At the 2024 Bund Summit in Shanghai, leading economists and business figures shared an optimistic outlook for the Chinese mainland's economy. The event, themed \"Navigating a Changing World,\" brought together influential voices from around the globe from September 5 to 7.
Nobel Laureate Michael Spence emphasized that while the Chinese mainland faces short-term challenges in aggregate demand, the country's real growth engine lies in its remarkable capacity for innovation and productivity. \"The growth potential is really quite substantial,\" Spence noted, highlighting the importance of structural transformation on the supply side.
Liu Jun, President of the Industrial and Commercial Bank of China, echoed this sentiment, stating that technologies like the Internet of Things, cloud computing, and AI are driving a new economic paradigm. \"China's huge market and population, coupled with the Chinese people's passion for trying new things, will propel the economy to a new and high-quality level,\" Liu added.
Standard Chartered's China CEO, Jean Lu, highlighted the rapid emergence and development of new technologies and high-tech enterprises, which are accelerating the transformation and upgrade of the Chinese mainland's economy. Lu described this as a remarkable trend that will boost the economy in the long run.
Thomas Fang from UBS pointed out that despite a complex international environment and economic adjustments, new opportunities are arising in the Chinese mainland. The digital economy, high-end manufacturing, and new energy sectors are set to become the powerhouses of economic growth.
Adding to the excitement, Tim Wannenmacher, co-head of Global Markets Asia Pacific at UBS, mentioned the burgeoning opportunities in AI. He praised the advantages of an active engineering talent pool, vast amounts of data, and diverse application scenarios for large language models in the Chinese mainland.
As the summit concluded, it was clear that innovation and technological advancement remain at the forefront of the Chinese mainland's strategy for sustained economic prosperity.
NewspaperAmigo – Your Global News Buddy 
The event, themed \"Navigating a Changing World,\" brought together influential voices from around the globe from September 5 to 7.
