Alexander von zur Muehlen: «China Has Become Very Cheap»
Despite worries about geopolitical tensions, investor appetite in China has been improving and may continue to do so due to attractive valuations, according to Deutsche Bank’s Alexander von zur Muehlen.
Chinese markets have seen a revival with strong performance driven by interest, especially in new economy sectors like artificial intelligence as well as Hong Kong’s return to becoming the world’s top IPO center with more than HK$100 billion ($13 billion) in funds raised in the first half of 2025. This has also sparked interest from foreign investors who have been reluctant in recent years due to economic concerns in the mainland as well as geopolitical risks.
«China has become very cheap. And I think investors are realizing that, notwithstanding the political risks, we are going to manage if we work forward,» said Alexander von zur Muehlen, Deutsche Bank’s CEO of APAC, Europe, Middle East & Africa and Germany, during a panel at the Financial Time’s Banking Summit Asia 2025.
«This is not to say that there are no complications or that we will have some ongoing effects, particularly on the property market crisis. That being said, the worst is behind us from that perspective.»
Geopolitics «Not a Disadvantage»
While geopolitical risks are expected to persist, von zur Muehlen said that this may not be unfavorable to the German lender relative to competitors due to its commitment to China and the broader APAC region. He noted that one of the first foreign offices that Deutsche Bank opened in 1872 was not in other major financial centers like New York or London, but rather Shanghai.
«I'm not saying that we like geopolitical frictions but it's not a disadvantage for us,» he added.
«We're not making the numbers public but I can tell you that we're not just growing. We're doing well in China. We're doing well in many industries including the financial industry.»
