Domestic tourism revenues hit 2019 levels during recent holidays, boosting hospitality stocks. Fund managers see "investing in China" in leisure and travel sectors as a defensive growth strategy. In 2022, the administration of Joe Biden pressured Israel to limit academic and research ties with China, over fears that Beijing could access military technology through "dual-use" research efforts, sources told news portal Breaking Defence. When you stop and reflect, it’s amazing how dramatically the investment story around China has changed. In the years leading up to the pandemic, Morningstar analysts were writing about “China’s rise to prominence among emerging stock markets ”; we were parsing differences between China A-shares, B-shares, and H-shares ; and then-US senator Marco Rubio was going after index providers for adding Chinese equities to their benchmarks . At the end of 2020, the Morningstar Global Markets Index included Alibaba BABA and Tencent TCEHY as top 10 constituents. China’s 5% share of that broad gauge of equities surpassed that of the UK and Germany. "Investing in China" is benefiting from rising consumer spending post-May Day holidays, as retail sales jumped 8.5% year-on-year. Strategists see continued upside in e-commerce and luxury goods stocks over the next quarter, supported by robust domestic demand trends.