China transforms from hardware manufacturing power to innovation-driven economy: business leaders

China is transforming from a major hardware manufacturing power into an innovation-driven economy, said business leaders attending the 2025 Summer Davos Forum Thursday in Tianjin, China.

At a session themed "China's Economy: Analysed" in the forum, guests agreed that China's advance in the fields of technology and intellectual property (IP) are bringing new opportunities for the world.

"China's a great innovator on the hardware side. I think what is actually the next version is give you on the software side and on the IP side," said Joseph Luc Ngai, chairman of the Greater China, McKinsey & Company.

Dr. Zhu Min, a member of the Senior Expert Advisory Committee of the China Center for International Economic Exchanges, said China's artificial intelligence (AI) industry is expected to usher in a new stage of growth which will benefit the whole world.

"I think the fundamental is China is going to lead AR+ wave. Not only for China but for whole world. So, be prepared. The big wave is coming. Brace for the new world. It will be excellent, [an] excellent new-tech world," he said.

Jin Keyu, a professor of Hong Kong University of Science and Technology, said the IP is an important engine driving innovation and creativity for companies.

"The ones that are most protected from trade wars and geopolitical uncertainties are those that have their own IP, R&D skill upstream. But the ones that suffer the most are the labor-intensive ones," she said.

Syensqo, a Belgian company and a leader in advanced materials and specialty chemicals, said they have already started introducing high-end technologies from China to many other parts of the world.

"Targeting other regions, other countries in Asia, but also in Europe and on-shoring the best available technology in China there," said Ilham Kadri, CEO of Syensqo.

The 2025 Summer Davos, or 16th Annual Meeting of the New Champions, concluded in Tianjin on Thursday. The event brought together over 1,700 leading figures from more than 90 countries and regions to explore how entrepreneurship and emerging technologies can unlock more dynamic and resilient economies.

China transforms from hardware manufacturing power to innovation-driven economy: business leaders

The United States cannot legitimize an operation that attacked Venezuela and captured its president, a Chinese scholar said Sunday.

On Saturday, the United States launched a large-scale strike on Venezuela, during which Venezuelan President Nicolas Maduro and his wife were 'captured and flown out of Venezuela' according to a post by U.S. President Donald Trump on his Truth Social account.

Teng Jianqun, director of the Center for Diplomatic Studies at Hunan Normal University, said in an interview with China Global Television Network (CGTN) that the aim of this operation is to take full control of Venezuela’s natural resources.

"I don't think the United States can legitimize this operation to take custody of the president of Venezuela. And also I don't think the United States can legitimize its any action in taking the oil reserves of that country. This is actually a very dangerous game played by the Trump administration. And of course, the United States would like to take full control of that country and to take full control of the natural resources, especially the large reserve of oil in Venezuela," said Teng.

Teng said Venezuela is not an isolated case but a common practice by the United States. The United States launched an invasion of Panama on Dec. 20, 1989, which continued until January 1990, with the stated objective of capturing Panamanian strongman Manuel Noriega on charges of drug trafficking and organized crime.

"We still remember the so-called sentence of the former president of Panama in the late 1980s. And this time, the president of Venezuela will be under some judicial condition (judicial proceedings) for the so-called drug trafficking and some other crimes. So I think this is not a single case for the Venezuela country, but also this is actually a practice by the United States -- to use force, to use so-called justice under law against any leaders in Latin America and the Caribbean waters," he said.

US cannot legitimize operation against Venezuela: Chinese scholar