Cape Canaveral in Florida.
Capella Space

San Francisco-based satellite imagery specialist Capella Space raised $60 million in fresh capital, the company announced Tuesday.
Capella raised the equity from the U.S. Innovative Technology Fund, a recently established private investment vehicle of billionaire Thomas Tull. The investor is best known for his work in the film industry, having started the production studio Legendary Entertainment behind blockbuster movies such as “Dune” and “The Dark Knight.”

Capella is the fund’s first space investment, Tull told CNBC.
“It’s the combination of the best available imaging that we’re aware of … and other data tools” for analysis, Tull said, adding, “If you’re going to take a ton of images from space, you better be able to sort through them.”
The latest raise brings Capella to about $250 million in total equity and debt financing since its founding in 2016. The company declined to disclose its valuation after the new fund-raise.
“I’ve never celebrated any fundraisings that we’ve done – it was always sort of the thing that needed to happen for us to do other important things – and this is similar but, as you know, the market is crazy. So I think it validates all the good things that we’ve been doing, when [we] can raise capital from quality investors like Thomas,” Capella founder and CEO Payam Banazadeh told CNBC.

This video shows the Capella-3 satellite’s reflector deployment, using the its boom as a “selfie stick”. The reflector is folded and compact as it reaches space and expands to a 3.5 meter diameter object.
Capella Space

Capella’s business is focused on the satellite imagery market, with its satellites using a specialized technology known as synthetic aperture radar, or SAR. The advantage of SAR is its ability to capture images at any time, even at night or through cloud cover – which is often an impediment for traditional optical satellite tech.

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The company has grown its head count to just over 200 people – nearly doubling in size last year – and has seven satellites currently in orbit. While Banazadeh declined to specify how many more satellites Capella plans to deploy in orbit, he said, “we have quite a bit” of its next-generation Acadia satellites lined up to launch this year.
“There is more demand than there is supply, and that’s a good problem to have,” Banazadeh said.
The company doubled the volume of imagery it collected year over year, but revenue growth continues to be Banazadeh’s “north star.”
“We’re super focused on market adoption, and therefore revenue is the metric that we use … we had exceptional growth in 2022 … and we expect similar growth in ’23,” he said
Capella has also brought on a trio of executives: Chad Cohen joined as chief financial officer from Adaptive Biotechnologies; tech consultant Glen Elliott came on as chief human resources officer; and Paul Stephen, formerly of Zillow Group, joined as chief information security officer.
Correction: Glen Elliott is joining Capella as chief human resources officer. An earlier version misspelled his name. Paul Stephen is joining the company as chief information security officer. An earlier version misstated his title. Capella’s head count is just over 200 people. An earlier version mischaracterized the number.

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Babies R Us, which went out of business in 2018, will open a new flagship store at the American Dream megamall in New Jersey.
The baby product retailer and its sister company Toys R Us were acquired by WHP Global, a brand management firm, in 2021.
WHP Global hopes the new flagship will kick off a national rollout of the failed brand.

A shopping cart sits in the parking lot at a Babies “R” Us store on January 24, 2018 in Chicago, Illinois.
Scott Olson | Getty Images

Babies R Us is trying to make a comeback. 
The baby product retailer, which went out of business in 2018, will open a new flagship store this summer at the American Dream megamall in New Jersey, its new owners announced Tuesday.

“Since acquiring both the Babies R Us and Toys R Us brands in 2021, our mission has been laser-focused on bringing them back to America,” Yehuda Shmidman, CEO of WHP Global, said in a news release. WHP Global, a brand management firm, owns the retailer’s parent company, Tru Kids. 
“Our plan to open Babies R Us at American Dream in the coming months is a huge milestone in the return of Babies R Us to the U.S.A., and it sets the stage for a national rollout of Babies R Us in the future,” Shmidman said.
American Dream, which has had its own struggles, is located near MetLife Stadium, about 10 miles outside New York City.

American Dream megamall and entertainment complex in East Rutherford, N.J. After more than 17 years in the making, it finally opened October 25, 2019. Then came the coronoavirus pandemic.
Timothy A. Clary | AFP | Getty Images

Since acquiring Tru Kids in 2021, WHP Global has been on a mission to bring the beloved Toys R Us and Babies R Us brands back to life. 
In 2021, Macy’s announced a partnership with WHP Global to open 400 new Toys R Us outposts inside their department stores across the country and sell their products online. 

A new Toys R Us flagship was opened later that year, also at American Dream. 
The famed toy and baby retailer filed for Chapter 11 bankruptcy in 2017 after Tru Kids struggled to pay off its 12-year-old debt and compete with rising e-commerce platforms. 
The brand failed to restructure itself in 2018 after a crippling 2017 holiday season and moved forward with liquidation, closing over 800 stores and selling inventory at up to 95% discounts. 
The new Babies R Us outpost will be a “one-stop-shop for all things baby,” the company said. In addition to the typical line of merchandise, it will offer customers a range of interactive experiences, including a stroller test track, photo-op station and a wishing tree. 
The flagship will also bring back the brand’s baby registry lounge, nursery design center with room set displays, learning center and a comfort zone for feeding or changing a baby.
— CNBC’s Melissa Repko contributed to this report.

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Bed Bath & Beyond on Tuesday posted wider quarterly losses than it projected just last week.
It reported a negative operating cash flow of $307.6 million for the period.
CEO Sue Gove said the company had aggressively cut costs and was on track to close the 150 stores it had previously announced it would shutter.

A man is seen at a Bed Bath & Beyond store in New York, on Jan. 5, 2023.
Ziyu Julian Zhu | Xinhua News Agency | Getty Images

Bed Bath & Beyond on Tuesday posted wider quarterly losses than expected as its chief executive acknowledged that the struggling retailer’s turnaround plan had not achieved its goals.
Days after the company warned of potential bankruptcy, it reported a negative operating cash flow of $307.6 million for the third quarter and ballooning net losses.

Bed Bath lost $393 million during the period, it said Tuesday, worse even than the $385.8 million quarterly loss it projected just last week and 42% larger than the loss it reported in the year-ago quarter.
The quarterly losses include an approximately $100 million impairment charge, which the company said Tuesday was related to “certain store-level assets.”
CEO Sue Gove said Tuesday the company was working to address its cascading financial problems in a “timely manner.”
Here’s how the retailer did in the three-month period that ended Nov. 26 compared with what analysts were anticipating, based on Refinitiv data:

Loss per share: $3.65 adjusted vs. $2.23 expected
Revenue: $1.26 billion vs. $1.34 billion expected

The company’s net loss grew to $393 million, or $4.33 per share, from a loss of $276 million, or $2.78 per share a year ago.

Comparable sales dropped by 32%. Namesake banner Bed Bath & Beyond’s comparable sales dropped by 34% and Buybuy Baby’s comparable sales declines were in the low-20% range.
Last week, the company previewed its net sales for the fiscal third quarter and said they were expected to be about $1.26 billion — a decline from $1.88 billion in the year-ago period.
That pre-announcement from the home goods retailer, which is fighting to stay in business, came alongside a “going concern” warning. In the filing, it said it is at risk of running out of money to cover expenses and may have to file for bankruptcy. It said that it is struggling to attract customers to stores and turn around declining sales.
Plus, the company said, it has gotten harder to keep shelves stocked as suppliers adjust payment terms or stop sending goods because of Bed Bath’s financial troubles. The company’s market value has fallen to a meager $142.8 million.
“Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained and we did not achieve our goals,” Gove said in Tuesday’s release.
Still, she said, the retailer has aggressively cut costs and is on track to close the 150 stores that it had previously announced. Its operating expenses have dropped to $583.6 million, compared with $698 million last year.
“Our organization is more streamlined and we have adopted a more focused infrastructure that reflects our current business,” Gove said.
The retailer includes three banners: its namesake, its baby supplies chain, Buybuy Baby; and its health and beauty banner, Harmon.
This story is developing. Please check back for updates.

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Travel restrictions launched in the wake of China’s border reopening may be affecting where people there are booking trips.
But it’s not out of spite, said several Chinese travelers who spoke to CNBC.

It’s because some countries aren’t letting them in easily, they said.

‘I think it’s unfair’

Reactions from Chinese travelers who spoke to CNBC were varied, ranging from indifference to confusion to anger.
“Of course, I think it’s unfair,” said one citizen, who asked to be called Bonnie. “But at the same time, we understand what’s going on.”
So far, more than a dozen countries have announced new rules for travelers departing from China. Last week, the European Union recommended that its members require Chinese travelers to take Covid tests before entering.

But Covid tests aren’t the problem, Shaun Rein, managing director of China Market Research Group, told “Squawk Box Asia” on Monday. It’s that “these policies are directed only towards mainland Chinese,” he said.

South African Mansoor Mohamed, who lives in China, agreed. “It is relatively easy and cheap to do a Covid test in China, so it will not affect my travel planning,” he said.
“However, I know that many patriotic Chinese colleagues and friends will avoid those countries for now because the practice of only testing passengers arriving from China is discriminatory,” he said.
Of course, China requires travelers to test negative before entering China, and has for three years.
The difference, Mohamed said, is that “every arrival [to China], including Chinese nationals … [is] subjected to the same rules.”

Where the Chinese are going

Gao Dan told CNBC she is planning to travel out of the province of Qinghai for the first time in more than two years. But she said she’s staying in China, adding that she “hasn’t looked into what other countries’ travel policies are,” according to a CNBC translation.
Others are booking trips abroad, but some not to their first-choice destinations — namely Japan and South Korea.

One traveler, named Bonnie, told CNBC her friends in China are going to Thailand rather than South Korea, even though “they wouldn’t have considered Thailand” before.
Tuul & Bruno Morandi | The Image Bank | Getty Images

“When China said they were opening the borders in January, all my friends said they’re going to Japan and Korea,” said Bonnie.
But they couldn’t get visas, she said. “So they are now going to Thailand.”   
Rein said Chinese travelers are now headed to Singapore and Thailand because “both countries are welcoming us.”
Of the top destinations Chinese nationals searched after the border reopening announcement, those are the only two that haven’t imposed new restrictions on incoming Chinese travelers.

Data shows search interest for outbound flights from mainland China rose by 83% in the 11 days after the announcement, compared with the 14 days before it, according to data from Trip.com Group.
During this period, search interest for Thailand and Singapore grew by 176% and 93%, respectively, according to the company.

Angrier at some more than others

Chinese officials called the rules from South Korea and others “excessive” and “discriminatory.”
But South Korea refutes claims of discrimination. Seung-ho Choi, a deputy director at the Korea Disease Control and Prevention Agency, pointed out to CNBC that the country’s rules apply to “Korean nationals and non-Korean nationals coming from China. … There is no discrimination for nationality in this measure.”
“China’s Covid situation is still worsening,” he said. The number of people traveling from China to Korea who tested positive for Covid-19 went up 14 times from November to December, he said.

The Prime Minister’s Office of Japan did not respond to CNBC’s request for comment. A representative at Japan’s Embassy in Singapore told CNBC that Japan is processing Chinese travel visa requests as usual.
Citing a discrepancy in infection information from China, Japan Prime Minister Fumio Kishida told reporters on Dec. 27: “In order to avoid a sharp increase in the influx of new cases into the country, we are focusing efforts on entry inspections and airports,” according to an article published by Nikkei Asia.
Both Japan and South Korea have taken conservative stances toward the Covid pandemic.
Japan, in particular, has been sluggish to bounce back to pre-pandemic life, with residents showing little enthusiasm when its own border fully reopened in October 2022.  

‘A political issue’

Rein told “Squawk Box Asia” that the rules are not just about tourism.
“This is a political issue,” he said, adding that he expects Japanese stocks to be affected, singling out two cosmetics names.

Read more about China’s reopening

“I would be cautious on Shiseido. I’d be cautious on Kose, because there are going to be some boycotts,” he said. Shares of Kose were lower on the Tokyo stock exchange on Tuesday, but Shiseido was higher.
Rein said animosity toward South Korea and Japan will be short-lived.
“It’ll take about three months for the anger to dissipate,” he said. “There’s going to be massive revenge travel outside to Korea to Japan — if those two countries treat Chinese properly.”
New Zealander Darren Straker, who lives and works in Shanghai, said he, too, believes the policies are politically motivated, calling them a “last sad gasp [as] the Covid geopolitical door closes.” More

Mainland China has reopened its borders, and citizens eager to travel are booking not just flight tickets, but also vaccination appointments.
“I believe that the natural first destination of the Chinese vaccine tourism is Hong Kong. It will then spread to Asia and the U.S., maybe extend to Europe,” Sam Radwan, president of management consultancy Enhance International, told CNBC.

Passengers prepare to enter Shenzhen through the Lok Ma Chau Spur Line Control Point on the first day of the resumption of normal travel between Hong Kong and mainland China on Jan. 8, 2023, in Hong Kong.
Li Zhihua | China News Service | Getty Images

Mainland China’s move away from its zero-Covid policy has led to a sharp surge in infections, and the resumption of travel means some are looking farther afield for vaccines. 
In mid-December, China’s full Covid vaccination rate stood near 87%, with 54% boosted. The main Covid vaccines approved for use in China are from Sinovac and Sinopharm.

Mainlanders have been flocking to Macao in recent months for Western mRNA vaccines, which are widely administered around the world but not endorsed by China. 
But even if patients attempted booking an appointment as early as mid-December, the next available slots at the Macau University of Science and Technology Hospital, the only location offering jabs to tourists, are as late as February.
Analysts expect that the list of destinations for vaccine tourism will grow.

‘Natural first destination’: Hong Kong

“I believe that the natural first destination of the Chinese vaccine tourism is Hong Kong. It will then spread to Asia and the U.S., maybe extend to Europe,” Sam Radwan, president of management consultancy Enhance International, told CNBC.
“It’s been long since I went to Hong Kong. I can take a vacation, as well as get vaccinated. Won’t this be killing two birds with one stone? Without saying further, I have made my appointment and am getting ready,” a man from Shaanxi province posted Friday on Chinese social media website Weibo.

Hong Kong Chief Executive John Lee said in a press briefing in late December that the city “has reached a relatively high vaccination rate,” adding that it has a “sufficient amount of medicine to fight Covid.”
But Hong Kong won’t provide free Covid vaccinations to short-term travelers.
“We want to prevent visitors coming to Hong Kong to use the vaccines at the expense of Hong Kong people and we will not offer government procured vaccines free of charge to non Hong Kong residents,” Hong Kong’s government officials said, adding that visitors have to stay a minimum of 30 days to receive a booster shot.

Our recent study suggests Hong Kong and Thailand may benefit the most from the international tourism channel if China removes visa restrictions and outbound travel gradually normalizes

Goldman Sachs

Expect to see a wave of mainlanders traveling to Hong Kong to get their jabs, said Lam Wingho, a member of Hong Kong’s Scientific Committee on Vaccine-Preventable Diseases, according to a local media report.
Lin said he received a steady stream of inquiries from citizens who wanted to know how relatives from mainland China could get vaccinated in Hong Kong, he was reported as saying.
Thailand is another viable destination for vaccine tourists, and the country ranks among the top destinations that the Chinese are keen on traveling to, which include Japan, South Korea, the U.S. and Singapore.
Thailand’s Tourism and Sports Minister in late December said he was considering proposing free vaccines for foreign tourists who request booster shots.
And there’s interest from the Chinese.
“At first I did not plan to go to Thailand, but for the sake of the Pfizer or Moderna vaccine, I’m thinking of going,” a Weibo user based in Shanghai said upon the announcement.
Another Weibo user residing in Beijing wrote that such a policy move would not only “help attract tourists to Thailand,” but also offer more variety for inoculation. “For mainland Chinese who are hoping for more vaccine options, they will be able to get vaccinated with the jabs they want. Win-win.”

“Going outside of China is definitely a big remedy on the minds of a lot … I believe that the Chinese will travel wherever they can get the medicine,” said Sam Radwan, president of management consultancy Enhance International.
CFOTO | Future Publishing | Getty Images

“On the spillover effects of China reopening, our recent study suggests Hong Kong and Thailand may benefit the most from the international tourism channel if China removes visa restrictions and outbound travel gradually normalizes,” Goldman Sachs wrote in a research note dated Dec. 27.
“Going outside of China is definitely a big remedy on the minds of a lot … I believe that the Chinese will travel wherever they can get the medicine,” Enhance International’s Radwan said.

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