 Good morning. My name is Adrian Monk. I am managing director of public engagement with the World Economic Forum and Welcome to this opening press conference for our 13th annual meeting of the new champions here in Dalyan in the People's Republic of China I'm delighted to have with me our eight co-chairs for this meeting Just to introduce them very quickly. We have Minister Balhul Al-Falasi Minister of State for Higher Education and Advanced Skills from the United Arab Emirates We have Jessica Tan co-CEO of Ping and Group and the chairman of Ping and Technology Allende Haas chief executive officer of Adeco Group We have Chairman Ning Gaoning from Sinochem Group Fleming Besenbacker chairman of the supervisory board at Carlsberg We have Inas Abohamed fellow of Imperial College London and a young scientist at the World Economic Forum We also have Supachai Chiravanant chief executive officer of Charoen Poppand CP Group and Charles Lee the chief executive officer of the Hong Kong exchanges and clearing So we have a fantastic group of co-chairs. You'll be able to See them one-on-one in sessions throughout the program where they'll be sharing their experiences on leadership But before I go any further. I want to kick off and hear from each of them We have a packed panel and we're going to try and make sure that we have time for questions at the end Which is my quick way of reminding all our fantastic co-chairs That we're trying to squeeze as much into as small a space as possible So without further ado minister, I'm going to turn to you and ask you what your expectations are for this meeting Over the next few days. Thank you. Thank you, Oliver So first of all, it's a pleasure to be here. It's my first time at Dalian very impressed with the Impeccable organization When I was offered the role of coach here, it didn't take much convincing to accept it Mostly because We offer presents a platform where you connect minds from different people discuss issues that are truly global And also because the yacht Arab Emirates is a truly global country. We host more than 200 nationalities and we have, you know A lot of companies that are going very international like Emirates Airlines and Aliport. So it really is in our DNA We do have a long-standing relationship with Weff. We just established the fourth industrial revolution center in Dubai And we like to think of ourselves as champions For the world economic forum in the mean region We do have a lot of collaborations with different countries My expectations for this specific Event is to collaborate on technology. I do have some views when it comes to education and technology giving my background But I also chaired the space agency and there we're trying to Maximize the value of education and see also how it transcends into various other sectors Again globalization is a key topic For for this conference and we're very excited to be here. Thank you. Thank you so much minister Jesse, can I turn to you from Ping An group? So hi everyone. Good morning. My name is Jessica Tan from Ping An group Um, and I'd like to urge basically everyone who is uh going to be at the conference for the next three days to think really about How technology can transform even more the industries and markets there we are in I would argue that every one of us here as consumers would have no doubt that Technology has completely changed our lives even in the past 10 years I mean look at the mobile smartphone, which most of us would not live I'd rather lose my wallet than my smartphone and this only came to existence 12 years ago Right, uh, our lives are completely different But I would argue that uh, a lot of the sectors that we're in We're still grappling with the same old processes and issues that plague us for decades Right, uh, and as Ping An has uh, you know, we are an insurance company You can't get more traditional than that I think for the past 10 years we've devoted ourselves to really think about technology can transform Not just us but the rest of industries and I'll give two examples is for thought right one I think in financial services SME financing is a problem that has plagued all of us across the markets, right? And because there's a lack of Information and therefore you don't get as easy and cheap access affordable access to credit Right, we built a blockchain platform last year with 5 million SMEs whereby they offer real time their trade data Their transaction data finance data crm data to share with the financial services You know so in in exchange for easy and 20 to 30 percent cheaper access to finding I think this is where technology can really fundamentally solve some of the problems that's played us for decades solving the information Asymmetry, I'll give another example in healthcare You know all of us from whatever countries that were in their 80 countries here You know, we always struggle with a lack of doctors No, no amount of doctors is enough right in China. We have 1.4 billion people. We only have 3 million doctors So what we've started doing about 10 years ago is really using AI to train clinical decision support systems as tools to help the doctors Right, so it's not to replace the doctor But you can help them because they are trained the best doctors in real life cases and that's this dramatic impact, right? You look at the level of general practitioner here the level of consistency that they are here to a certain treatment Is less than 60 percent in many of the cities with this they can go over 90 over percent Right, and I think this is again when an impact that can dramatically transform a healthcare industry And some of that I hope that um, this is a very rare occasion Developed to this we hope I hope that everyone would share a lot more and take away ideas that we can go back to our respective companies and industries and markets and hopefully skilled technology innovation in sectors much more Thank you. Thank you. Just say alan a deco group leadership is kind of in your dna, isn't it? I suppose Yes, good morning to everybody and happy to be here happy to be here because Our company is really committed to improve the state of the world and more specifically The purpose of of the deco group is to make the future work for everyone And we know that there are a lot of opportunities With especially with technology with innovation with new ideas present here But there is also a challenge a challenge to synchronize this transformation between the people who are losing their capabilities in need and especially To synchronize the risk killing towards the new capabilities needed by this new word So I have for the next three days just two key messages the first one is Let's stop the lifelong talking and let's go to lifelong learning There have been a lot of talk at government level at company level at employee level about risk killing and it is really Hard time to become concrete So it is really a call to action to governments to companies and to employees To really start this upskilling and risk killing project in order to have a future working for everyone And the second message is the need of the new social contract The economy is changing If I take the example of the us 47 of the new graduates are entering The labor market as a freelance But unfortunately like in the us and in many markets The framework is not there to support them into their working life And that's why we request a new social contract taking into account This new reality, especially the new reality of the freelance market And thank you very much Chairman Ning can I send to you for your your thoughts for this reason? Okay, thank you. Thank you. Uh, I'm happy to join this forum I I I come from a manufacturing and industrial company I want to Learn and share with you on How this manufacturing Sector is transforming itself so I I want to quote an example right here in darlin Only 20 miles away from here There is a modern and big scale New refinery has opened only a few months ago Which is a refinery by far The largest in volume Not only petrochemical refinery also in downstream like excellent and Px or pta Other chemical products that transform themselves from refinery to a complete petrochemical company Size number one. Secondly is the technology Technology you're on refinery. We starting from so-called efficiency Cost cutting and then we've got this automation Today, uh, a lot of artificial intelligence technology being used You can see a refinery Build on On a large scale with a sophisticated AI technology to achieve Optimum results automatically much smarter than human brain So, uh, I I hope we can share the The information and the views on how this manufacturing business being Transformed in a large scale Which will affect all of us. Thank you. Thank you very much Fleming from uh, kalsberg. Can I just ask you for your Thoughts and hopes this meeting Good morning, and I'm very pleased to be back in dalyan here and also to be very pleased to be back in china Um, one of the topics which is very close to my heart is actually shifting from a linear economy to a circular economy in our globe today We are faced with huge challenges climate change environmental change and so forth here And the linear economy has served up very well create a lot of wealth in our society taking resources Produce consumed and create a lot of waste And it's actually so that uh, if all people on the globe were living as we're doing in danmark It actually require requires four globes of resources and that can obviously not continue on There's something called the world osu day And that's the day where we Seven billion people on the globe is actually using more resources than we regenerate in one year And last year this state was first of august and it's moving further and further ahead And therefore we we really have to shift from a linear to a more circular economy where we keep the resources in a closed cycle And in my opinion there's four hours which are very important within the circular economy And that's reduce reuse recycle and rethink Um, and that's actually something which is very important here It requires many things. It requires leadership It requires uh responsible thinking It also requires a lot of new innovation entrepreneurship Actually to develop new technologies to keep these resources in a closed circle here and therefore rethink is very important And that I think this meeting here is very important Resync in the way of leadership with a more sustainable leadership going forward here Trying to integrate this circular economy in our thinking both in businesses But also in municipalities on the state level here And finally a thing active for many of the great young people which are also here in Daliang Trying to come up with a new solution how we can actually consider waste as a new resource for the manufacturing in the future Thank you. Thank you. And that's a great introduction into ns ns. I appreciate your Hope's expectations of the meeting Good morning everyone and congratulations on putting together such a wonderful meeting with a lot of impact that we all Expect to come out of this meeting So I run a clean tech energy company We harness renewable energy and store that in the form of hydrogen And that's a zero emission solution that we hope to scale and introduce to millions around the world Especially in order to solve energy poverty issues in the developing world Where 1.2 billion people as of today don't have access to power My message for this meeting is to look for a new type of leaders A new breed of leaders that we don't have many We have we don't have many examples as of today for and that is because my generation have inherited critical problems like climate change water shortages a migration and immigrants crisis All these problems we have to solve and they haven't been solved yet My suggestion to this meeting is to try and look and build for leaders Who can think like scientists and act like like entrepreneurs and by think like scientists I mean leaders who look for evidence before they make decisions And by act like entrepreneurs I mean leaders who seize gaps in processes and systems Act on them introduce change in the form of innovation create opportunities with the hustle and agility of an entrepreneur And fix systems scale solutions These are the type of leaders that will bring hope to solving our problems And I represent the young scientist community of the word economic forum It's an exceptional community in terms of The nature of the Members of the community. They're all actionists and not activists They all go into the lab and do the type of research That would really solve critical problems that we face like Fixing climate change look at problems like obesity mental health A curing cancers and many other problems This is the type of A unharnessed power that we haven't looked to today And we really need to turn to the scientific community and bring more scientists into the decision making table to solve our problems and hopefully This type of leadership in a new era of globalization is going to bring a lot of hope for a better Industry and a better a global community Fantastic. Thank you so much and we're also running in parallel with this meeting our young global leaders summit The leaders in their 30s. So we have some 200 Young global leaders here and also we have our 20-something Global shapers. So if you have a chance to meet any of those around the meeting, please Take the opportunity Supachai, can I just turn to you? Yeah, first of all, I'm really pleased to be here and very honored I always look forward to come to You know the bbf and I actually learned a lot. We are facing the same challenge, which is exponential speed of change be it, you know, political geo-politicals, you know technology Sustainabilities issues You know all kind of disruptive change around us cp group is a company which is an agro base and we diversify into Retails distributions and telecom medias and invest in some others a few others major industries We have over 350 thousands employees And you know our business extended to other suppliers, you know business partners And you know including farmers millions of farmers Again, we have to look at things from Start things from the inside out and it's most of the time start from The leaders start from the divisions and goals that need to be adapt and change The different measurements like kpi's Need to be communicate different, you know abilities if you're looking at Solving a complex problem, you know most of the time we have to to come back to a very basic things and that is you're looking at You know ourselves as as of love and compassion and be able to you know Give them warmth Or you want to Teach our children's in other ways a company is the same If we are able to to allow and empower them and teach them and give them the new tools And you allow them to also learn the new skills such as the digital literacies New generations actually joining our companies all the time. They also help shape shape the company so I believe that empowerment, you know To the to the people why they are facing the market which actually drive the change That's the best thing for the companies to to adapt and evolved So again, basic things is just going back to the inside out practice Looking at the employees as your family looking at your suppliers and partners as the extended families all the way down To the consumers as well so Leading the leading the change and being the example is probably a very important collaborations between the public and private sectors And the evolutions are the reform of our educational system would probably be a very key Thank you very much Charles. Just closing with your reflections on this meeting. Thank you. Thank you It was great to be here. I think throughout the conference. I'm sure They're going to be a few Vocabularies that we keep hearing we're going to keep hearing of china us trade conflict disruptions technology And this is all you know about either the us or china But in the end, I think increasingly we're going to realize that the biggest disruption Over the last two decades is china and technology and combining china and technology We are seeing a disruption on a scale that we have never seen before And this is no longer really just a simple conflict between us and china or conflict between socialism or capitalism Is a lot more beyond that now. I think today we're really looking at potentially a two operating systems on a global scale That trying to find a way to talk to each other on the one hand You have an eastern model where politically we are still a top-down elitist But on the economy on the technology side particularly technology has pretty much flattened the entire economy So as a result we are a flat Economic structure in china with largely a c2c You know a cultural prevailing On the other hand in the west you still have Very much a political flat ground essentially popular representative democracy and popular election And popular social media and creating a flat social and political Society but on the other hand economically Economy is still dominated by a pyramid of top-down elitist And so we're now in the new era is to look at whether or not that flattened Technology flattened economic background is going to ultimately change china politically Or we're going to look at that technologically flattened America whether or Europe whether that is going to automatically going to change its economic distribution system So these two operating systems are so different now that it's increasingly very difficult for them to talk And it's increasingly challenging for them to connect I think I come from hong kong hong kong is a small place But we want to play bigger roles We want to help this two operating system to talk To connect and to translate we want to translate the voltages We want to connect the wrong pipes with the square pipes We want to make sure that in this world where we inevitably are living in two operating systems The two operating system can still talk and hopefully partially through hong kong. Thank you Thank you very much. Um, we haven't got a huge amount of time But can I just get a sense in the room of who has a question? And who would like to put one to our co-chair? So if you've got a question, please Pop your hand up Okay, and we have a microphone We will get to you. We'll try and take, uh, maybe the Folks on the front row. Can you make it one question? Please can you tell us who you are and where you're from as well? Hi, I'm with phoenix I have a question for mr. Lee. So 5j is a very popular topic right now How would you expect 5j network coverage to transform to transform financial industry? Or to be more specific to transform hong kong stocks exchange That's a great question for mr. Lee, but we'd like also to bring in our other panelists So can I just ask for questions from these folks too? Uh, yeah, thank you, uh, I work for a ci and my question is for in us Okay, uh, how do you evaluate the innovation environment and the policies and achievements in china? So, uh, if china want to make a more sustainable economy So what can we learn from uk and us and how can the companies they can work together? Thank you Okay, and And hello, mr. bison barher and from national business daily and in the previous interview You said that your corporation with china can be started and dated back to 1990s And to do detail background information about the corporation at that time And when you first come to china and this country is in the early stage of reform and opening ups And has your understanding of china or impression has changed and how Thank you That's a great series of questions And i'm just gonna I think we've probably got times very quickly Wisdom past All of our panelists because I think they each of them probably has something to say about what china can can learn from their experiences in terms of innovation or What china may want to bring to the table from its experiences? perhaps some comments on 5g infrastructure and And also for those of you who've been coming for a longer time to china perhaps What your experience of the change that you've seen is so Perhaps fleming we can just start with you. You've you're no stranger to The prc. What's been your experience of the changes you've seen and impressed what's impressed you Let me face it first from the science point of view and from the business point of view I've come to china for nearly 30 years and In my previous life I was professor of nano science I've had a very close cooperation with many chinese university and acted today as member of the chinese academy of science and being an academician I must say sort of the development of china within science and innovation entrepreneurship is just astonishing And I think that reflects just the fact that china has been investing in rnd for many years And now you're starting to see the results and china being leaders in many areas like for example ai So that's really great and see many many young chinese Entrepreneurs coming out from some of the great universities starting their own companies now and that that's really pleasing to see From the business point of view. I think china is a fantastic country here at carlsberg We have 27 breweries here and this is certainly one of growths area here And I see a lot of growth opportunities still going forward in china great stuff in us anything from your side on things you think that The outside experience can bring on innovation and sustainability to china um so I myself spent Some time in jingwai university at some point and I just want to second the message of my fellow co-chair It's really impressive the direction that china is moving in terms of adopting More technologies and innovation on the sustainability front on sustainability front And specifically I think there are two approaches that that Can can be done here one is the top down the policies that government Could could take And investments in more sustainable products, but also The bottom-up approach like the rule of government in encouraging the 1.4 billion people in china to become socially more responsible and Follow a sustainable behavior in in consumption And this is something that europe has started and many Other continents and I think china will have a big role to play in that Charles can I just turn to you on the 5g question on its transformation Impact on financial markets. Yeah, I don't think 5g itself necessarily is the defining moment for the financial services the financial services innovation and You know a global Development challenge is really an issue where china is physically You know innovation has tremendously transformed china's financial system by essentially just intermediated The entire system to making it into a c2c Flat system that physically tremendously improved regulatory efficiency And distribution efficiency, but unfortunately has also deprived the system of the chemical enrichment that risk manage and Improperly develop and product development where in the western model is still heavily Intermediated so there's a lot of innovation. There's a lot of resources There's a lot of ideas a lot of layered risk management But on the other hand massive efficiency in terms of distribution How to bring the two system to actually be able to learn from each other each other and potentially Cross-fotolizing that would be the challenge Mr. Just to pick up on the innovation question UAE is known for its interest in championing of innovation are there things you're looking to share from your experience and also Things you're looking to learn here in china. Absolutely. I think first to go back to your question about 5g I come from a telecom background. So for me um, I can never over State the importance of technology. It's the backbone of any economy When it comes to UAE we may have been late commerce education to formal education So we had to catalyze the educational system and to encourage the students to become more innovative more entrepreneur entrepreneurship One thing we did was we actually announced a year of innovation just to get that culture setting Where all universities and companies were working together in innovative solutions in various different sectors And then thereafter we have a month every year to continue that momentum. So for us The quick shift from basic education to becoming innovative Happened quickly because the government had a bigger role And it was most about empowering the people it's about creating a momentum Branding the country's innovative and then that trickles down Through the whole system the whole economy We do and within the region were the one of the first countries to launch 5g Previously 4g. So the whole country has moved to become more innovative and It has always been picked over the past seven or eight years as the number one destination For young people within the new region to live and work out. That's predominantly driven by innovation and technology Just want to check in on our other co-chairs and see if they want to come in on those Yeah, I would like to comment maybe a bit on technology innovation I mean I There's there's three things that I think Is necessary To do that Be in china or anywhere else. I think the first one is that you have to have real world problems to solve Right. It cannot be innovation for the secret innovation, right? And I think that's one of the benefits I think working in the china. I mean, I would I'm singaporean I study and worked in the states I've worked in 10 different countries in the Asia in the past six year in china And one of the unique things about here is there's no lack of problems to solve I think the second thing that you need to have is then people right? I think fleming and then many others talked about people and it's just astonishing the amount of talents and different discipline People 10 years ago. We have 3,000 developers today by 30,000 developer and 99,000 technology You can see it is exponential. It's not a linear. You need people with different disciplines working together I think that's one of the challenges and then thirdly is then the market. I mean no innovation is for free Innovation takes a lot of time investments Sustained many years to do it and if you don't have a big enough market To be able to monetize some of that. I mean, you're not going to encourage the innovation, right? And I think these three factors are very important for technology innovation in any markets And and china is one of the countries. I think their record have both three elements. So that's mixed in a very exciting market Just looking down super job Can I add on to the 5g 5g is again another technology, you know, I'm also in the telecom business So you will see 6g and you will see 7g coming You know, it's it's actually increasing the ability to transfer data Not that but at the end of the day is about the content about the applications So how does content and application help help uplift the education? For example, you know the economy for example and be able to also have a good governance Or you know how we actually use the technology is very important so again going back to the educations going back to China as a models whereby I think china is probably now from one of the most advanced country in the world in terms of moving To it ai you know data analytics you have abundance of of data 5g will help enhance that and then you know the learning that you will have from utilizing those data The learning from how you developed your younger generations I think that's something that would be so valuable for the world to learn. Thank you. I just want to ask Alan and Chairman Ning if they've anything they'd like to close with because I'm looking at my watch and seeing that I've committed the great swiss sin of running over time I apologize Gentlemen anything you'd like to say? I think there is always another side on everything and On innovation technology and some we should not forget that alone a lot of Youngsters are not part of this movement It is in China. I think 8.2 million young people are are not really in education and so on So we have to solve this but also in a lot of other countries in the world The youth unemployment is at a double rate than then the regular unemployment figures It can be in the u.s. It can be in europe everywhere You see that the youth unemployment is a challenge and especially with the acceleration of the technology So I didn't mention that in my introduction but part of the The solution and the key recipe is what's called the vocational training And what is the vocational training is a way to make sure that the youngsters are Getting the skills the capabilities that are currently in need by the business and One of the movement we are pushing everywhere in the world including by the way in china Is this apprenticeship model developed in countries like Germany like switzerland austria where you see That the youth unemployment is extremely low because the education system is really adapted to the needs of the society and the business Chairman last last word to you me yes, uh I think like or not, uh, china started being uh Uh, uh, low-cost labor manufacturing base then being a market then being a sort of environmentally You know affected country And now china talking about technology I'm sure you will see i'm sure In next decade You see more and more technology from china I mean momentum very strong today Thank you Thanks to all our co-chairs. Thanks to all of you. I hope you have a successful and fully packed meeting and uh There'll be opportunities to catch up with all of them. I know one to one later on. Thank you