China Conversations: AI momentum and policy tailwinds into 2026

In this Julius Baer podcast episode, Richard Tang interviews Hong Hao about the outlook for the Chinese equity market in the coming year, focusing on the potential impact of the 15th Five-Year Plan, particularly regarding technology and consumer demand. They discuss the possibility of renewed consumer subsidies and a potential turning point for consumption restructuring in 2026, while also addressing the US AI bubble and the attractiveness of non-US markets for diversification. The conversation further explores the undervaluation of the Chinese Yuan and its potential for appreciation, as well as the prospects for commodities, driven by the economic cycle, AI demand, and accommodative monetary policy.