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Shuli Ren, Columnist

China’s Defense Industry Is Getting a DeepSeek Moment

Investors are reassessing Beijing’s military capacity and potential to rise as an arms exporter.

China’s J-10C fighter jet has caught investors’ interest. 

Photographer: Chen Jimin/China News Service/VCG/Getty Images

In investing, narratives can matter a lot more than earnings or cash flow analysis.

Pakistan is certainly spinning a good story about China’s defense industry. Its army said it used Chinese J-10C planes to shoot down five Indian jets, including three Rafales, a MIG-29 and an Su-30. Rafales are made by France’s Dassault Aviation SA, while the other two were imported from Russia. India’s government has not confirmed or denied Islamabad’s claim and evidence remains inconclusive.