On the evening of January 21 local time in Switzerland (early morning January 22 Beijing time), during the 2025 World Economic Forum Annual Meeting, the 2025 Winter Davos Vision Dinner was held in Davos. Organized by Tencent News and Tencent Finance, and co-hosted by PBC School of Finance, Tsinghua University, and the Global Economic Governance 50 Forum, the event centered around the theme:
“Trust and Cooperation: A New Chapter for Globalization.”
The Vision Dinner aimed to create a platform for thought exchange and academic dialogue among global leaders from politics, business, and academia, contributing insights to analyze policy directions, track industry trends, and explore new drivers of economic growth.
Discussing Challenges and Opportunities of Globalization: China’s Push for More Inclusive Multilateralism
With Donald Trump having recently assumed office as U.S. President, some attendees shared firsthand insights into the implications of the new administration on the world economy.
Michael Spence, a 2001 Nobel Prize winning economist, expressed a cautiously optimistic outlook, emphasizing that talented leaders would pragmatically navigate paths for cooperation. He highlighted China's significant role as a champion of globalization, advocating for an inclusive and complex form of multilateralism.
Graham Allison, Douglas Dillon Professor of Government at Harvard Kennedy School, remarked that Trump’s theatrical political style is profoundly shocking, perplexing, and even disruptive to established norms. He advised that anyone interested in what might unfold in 2025 should study and take Trump seriously. He also expressed confidence that by this time next year, there would be optimism about the development of U.S.-China relations.
Regarding economic trends, Zhu Min, former Vice President of the International Monetary Fund and Vice Chairman of the China Center for International Economic Exchanges, noted that while U.S. inflation has recently declined and economic growth continues, Trump introduces significant uncertainty. He suggested that for Trump’s policies to succeed, collaboration with China would be essential, particularly in areas like battery technology. Zhu underscored China's strong trade position, robust growth, stable inflation, and macroeconomic stability as critical drivers of confidence in its future.
Spring Capital Founder Hu Zuliu acknowledged challenges such as local government debt and real estate issues but stressed China’s vast capacity and growth potential. He pointed out that China, since 2008, has refrained from using quantitative easing, retaining ample policy options and resources to address challenges.
Xu Qiyuan, Deputy Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, recently participated in a simulation of U.S.-China trade negotiations. He remains optimistic about globalization, noting China's rising share in global trade and its growing advantages despite the U.S. leveraging its dollar privileges. Xu emphasized numerous areas for cooperation between the two nations.
Paul Chan, Financial Secretary of the Hong Kong SAR Government, spoke from a regional cooperation perspective, asserting that collaboration is ingrained in Chinese culture. He highlighted China’s commitment to multilateralism as a bridge linking developed economies with Global South nations, sharing prosperity across all regions. Chan also underscored Hong Kong’s unique role in global financial cooperation.
Addressing Technological Innovation and Global Competitiveness: Advocating for Stronger Tech Collaboration
On the topic of technological and industrial transformation, Bernhard Lorentz, Founding Chair of Deloitte's Center for Sustainable Progress, praised China as a model for transitions toward green industries, especially their speeds and scales. He noted that China’s top five exports are tied to green transformation, such as wind turbine blades, electric vehicles, and solar panels.
Gong Rujing, Founder and Chair of Yidu Tech, highlighted AI's transformative impact on industries like healthcare, where it can reduce drug development costs by 30-50%. Gong emphasized integrating big data and AI into healthcare infrastructure.
Artificial intelligence is also empowering higher education. Using Tsinghua University as an example, its president, Li Luming, stated, “Students now have 24/7 access to online teaching assistants, enabling them to ask questions about their coursework anytime, with an accuracy rate of over 90%. By the fall semester of 2024, Tsinghua had launched 113 AI-empowered courses, and this year, the number will exceed 200. In this regard, we are leading globally.”
Speaking about the contributions of Chinese researchers to technological innovation, Zhang Yaqin, Dean of Tsinghua University’s Institute for AI Industry Research and a Foreign Member of the Chinese Academy of Engineering, highlighted examples in areas such as AI algorithm development, autonomous driving, and drug discovery. For instance, he mentioned an algorithm now used in all large-scale models, which was developed by four young scientists who studied in China, graduated from Shanghai Jiao Tong University and completed the work in Beijing while in their twenties.
Amid rapid technological advancements and intensifying competition, several attendees also called for stronger global cooperation and dialogue in the field of technology.
Xue Lan, Dean of the Schwarzman College at Tsinghua University stated that although there is competition between China and the U.S. in the field of technology, cooperation is the key to achieving a win-win outcome, especially for the global innovation ecosystem. He noted that China leads in publishing scientific papers and advancing frontier technologies such as AI and quantum computing. However, he pointed out that the current reduction in international venture capital has placed significant pressure on Chinese startups.
Joël Ruet, Chairman of The Bridge Tank, emphasized the importance of global cooperation in the field of technology. He identified three areas where collaboration is essential: emerging technologies such as quantum and biotechnology; technologies that need to become more affordable, such as green hydrogen and even AI; and areas requiring market expansion, such as solar energy.
Li Yifan, co-founder and CEO of Hesai Technology, spoke from the perspective of the relationship between technology and markets. He stressed that speed, not just performance, determines success in tech-driven industry transformations. When companies or products can iterate quickly enough, they can address any challenge. He also noted that China is not only the largest market but also the fastest.
Tackling Climate Challenges and ESG Practices: Integrating ESG and Carbon Neutrality
The challenges posed by global warming and climate disasters have become a central concern for stakeholders worldwide, and climate issues were a key topic among the event's participants.
Zhang Xiaoyan, Vice Dean of Tsinghua University’s PBC School of Finance, emphasized the dual pressure of slowing economic growth and the urgent need to reduce carbon emissions. She advocated for upgrading industrial and energy consumption structures through technological innovation.
Zhang Jian, Deputy Director of the Institute of Climate Change and Sustainable Development at Tsinghua University, highlighted that current progress toward climate goals is far too slow, with advancements in all areas of climate action lagging behind. He called for greater ambition and accelerated efforts. Zhang highlighted the interdependence of carbon neutrality and ESG, where each supports the other in fostering global sustainability.
Wang Li, General Manager of Moutai Group, pointed out that the current shift between old and new economic drivers has brought unprecedented challenges, including a lack of viable scenarios, weakened consumer demand, and cyclical industry adjustments. She argued that only by embracing long-termism and the principles of high-quality development can businesses navigate these new cycles. Wang argued that sustainable practices and ESG principles are essential for businesses to thrive in harmony with nature and society.
As Tencent Vice President Chen Juhong noted in her welcoming remarks, the event brought together seasoned participants of the Vision Dinner alongside first-time attendees, including leading global scholars, making it a true feast of ideas.
