Under the theme “Creating Value Through Innovation”, here are some of the highlights of this year edition of The World Economic Forum Annual Summit of the Young Global Leaders, which took place Sept 10-12, in Tianjin
1. Tech “Created in China” is the new “Made in China”
The « Made In China » is getting more and more sophisticated. « The first generation of China tech start-ups was mostly about the internet and copycat versions of Western sites (…) the second generation is about China’s booming online consumption and broad mobile economy ». (online finance, crowdfunding, taxi apps, …).
2. « The internet must have brakes »
On the theme « The future of the internet economy », Lu Wei, director of China’s State Internet Information Office, said : « Freedom and order are twin sisters, and they must live together (…) The internet is like a car : if it has no brakes, it doesn’t matter how fast the car is capable of traveling, once it gets on the highway you can imagine what the end result will be. And so, no matter how advanced, all cars must have brakes ».
3. China’s mobile revolution impact on productivity
« In the 20 years of the internet in China, 2014 will most likely be the most important inflection point » according to Winston Wenyan Ma, Managing Director and Head of the North America Office of the China Investment Corporation. 3 key reasons:
4. Internet entrepreneurs’ Chineseness
For Derek Shen, President of LinkedIn China, « if businessmen want to survive in China, they have to get to Entrepreneurship and have a down to earth attitude to achieve growth ». He pursues, revealing 5 vital qualities of China’s internet entrepreneurs :
5. China is winning at e-commerce
6. « Weibo is not only a playground »
For Yao Chen, Sina « Weibo Queen » (73 millions followers), what’s important is not the number of followers, but is how you use social medias : « I started to use Weibo for charity works by reposting events (…) like the Ludian hearthquake (In Yunnan, China 2014) » ; and concluding with how to be a good (internet) leader : « make yourself a good person before trying to help others ».
Sources : World Economic Forum Blog & Videos
Laure de Carayon
Founder & CEO China Connect