China's equities are poised to outperform global markets this year, largely thanks to the country's rapid advancements in the science and technology sector, according to a wealth management economist.
The progress in the industry is exemplified by DeepSeek, a cost-competitive newcomer among global artificial intelligence (AI) models, as well as the country's leading role in developing robotics that are useful across a variety of sectors.
In an interview with China Global Television Network (CGTN), Hong Hao, chief economist of Shanghai-based wealth management company Grow Investment Group, said that with rapid tech advances, especially in the field of artificial intelligence, China's economy is gaining momentum, as signified by strong stock market gains led by tech shares.
"I think the stock market is the most unbiased indicator and also a forward-looking indicator for the Chinese economy. It's also the most public information that people can find. So the stellar rally in the Hong Kong market is already catching a lot of attention of the international investment community. So I think the momentum is building. And also technology is still progressing really fast. So many companies are releasing their own AI models. So I think the momentum is on this side of the world. I wouldn't be surprised to see China continue to become one of the best-performing major markets globally this year," he said.
Hong Kong's benchmark Hang Seng Index hit a high of 23,477.92 points in almost three years on February 21, as tech shares led the gains.
On Tuesday, the Hang Seng Index climbed to 24,740.57 points.
Chinese stocks set to outperform global markets amid AI-spurred tech boom: investment economist
