China's economic reopening could be a powerful story in 2023. The left chart illustrates subway passenger flow in 3 of China's major cities -- Beijing, Shenzhen and Shanghai. As China continues to relax COVID restrictions, mobility data should broadly continue to improve but may depend on the extent to which people's self-imposed restrictions take over. Meanwhile, vaccination rates across the population and especially amongst the elderly may determine the speed at which the economy can get back on its feet without overloading the hospital system.