DeepSeek is a sign of China’s structural shift, not decline
Contrary to the narrative that China’s private sector has been squeezed into irrelevance, major developments in new industries are being led by young entrepreneurs.
DeepSeek was virtually unknown when the year began. It is now shaking global sharemarkets and being called a “Sputnik moment” for the US. Last month, Xiaohongshu (Little Red Book) also rose in popularity, as US TikTok users began migrating en masse to this Chinese social media and e-commerce site in anticipation of TikTok being shut down.
In Hangzhou, the home of Alibaba and DeepSeek, a sense of optimism, excitement and energy is still widespread. Getty Images
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Geoff Raby was Australia’s ambassador to China, 2007-2011. His book Great Game On: the contest for Central Asia and Global Supremacy will be published in November by Melbourne University Press.
