China Conversations: From Golden Week to the 15th Five-Year Plan

In this episode of the Julius Baer podcast "Beyond Markets," Richard Tang interviews Hong Hao about the Chinese market. They discuss the subdued consumption data from the Golden Week holidays, the impact of national subsidies on spending, and potential reforms in the 15th Five-Year Plan to boost consumption, including social security, tax, and healthcare reforms. They also explore the drivers behind the current bull market in China, attributing it to a predictable economic cycle, technological advancements, and a shift in government policy towards reflation. The conversation touches on asset allocation, the potential broadening of the market rally beyond tech stocks, and the outlook for the US dollar, with a focus on the increasing value representation in precious metals and cryptocurrencies.