China: Three things in China

Research evidence excerpt

China: Three things in China

Goldman Sachs China

Tourism revenue per head was similar to last year’s Dragon Boat Festival

Percent of pre-pandemic level Percent of pre-pandemic level

180 180

Nationwide Domestic Visitor Trips and Tourism Revenue during the Dragon Boat Festival

160 160

Nationwide domestic visitor trips

140 Tourism revenue Covid 140

Tourism revenue per head reopening

120 starts 120

100 100

80 80

60 60

40 40

20 20

0 0

2020 2021 2022 2023 2024 2025 2026

Source: Ministry of Culture and Tourism, Goldman Sachs Global Investment Research

n Premier Li’s Summer Davos speech: Premier Li Qiang delivered a keynote speech at

Summer Davos in Dalian on June 24. In his speech, Premier Li stated that Chinese

products’ competitiveness comes from innovation, not government subsidies. He

also framed China’s industrial innovations as “China opportunities 2.0” rather than

“China shock 2.0”. This stands in sharp contrast to the views of China’s major trading

partners such as the EU. Without agreement on the causes of global trade

imbalances, trade tensions are likely to persist or even escalate, while Chinese

exports will probably stay strong over the next few years.

Recent GS China macro research

Thematic research:

China Matters: All About Tech, 22 June 2026

Asia Economics Analyst: Chinese Household Balance Sheet: Structural Shift from

Property to Financial Assets Amid Ongoing Deleveraging, 17 June 2026

Asia in Focus: Cost of China’s Retail Fuel Price Management Modest and Sustainable, 5

June 2026

Data comments and trackers:

China: Industrial profits fell sequentially in May, 27 June 2026

China Economic Activity and Policy Tracker: June 26, 27 June 2026

AEJ Week Ahead: PMI data across the region, Korea exports/IP/CPI, 27 June 2026