Big Take How China Defied the Odds in 2025
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Dec 30, 2025 
In this engaging discussion, John Liu, Bloomberg's executive editor for Greater China, and Shuli Ren, an insightful columnist on China markets, dive deep into China’s surprising rebound in 2025. They analyze the initial economic struggles, including deflation and a property crisis, before exploring the transformative impact of innovative AI breakthroughs. The duo also examines how political dynamics with the U.S. influenced trade and investment sentiment, while cautioning about ongoing risks such as high youth unemployment and geopolitical tensions.
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Tariffs Redirected Trade, Not Halted It
- China navigated tariff shocks by redirecting exports to other markets, earning a B+ in John Liu's view. That produced a massive trade surplus but raised sustainability concerns.
Central Planning Became a Strategic Lever
- Central planning let Beijing wield levers like rare-earth controls and industrial policy at scale. That top-down capacity also inspired policy imitation abroad, including in the U.S.
MetaX IPO Mania Shows Local Euphoria
- John Liu recounts MetaX's IPO rocket, where the stock jumped 755% versus an expected 50% alert threshold. The episode illustrates renewed local investor exuberance for tech names.