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

Golden Week has just wrapped, offering a timely snapshot of China’s consumer sentiment. Travel volumes surged, but spending data remained subdued, highlighting the limits of short-term stimulus and reinforcing calls for deeper structural reform.
Amidst this backdrop, China’s stock market continues to rally, prompting fresh questions: Can momentum broaden beyond tech? Will long-awaited social reforms finally shift the consumption narrative? And what does a weakening US dollar mean for global asset allocation?
Richard Tang, Head of Research Hong Kong at Julius Baer, and Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd., return to unpack the macro forces behind the rally, the outlook for the 15th Five-Year Plan, and why gold and silver are stealing the spotlight in 2025.
This episode was recorded on 8 October 2025.