Thoughts about China’s “economic patriotism”

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🔶 China’s “economic patriotism” is often framed as an aggressive overreach—but what if it’s simply a disciplined, long-term play for sovereignty?

In our latest note, Jean-Marie Mercadal cuts through the noise to explore how Beijing is reshaping its industrial and financial playbook:

✅ The Consumer Shift: Western brands are losing ground as “Guochao” (Chinese Chic) transforms local pride into a dominant market force across retail, cosmetics, and tech.
✅ Infrastructure 2.0: Through the “Six Networks” plan, AI compute is now treated as a core utility alongside water and power.
✅ The Policy Paradox: While state backing mirrors Western initiatives like the CHIPS Act, China’s edge lies in long-term strategic execution over quarterly market pressure.
✅ The Equity Gap: Despite industrial gains, domestic equities have lagged. With attractive valuations and policy nudges aimed at unlocking domestic wealth, the risk/reward ratio is turning compelling.

So is the Western world underestimating China’s long-term industrial playbook?

Read the full insight below. 👇

(Available in English & French version)

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