Shuli Ren, Columnist

When Even China Markets Start to Ignore Trump

Chinese tech stocks are remarkably resilient this year, in a challenge to the lasting power of US exceptionalism.

March 3, 2025 at 8:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

Ads for Alibaba Cloud and Baidu Cloud at the Beijing’s international airport. — Ads for Alibaba Cloud and Baidu Cloud at the Beijing’s international airport.
Photographer: Na Bian/Bloomberg

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Is it the lull before the storm, or has the tempest lost its destructive power?

China’s tech stock rally is remarkably resilient considering the blizzard of tariffs President Donald Trump is unleashing on Beijing. The Hang Seng Tech Index, which tracks the largest Chinese stocks listing in Hong Kong, wobbled on Friday after a surprise announcement of a 10% levy to be introduced on Tuesday. The blue-chip index regained composure Monday ahead of the annual National People’s Congress, where Beijing is expected to announce this year’s growth target and fiscal deficit.