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New law boosts China's private sector, while May travel surges and Dollar faces challenges

China's 2025 May Day holiday is experiencing a notable travel surge, with cross-regional trips reaching about 1.42 billion, a 4.5 percent year-on-year increase. This travel boom encompassed both domestic and international tourism, with inbound tourism growth partly due to China's expanded visa-free policies. Forecasts indicate China's global tourism revenue might exceed $500 billion annually by 2033. China passed its first national private sector promotion law this week, effective May 20, 2025. It aims to boost private businesses through fair market access, improved investment conditions, and legal rights protection. Globally, the US dollar faces challenges to its dominance due to fiscal indiscipline, political pressure on the Federal Reserve, and financial weaponization, threatening its long-term status as the world's primary reserve currency.

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