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The number of inbound tourists and revenue growth showed signs of acceleration again in Q3, and the &#34;hotspot&#34; starting points for inbound tourism have further spread, which is expected to enhance the consumption pull effect within China.
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After Trump's successful election, his advocated &#34;America First&#34; policy boosted the US dollar index, leading to a decline in gold prices. However, from a medium to long-term perspective, gold and the US dollar have shown a &#34;divergence&#34; characteristic, and the trend of the US dollar index does not have a decisive impact on gold prices. This time, as Chinese manufacturing deepens into the global supply chain, history may be difficult to replicate. The future competition between China and the US in the industrial sector will greatly determine the long-term trends of the US dollar and gold.
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The focus of bipartisan US Congressional policy towards China mainly centers on the technology industry, particularly implementing targeted sanctions on cutting-edge sectors such as biotechnology, new energy vehicles, and 6G networks. There is relatively limited attention within Congress on taking extreme measures to massively disrupt economic ties between China and the US. Therefore, the likelihood of legislating and quickly passing the PNTR status for China is low; in most cases, this will serve as a final bargaining chip for negotiation and pressure
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00694

Inbound tourism accelerated growth in Q3, driving Chinese consumption. Trump's "America First" policy boosted the US dollar index, leading to a decline in gold prices, but in the long term, the trends of the dollar and gold show divergence. The Sino-US industrial competition will affect the long-term trends of the dollar and gold. The bipartisan congressional focus on China policy centers on the technology industry, particularly in the fields of biotechnology and new energy, with a lower likelihood of extreme measures interrupting Sino-US economic ties

- In Q3, the growth of inbound tourism and revenue in China showed signs of acceleration, with the expansion of "hotspot" origins likely boosting domestic consumption.  
- Following Trump's election, the "America First" policy increased the dollar index, causing a decline in gold prices; however, a long-term divergence between gold and the dollar suggests the dollar's influence on gold prices is diminishing.  
- The U.S.-China industrial competition will significantly impact the long-term trends of the dollar and gold, with Congress focusing on targeted sanctions in technology sectors rather than extreme measures to disrupt economic ties.

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Inbound tourism shows a "dual drive" of business and travel demand, the China-U.S. industrial game determines the long-term trend of the U.S. dollar and gold, and the focus of bipartisan congressional policy towards China continues to concentrate on the technology industry --- 0107 Macro Dehydration