Latest news with #SummerDavos
Korea Herald
14 hours ago
- Business
- Korea Herald
CKGSB Dean Li Haitao Illuminates on China's AI Trajectory at 2025 Summer Davos
TIANJIN, China, June 27, 2025 /PRNewswire/ -- Cheung Kong Graduate School of Business (CKGSB) Dean and Dean's Distinguished Chair Professor of Finance Li Haitao spoke at the Annual Meeting of the New Champions 2025 of the World Economic Forum, widely known as Summer Davos, in Tianjin, China, for the second year in a row, a testament to the school's thought leadership and acknowledgement. This year's Summer Davos focused on entrepreneurship for a new era. As the most active Chinese business school this year at the Summer Davos, CKGSB contributed to the discourse on multiple meaningful topics including AI reshaping global competition and entrepreneurship in the new era. In the session broadcast live globally on June 26, "Understanding China's approach to AI," Dean Li joined leading voices to explore China's advantage in developing AI amid re-globalization, industrial possibilities brought by AI, and how AI can propel doing business for good by providing scarce resources. "Only two countries, China and the US, can lead AI revolution in the next decades," emphasized Dean Li. "China has done lots of accumulation for decades with infrastructure, data, talent, and market to establish a unique AI ecosystem. Beyond home appliances, smartphones, and automobiles, humanoid robots have the greatest potential to become a trillion-dollar industry in China. CKGSB aspires to systematically prepare business leaders for what the AI era requires for strategic architecture capabilities and new leadership skills." Moderated by renowned journalist Yang Lan, the panel also featured executives and scholars including Unitree Robotics Founder and CEO Wang Xingxing, Haier CEO Zhou Yunjie, USC Professor of Law Angela Zhang Huyue, and Workera Founder and CEO Kian Katanforoosh. In addition, Dean Li delivered a keynote speech at the session around Gen Z consumers. He noted that with Gen Z's robust purchasing power and authentic passion for eco-conscious consumption, and as more start to evaluate companies' sustainable commitment when making career decisions, companies must build a new collaboration structure where people at all levels get to affect decision making, contribute their own knowledge and jointly create value. Dean Li also participated at the Global University Leaders Meeting, discussing how higher education institutions should shape the future of research through partnerships and continue to serve as engines of innovation. CKGSB also co-hosted CKGSB's 2025 Davos Night in collaboration with Tencent's Tencent News.
DW
a day ago
- Automotive
- DW
China's faltering economy in focus of WEF Tianjin meeting – DW – 06/27/2025
The world's second-largest economy is suffering from weak household consumption, and its auto industry is particularly vulnerable. Manuela Kasper-Claridge reports from the "Summer Davos" in Tianjin. "Even if we only walk, we are faster than others," says Sun as he laughs mischievously. He is using the run-walk imagery to describe the state of the Chinese economy compared to its competitors. The businessman had been doing well selling real estate in China. Still, he doesn't want to see his full name published because his business is currently not doing well. There are vacant properties all over, and many apartments are just too expensive. What about the future, what's next? Sun shrugs, suggesting that everything will turn out fine. The salesman in his fifties is hoping for some innovative signs from the government. Chinese Prime Minister Li Qiang is as optimistic as ever. He is speaking at the "Summer Davos 2025" conference in Tianjin, organized by the Switzerland-based World Economic Forum (WEF) and officially called the Annual Meeting of the New Champions. Around 1,700 participants from all over the world have traveled to the northern Chinese city and are listening with hope. China reported economic growth of 5.5% in the first quarter of this year. The second quarter also looks good, according to the Chinese premier. But many in China view the government's optimism with skepticism and prefer to save rather than spend their money right now. Walking through large shopping centers in Tianjin, it is impossible not to notice the nearly empty stores. Demand for watches, jewelry and designer handbags is low, and customers are few and far between. In the stylish showrooms of Chinese car manufacturers, most of the salespeople look bored as they stare at their mobile phones. The latest NIO electric car sits alone in its showroom. With no customers in sight, it doesn't look like anyone wants to give it a test drive. Even at a nearby hair salon, little is happening on a normal weekday. There are four stylists, but not a single customer. The lack of spending at home is hitting Chinese automakers particularly hard. Competition for market share is fierce, and because of that prices are in a free fall in some cases. Some brand-new vehicles are being sold at used-car prices, a practice called "zero mileage." "It is good for the consumers, they are getting cars at very reduced prices and get very advanced, competitive cars," says Killian Aviles, head of Asia Pacific Region for Dekra Group, a vehicle testing and inspecting company that is still doing good business in China with testing and consulting for the automotive industry. "At the same time the profit margins that the companies have, have been eroded," Aviles told DW. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Consolidation seems inevitable, and Aviles is not the only one who is convinced of this. "Only the strongest and healthiest will survive," he said. China could try and ease the situation by exporting more vehicles to Europe, but that would depend a lot on whether the Europeans allow such imports and do not further increase tariffs. Yet, a lot of experts don't think the Chinese economy's strong dependence on exports is a viable model for the future. "China actually realizes that the export-led growth era is over and, of course, it is still struggling with over-investment and excess production," says Diana Choyleva, a senior fellow at the Asia Society Policy Institute's Center for China Analysis. Choyleva, who specializes on China's economy and politics, is convinced that domestic consumption must increase to keep the economy going. At the same time, China wants to become a global market leader in as many industries as possible, and visitors are proudly shown select companies around Tianjin. The city is home to one of the world's busiest ports and is focusing on technology like robotics, among other things. One such company is the Siasun Robot factory, which uses the advertising slogan "Making the world better by Robotics." The company sells its industrial robots in 40 countries around the world, and its product range also includes robots used in the nuclear industry. However, its latest models aren't on display. Instead, they are only showing off standard machines like those used by the automotive industry. Still, the growth potential is enormous, a company production manager told DW. "Soon the robots will be building robots themselves," he enthuses. "Where will the people be then?" he asks rhetorically without answering. On the banks of the Hai River, which flows through Tianjin, many Chinese sit and enjoy picnics. Families with children, the elderly, and many young people are there, too. Some are dancing. At the same time, many restaurants around town are half-empty just like the shopping malls and showrooms earlier in the day. Perhaps the restaurants are just too expensive. Or perhaps right now many Chinese consumers would rather save their money for a rainy day. Whatever it is, their homemade food is likely just as tasty as anything they would get in a sit-down restaurant.
DW
a day ago
- Automotive
- DW
China's falterung economy in focus of WEF Tianjin meeting – DW – 06/27/2025
The world's second-largest economy is suffering from weak household consumption, and its auto industry is particularly vulnerable. Manuela Kasper-Claridge reports from the "Summer Davos" in Tianjin. "Even if we only walk, we are faster than others," says Sun as he laughs mischievously. He is using the run-walk imagery to describe the state of the Chinese economy compared to its competitors. The businessman had been doing well selling real estate in China. Still, he doesn't want to see his full name published because his business is currently not doing well. There are vacant properties all over, and many apartments are just too expensive. What about the future, what's next? Sun shrugs, suggesting that everything will turn out fine. The salesman in his fifties is hoping for some innovative signs from the government. Chinese Prime Minister Li Qiang is as optimistic as ever. He is speaking at the "Summer Davos 2025" conference in Tianjin, organized by the Switzerland-based World Economic Forum (WEF) and officially called the Annual Meeting of the New Champions. Around 1,700 participants from all over the world have traveled to the northern Chinese city and are listening with hope. China reported economic growth of 5.5% in the first quarter of this year. The second quarter also looks good, according to the Chinese premier. But many in China view the government's optimism with skepticism and prefer to save rather than spend their money right now. Walking through large shopping centers in Tianjin, it is impossible not to notice the nearly empty stores. Demand for watches, jewelry and designer handbags is low, and customers are few and far between. In the stylish showrooms of Chinese car manufacturers, most of the salespeople look bored as they stare at their mobile phones. The latest NIO electric car sits alone in its showroom. With no customers in sight, it doesn't look like anyone wants to give it a test drive. Even at a nearby hair salon, little is happening on a normal weekday. There are four stylists, but not a single customer. The lack of spending at home is hitting Chinese automakers particularly hard. Competition for market share is fierce, and because of that prices are in a free fall in some cases. Some brand-new vehicles are being sold at used-car prices, a practice called "zero mileage." "It is good for the consumers, they are getting cars at very reduced prices and get very advanced, competitive cars," says Killian Aviles, head of Asia Pacific Region for Dekra Group, a vehicle testing and inspecting company that is still doing good business in China with testing and consulting for the automotive industry. "At the same time the profit margins that the companies have, have been eroded," Aviles told DW. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Consolidation seems inevitable, and Aviles is not the only one who is convinced of this. "Only the strongest and healthiest will survive," he said. China could try and ease the situation by exporting more vehicles to Europe, but that would depend a lot on whether the Europeans allow such imports and do not further increase tariffs. Yet, a lot of experts don't think the Chinese economy's strong dependence on exports is a viable model for the future. "China actually realizes that the export-led growth era is over and, of course, it is still struggling with over-investment and excess production," says Diana Choyleva, a senior fellow at the Asia Society Policy Institute's Center for China Analysis. Choyleva, who specializes on China's economy and politics, is convinced that domestic consumption must increase to keep the economy going. At the same time, China wants to become a global market leader in as many industries as possible, and visitors are proudly shown select companies around Tianjin. The city is home to one of the world's busiest ports and is focusing on technology like robotics, among other things. One such company is the Siasun Robot factory, which uses the advertising slogan "Making the world better by Robotics." The company sells its industrial robots in 40 countries around the world, and its product range also includes robots used in the nuclear industry. However, its latest models aren't on display. Instead, they are only showing off standard machines like those used by the automotive industry. Still, the growth potential is enormous, a company production manager told DW. "Soon the robots will be building robots themselves," he enthuses. "Where will the people be then?" he asks rhetorically without answering. On the banks of the Hai River, which flows through Tianjin, many Chinese sit and enjoy picnics. Families with children, the elderly, and many young people are there, too. Some are dancing. At the same time, many restaurants around town are half-empty just like the shopping malls and showrooms earlier in the day. Perhaps the restaurants are just too expensive. Or perhaps right now many Chinese consumers would rather save their money for a rainy day. Whatever it is, their homemade food is likely just as tasty as anything they would get in a sit-down restaurant.
South China Morning Post
a day ago
- Business
- South China Morning Post
Economists say structural reforms needed to shift China's focus to consumption
While eye-catching technological breakthroughs – led by the DeepSeek artificial intelligence (AI) model – have boosted confidence in China amid intensifying rivalry with the United States, economists at the Annual Meeting of the New Champions in Tianjin have called for structural reforms to make China a consumption-driven economy. 'We can talk about technological supremacy, like AI and all these, but China is never going to be a rich country unless it becomes a big consumer country,' Jin Keyu, a professor at Hong Kong University of Science and Technology's school of business and management, said at the World Economic Forum event, which is also known as 'Summer Davos'. China's political economy mechanism is largely geared towards subsidising production to gain competitiveness, Jin said during a panel discussion on Thursday. 'Chinese goods are so competitive, and everyone's importing Chinese goods, then China is going to have a real problem, not just with the US, but with the rest of the world, because it's no longer about just efficiency, it's about harmony,' she said. 'It's about giving other countries an opportunity to be part of the global supply chain in every single sector.' Jin said China should raise its internal consumption to harmonise its trading relationships, with opportunities to be found in the services sector and in the smaller Chinese cities that young people were flocking back to. 'It will be fantastic if the yardstick competition on the local governments can put consumption as one of the measurements of success,' she added.
Business Recorder
2 days ago
- Business
- Business Recorder
China warns global trade tensions ‘intensifying'
TIANJIN, (China): Chinese Premier Li Qiang warned on Wednesday that global trade tensions were 'intensifying' as he addressed the opening ceremony of the World Economic Forum. Officials including Singaporean Prime Minister Lawrence Wong are among those attending this week's gathering in the northern port city of Tianjin, known colloquially as the 'Summer Davos'. Li said the global economy was 'undergoing profound changes' — a thinly veiled reference to swingeing tariffs imposed by US President Donald Trump. 'Protectionist measures are significantly increasing and global economic and trade frictions are intensifying,' Li added. 'The global economy is deeply integrated and no country can grow or prosper alone,' he said. 'In times when the global economy faces difficulties, what we need is not the law of the jungle where the weak fall prey to the strong, but cooperation and mutual success for a win-win outcome,' Li added. Beijing's number two official also painted a bullish picture of the Chinese economy, the world's second-largest, which has been beset by slowing growth and a lull in consumer spending. 'China's economy continues to grow steadily, providing strong support for the accelerated recovery of the global economy,' he said. Beijing, he added, was 'stepping up our efforts to implement the strategy of expanding domestic demand'. Li said this was 'promoting China's growth into a major consumption powerhouse based on the solid foundation of a major manufacturing powerhouse'. Beijing is eyeing growth this year of around five percent — a target viewed as ambitious by many economists. Officials have since late last year rolled out a series of steps intended to boost spending, including key interest rate cuts and steps to encourage homebuying. But results have been varied, just as added pressure on trade from US tariffs threatens to hit the country's vast manufacturing sector. Li's speech at the WEF gathering sought to portray China as a staunch defender of a rules-based international trading system that is now under attack by the Trump administration. His comments echoed remarks the day before by President Xi Jinping to Singapore's Wong during a meeting in Beijing in which he called for the countries to resist a 'return to hegemony' and protectionism. Other leaders on Wednesday shared a sense of unease about being forced to choose between superpowers in a new historical period marked by increasing fragmentation and conflict. Wong told WEF President and CEO Borge Brende during a public discussion that governments should be cautious about 'abandoning the concept of economic integration'. 'Integration cannot guarantee peace, but I think it certainly gives us a better chance for peace than a 'me first' approach,' he said. Vietnamese Prime Minister Pham Minh Chinh struck a similar chord, pointing out that the United States is Vietnam's largest export market and China its largest source of imports. When asked about recent trade frictions, Chinh said his country needed to pursue a 'balanced' foreign policy that would allow it to be 'a friend of all countries'. 'We have a good balance but we also need to be prepared as things have gone topsy-turvy lately,' he added.
