China Jianyin International Zhao Wenli: The Confidence of China's Intelligent Economy Lies in Thousands of Industrial Scenarios

Southern Finance 21st Century Business Herald Reporter Wu Bin Shanghai Report

From the stunning appearance of robots on this year’s Spring Festival Gala stage to intelligent terminals entering ordinary households, the power of Chinese technology is moving toward the world stage in more tangible and perceptible ways.

In 2026, the government work report first proposed “creating a new form of intelligent economy.” Zhao Wenli, Chief Economist at CCB International, told 21st Century Business Herald in an exclusive interview that this indicates China’s economy is entering a new development stage. If the past decade focused on developing the digital economy, the next phase’s core task is to make artificial intelligence a new factor of production and deeply embed it into the industrial system.

Compared to Western “Industry 4.0” or national AI strategies, China’s approach has a clear characteristic—greater emphasis on industry scenarios. Zhao Wenli emphasized that China has the world’s most complete manufacturing system and a large application market, making it easier for new technologies to iterate rapidly in real economic activities. This means that the development of China’s intelligent economy is largely not just a technical competition but a comprehensive advantage formed by the deep integration of technology and industrial systems.

From an economic perspective, the more complex the technological system, the more important international cooperation becomes. Zhao Wenli predicts that China’s continued technological breakthroughs in some frontier fields may lead to a more pragmatic pattern of global technological cooperation—maintaining competition in key security areas while fostering cooperation across broader industrial applications.

The true foundation of China’s intelligent economy is to give life to cold code in vibrant factories, busy ports, and high-speed trains, enabling technological innovation to quickly test, iterate, and amplify within real economic cycles. This “industry depth” may well be China’s greatest confidence and variable in the complex and ever-changing technological game.

“21st Century”: “Smart Economy” has become a hot word at the Two Sessions. In your view, what is the key for China to move from a “digital giant” to a “strong intelligent economy country”? How does China’s “smart economy” path differ from Western countries’ Industry 4.0 or AI strategies?

Zhao Wenli: The inclusion of “smart economy” in the government work report for the first time signifies that China’s economy is entering a new development phase. If the past decade focused on digital economy, the next core task is to make AI a new factor of production and deeply embed it into the industrial system. The key to transforming from a “digital giant” to a “strong intelligent economy country” is not just technological breakthroughs but also the synergy of computing infrastructure, data resources, and industrial applications. It involves promoting large-scale AI applications in manufacturing, energy, healthcare, transportation, and other key industries, ultimately transforming the entire modern economic system from demand side to supply side into full-scale intelligence. Compared to Western “Industry 4.0” or national AI strategies, China’s approach emphasizes industry scenarios more. With the world’s most complete manufacturing system and a vast application market, new technologies can iterate quickly in real economic activities. This means China’s intelligent economy development is largely not just a technical competition but a deep integration of technology and industrial systems, forming a comprehensive advantage.

“21st Century”: Even with external technological restrictions, some Chinese companies have found different ways. What does this mean for the global AI competition landscape? Will it usher in a more diverse, cost-effective era of technological innovation?

Zhao Wenli: Under external technological restrictions, some Chinese enterprises can still advance AI innovation, which indicates that the global AI competition pattern is changing. In the past, AI competition was mainly understood as a contest of computing power and model scale, but as the technological environment changes, engineering optimization, cost efficiency, and industrial application capabilities are becoming increasingly important. From a global perspective, this may promote AI innovation to shift from a single-path dominance to a multi-path parallel development pattern. Some companies continue to hold advantages in foundational models and computing power, while others may develop competitiveness in application deployment, cost control, and industry integration. In the long run, this diversified innovation structure is conducive to technology diffusion, gradually transforming AI from a competition dominated by a few tech giants into an innovation ecosystem where more countries and enterprises can participate.

“21st Century”: As China invests more in future industries like quantum technology and nuclear fusion, how do you see the competition and cooperation in the global tech field evolving over the next five years?

Zhao Wenli: Over the next five years, the global tech landscape is likely to feature both competition and cooperation. Quantum technology, controlled nuclear fusion, advanced materials, and next-generation communication technologies will become key frontiers in major country tech competition. However, these fields require high R&D costs, long cycles, and are highly dependent on global scientific collaboration. From an economic perspective, the more complex the technological system, the greater the importance of international cooperation. China’s continued breakthroughs in some frontier areas may lead to a more pragmatic pattern of global tech cooperation—maintaining competition in critical security domains while fostering collaboration across broader industrial applications.

“21st Century”: The robots at China’s 2026 Spring Festival Gala became a global focus. What benefits does this bring to Chinese companies’ globalization efforts? What advantages does China have in AI scenario implementation?

Zhao Wenli: The robots at the Spring Festival Gala drew worldwide attention, not just as a media event but as a concentrated display of China’s intelligent manufacturing capabilities. For Chinese companies, such high-profile events can significantly enhance international recognition of China’s tech industry and strengthen the “Made in China” brand image. China’s AI advantages in scenario implementation are clear. First, China has a large manufacturing system and a complete supply chain, enabling rapid transformation of new technologies into products. Second, the vast domestic market provides abundant application scenarios and data sources. Third, Chinese companies excel in product iteration and cost control, allowing technologies to commercialize quickly.

“21st Century”: From the green transformation of traditional manufacturing to China’s focus on “future energy,” how do China’s advantages in new energy technologies help address climate change?

Zhao Wenli: In the new energy sector, China’s strengths lie not only in R&D but also in scaling up industry and reducing costs. Over the past decade, China has built a complete industry chain in photovoltaics, wind power, and new energy vehicles, significantly lowering global green tech costs through mass production. Currently, China is further investing in new energy systems and future energy technologies such as hydrogen, nuclear fusion, space energy, and actively deploying energy storage (like solid-state batteries), smart grids, and AI+ energy integration. This shift indicates China is moving from a major manufacturer of renewable equipment to a key driver of future energy systems. From a global climate governance perspective, the speed of energy transition depends less on targets and more on whether green technologies are economical, stable, and scalable. China’s industrial capacity plays a crucial role in this.

“21st Century”: The government work report this year set China’s economic growth target at 4.5%–5%, the first range-based target after three years of around 5%. During this critical period of new and old kinetic energy conversion, where does the main driving force for actual growth come from? Is the “smart economy” a key part?

Zhao Wenli: Setting the growth target at 4.5%–5% reflects a more pragmatic approach aligned with China’s current high-quality development stage and the decision-makers’ consideration of internal and external changes. In our recent report, “The Great Transformation: Top 10 Issues and Outlook for China’s Economy in 2026,” we suggest that by 2026, China’s economy is more like a stage of “rebuilding the growth formula.” As real estate and global dividends wane, traditional high-multiplier growth models are receding, and new growth drivers are emerging from manufacturing upgrades, energy transition, smart economy, and deepening reforms to improve governance. The key to high-quality growth in the future is not demand-side stimulation but whether technological progress, industrial upgrading, and structural reforms can reshape the supply side and continuously improve total factor productivity. Currently, China’s economy shows resilience overall, but with limited total elasticity. Industrial upgrades and export structure improvements provide resilience, but demand recovery still constrains growth slope. Future growth will be more about structural improvements rather than traditional cyclical rebounds.

“21st Century”: The global economic center is shifting irreversibly eastward, and China plays an important role in promoting development in “Global South” countries. When “smart economy” becomes China’s new engine, how will China’s trade and economic cooperation with “Global South” countries change? Will it shift from traditional infrastructure investment to more future industries?

Zhao Wenli: As the smart economy gradually becomes a major engine of China’s economy, the cooperation model with “Global South” countries may also undergo structural changes. Past cooperation focused more on traditional infrastructure like transportation, power, and ports. In the future, cooperation will likely diversify. Our outlook also notes that China’s exports in the current global environment are more like a “steady sail” rather than an engine driving continuous acceleration. This means future foreign cooperation will shift from simple commodity trade to service trade, industrial cooperation, and technology collaboration. With strong capabilities in digital economy, clean energy, and smart manufacturing, China can help many developing countries accelerate industrial upgrading and digital transformation.

“21st Century”: During the 14th Five-Year Plan, China will continue to steadily expand institutional opening and uphold multilateral trade. What does this mean for the world? How will China’s shift from “trade and factor flow-based opening” to “institutional opening” create new opportunities?

Zhao Wenli: In the context of rising global uncertainties and increasing trade protectionism, China’s emphasis on expanding institutional opening and maintaining multilateral trade systems is highly significant. Institutional opening not only means expanding market access but also aligning rules, standards, and regulatory systems. The shift from “trade and factor flow” to “institutional opening” indicates China will pay more attention to the stability and transparency of the institutional environment. This can boost cross-border investment confidence and provide a more stable institutional foundation for the global trade system. Globally, this approach helps reduce the risk of fragmentation in the trade system and creates new space for international cooperation.

“21st Century”: This year’s Two Sessions again emphasized advancing high-quality, in-depth cooperation on the Belt and Road Initiative. As the initiative extends into digital, green, and emerging fields, what opportunities will this bring to participating countries?

Zhao Wenli: The Belt and Road Initiative has been undergoing structural upgrades in recent years. From initially focusing on transportation, ports, and energy infrastructure, it has gradually expanded into digital economy, green development, and industrial chain cooperation. For participating countries, digital infrastructure can significantly improve trade efficiency and enterprise competitiveness, while green energy cooperation can help reduce energy transition costs. This is especially important for Southeast Asian countries, which are in the midst of industrial upgrading and digital transformation. As regional cooperation mechanisms deepen, there remains vast potential for China and Southeast Asia to expand collaboration in supply chains, digital economy, and green industries.