On September 9, 2018, the First Annual Global New Technology and Industry Forum themed the Belt and Road Initiative: Intelligence Linking Everything kicked off in L‘hotel Nina et Convention Centre in Hong Kong, hosted by Forum 30 on Artificial Intelligence and Blockchain (Forum 30) and co-hosted by the Financial Center for South-South Cooperation (FCSSC), the Alumni Association of the PBC School of Finance (PBCSF) of Tsinghua University, and the Zhongguancun Blockchain Industry Alliance.
At the invitation of FCSSC, Mr. Ban Ki-Moon, former Secretary General of United Nations, was present at the forum and welcomed by John Wu, Vice President and Director General of FCSSC, on behalf of the co-hosts of the forum.
The attendees from FCSSC included Executive President Zhang Zhiping, Chief Economist Zhang Laiwu, Vice President Zhang Gaobo, Vice President & Director General John Wu, Deputy Director General Joyce Zhang, etc. Together with leaders in the AI and blockchain industry, they discussed how AI and blockchains would empower the real economy, improve the financial market and drive an enormous leap forward in the economic development of the countries along the Belt and Road.
The blockchain is the trust machine. It rebuilds the trust between companies and society through asymmetric encryption and smart contracts, greatly reduces costs of trust building, and ensures efficient and safe commercial activities of companies, governments and society through distributed data calculation and storage.
Chinese President Xi Jinping said, “A new generation of information technology represented by artificial intelligence, quantum information, mobile communication, Internet of Things, and blockchain accelerates breakthrough applications …… The global economy is entering a development stage where the IT industry is dominated.”
At this forum guided by the Belt and Road Initiative and themed Intelligence Linking Everything, the attendees had an in-depth discussion on new technologies and industries throughout the globe, and on how AI and blockchains would empower the real economy and support the Belt and Road Initiative. Additionally, they believed it was crucial to promote cooperation in science and technology between the Mainland and Hong Kong, help Hong Kong grow up into an international innovative technology center, and allow the scientific and technological circles of Hong Kong to make contributions to building China into a country with great technical strengths and to the great rejuvenation of the Chinese nation and the prosperity of the global economy.
Shaping the world with technology by taking a global view
Mr. Ban Ki-Moon, former Secretary General of United Nations and Chairman of the Boao Forum, and Mr. Vitalik Buterin, a co-founder of Ethereum, were present as international special guests and made remarks at the forum. They respectively shared their ideas on blockchains and expressed best wishes to the future of the Forum 30.
Mr. Ban talked about global issues like poverty, starvation, wars and global warming, and advocated joint efforts of all countries since any single country could not lead the whole world any more. When it came to blockchains, Mr. Ban remarked that blockchain technology was not just beneficial to any single individual or country, but a great technical revolution that would benefit all mankind and shape the world.
Mr. Buterin shared his ideas on the blockchain industry. He suggested that it be more important to think about technology involved in digital tokens rather than focus on their financial values. According to him, blockchain technology is aimed to establish a trans-industry global distributed ledger that allows data within and among industries to flow freely throughout the globe, however, good user experience is an urgent task since blockchain technology is continually improved.
Driving development with technology in light of Intelligence Linking Things
Mr. Zhang Zhiping, Founding Partner and Chairman of Oriental Patron, President of the Alumni Association of the PBC School of Finance (PBCSF) of Tsinghua University and Executive President of FCSSC, made opening remarks. He pointed out that the Belt and Road Initiative and Intelligence Linking Things would play a critical role in China’s economic development since the Chinese economy started new normal and required a comprehensively intensified financial reform.
According to Mr. Liu Zhiwei, Chairman of the Forum 30, in 2017 AI drew global attention because of AlphaGo’s victory, and blockchain-based digital currencies became a new favorite for investors owing to rapid development of Bitcon and Ethereum. After the development in the previous 10 years, blockchains are widely applied in insurance, banking, logistics, food, trade and other sectors.
Mr. John Wu, Vice President and Director General of FCSSC, believed that the blockchain was a technical guarantee for trust building if the Internet was infrastructure for informationization. “We should be open to any innovation and figure out its applications to boost the development of all mankind and create opportunities for international cooperation,” said Mr. Wu.
Mr. Zhang Laiwu, Chief Economist of FCSSC, President of the Institute of Sixth-Sector Industrialization Research of Fudan University and former Deputy Minister of Science and Technology, delivered an opening speech titled New Economy as Main Battlefield for Blockchain Development. According to him, the blockchain involves many technologies and its main battlefields will be the fourth, fifth and sixth sectors. Application of the blockchain requires techniques. The blockchain is the cornerstone for the shifting from the Internet of information to the Internet of value.
During the forum, Mr. Ban Ki-Moon and Mr. Zhang Zhiping had informal discussions on how new technologies empower industry development and benefit all countries.
Promoting industry development with a view to the future
「Forum on New Technology Industry and Finance」
The forum is hosted by Mr. Chen Shuo, President of Trichain Capital and Secretary General of the Forum 30. Famous insiders were invited to the roundtable forum, including Mr. Zhang Gaobo, Chairman and CEO of Oriental Patron, Mr. Chen Ping, Founding Partner of Ausvic Capital, Mr. Wang Feng, Founder of Mars Finance, Mr. Fan Liyue, CEO of Julian Group, and Mr. Liang Jieyang, Founder of the Hong Kong Blockchain Association and Managing Partner of Orient ES Capital Group.
When asked for his ideas on the market, Mr. Wang said that the blockchain industry had unexpectedly attracted many top talents from hi-tech companies, especially international young talents. Hence, he suggested institutional investors focus on young talents.
When asked questions about the industry development trend and investment strategy, Mr. Chen believed that the blockchain industry would drop further considering that a cycle of the blockchain industry is about 4 years and that the highest point is about 8 times the lowest point. Mr. Fan suggested institutional investors invest in startup companies in their early stages to spread risks.
At last, Mr. Liang said that we should help develop blockchain technology throughout China including Hong Kong, Macau and Taiwan, and Mr. Zhang believed that breakthroughs in the blockchain technology would be made in biotechnology and life sciences.
「Forum on Global New Technology Policy Development Trend」
This forum is hosted by Mr. John Wu, Vice President and Director General of FCSSC. The attendees included Mr. Duncan Chiu, President of Hong Kong Information Technology Joint Council, Mr. Xu Yuren, a Representative of Taiwan Public Opinion, Mr. Li Guangdou, a famous new economy observer, Mr. Tang Yi, Executive President of the Belt & Road TechFin Association, and Mr. Yu Jianing, Vice Chairman of the Blockchain Committee of China Communications Industry Association and former Head of the Institute of Industrial Economics of the Ministry of Industry and Information Technology.
Mr. Yu said that the blockchain industry should be radically reformed to empower the real economy.
Mr. Chiu remarked that the concept of blockchain should be popularized in Hong Kong where people have conservative ideas on it, especially tokens and consensus mechanisms.
Mr. Xu recommended that the blockchain industry establish an industry self-discipline alliance which would cooperate with the government and that the government provide subsidies to blockchain research and help apply blockchain technology.
According to Mr. Tang, Hong Kong is the largest free market in the world where people may explore and innovate provided that legislation allows them. This is perfectly in agreement with the liberalism shown in blockchain technology, so blockchains and digital currencies are promising.
Mr. Li thought that entrepreneurs were supposed to justify blockchains and called upon the guests and participants at the forum to popularize blockchains and enable them to benefit more people.