BNP Paribas: Deepseek alone won't 'fix all of China's problems", consolidation pressure ahead

BNP Paribas' APAC equity and derivative head Jason Lui sees the current China market rally gaining momentum, driven by Deepseek's proof of Chinese tech competitiveness and cost efficiency. While the rally is focused on tech, software, and AI, he expects it to continue. He also expects further U.S. tariffs on china, with 10% in H1 2025, and 15% in H2 2025.