China’s major southern city of Guangzhou unveiled its action plan on May 31 to boost the development of the so-called “low-altitude economy,” vowing to become China’s first city to commercialize aircraft for passenger transport in low-altitude airspace over the next three years, and it is not alone. Nearly 30 Chinese major city and provincial governments have brought similar initiatives into their work plans for this year as of writing, according to public records.

Chinese regional authorities are responding to Beijing’s call to establish a number of strategic emerging industries as some traditional economic pillars of the country are in recession. Beijing also wants to replicate its success story of electric vehicles from land to sky, as part of its ambition to become a global leader in technological innovations. Among various aircraft from drones to traditional helicopters, flying cars are likely to be a bright spot, and southern China could offer what it takes for that to happen, industry experts said.

What is a low-altitude economy?

Although there is no official definition of what constitutes a “low-altitude economy,” it usually refers to various businesses centered around civil-manned and unmanned aerial vehicles below 3,000 meters in altitude, including manufacturing, flight operations, and services for agriculture, logistics, and tourism.

The idea was first mooted by China’s State Council with an outline for establishing “a national comprehensive transportation network” back in February 2021 and was later listed as one of the strategic emerging industries at the central economic work conference in December.

Compared with China’s traditional general aviation sector, which includes military and commercial flights, a low-altitude economy is characterized by the elements of vertical take-off and landing, green energies, and intelligent piloting, said Burt Guo, CEO of Aerofugia Technology, a subsidiary of Geely.

“EVs in the air”

Electric vertical takeoff and landing aircraft (eVTOL), also known as flying cars, are considered the most promising application, garnering particular attention from investors and entrepreneurs, due to their potential for both passenger and cargo delivery at a presumably lower cost than helicopters. That is not the only reason, though. China is looking to leverage the capabilities that already exist within its EV industry, from supply chain to charging infrastructure, bringing the global competition for emerging technologies from the ground into the air.

“So is it almost like EVs in the air?” “Yes, you get the point,” Guo said when asked by Zheng Junfeng, an anchor of Chinese state television news services CGTN, at the recent BEYOND EXPO 2024 tech event last month in Macao. Guo added that eVTOL could share around 70%-80% of the materials and components with EVs, with the rest being sourced from the suppliers for traditional aircraft, while there is always room for collaboration with its parent company in fields such as manufacturing and charging.

“It’s kind of an ecosystem for new energy transportation,” Guo said. Geely led a €50 million ($55 million) funding round into Volocopter in 2019 and the German air taxi startup set up a joint venture with Aerofugia two years later.

It also represents a more cost-effective solution for urban transportation compared with subways and bypasses. Each parking garage and building rooftop in the city could be “ideal” for flying vehicles to park and refuel, according to Jian Dan, executive vice general manager of Civil Aviation Investment Fund, led by the parent of Beijing International Airport Co Ltd (our translation). “It is totally different from helicopters,” Guo echoed, saying the landing space would be “considerably smaller” than what a traditional helicopter uses.

Although consulting firm McKinsey in 2020 estimated it would cost $200,000-$400,000 to build a takeoff and landing area along with two spots for parking or vehicle maintenance, Jian believed the smallest location of such kind could be as cheap as “several thousand RMB.” Guo said a flying car would cost 30% of a helicopter, even as the technology is still in the early stages, and in the end, the cost of a trip by eVTOL could plunge to roughly two to three times that of a taxi.

Still a distant future

Although the industry is growing at a faster pace, it could take at least three to five years before flying vehicles get commercialized, mainly because most players are still navigating technological challenges and regulatory hurdles, experts said. The International Air Transport Association (IATA) expects 5% carbon emission reductions globally by 2030 through the use of sustainable aviation fuels, innovative new propulsion technologies, and other efficiency improvements.

Electric planes are definitely the future of aviation, but the technology is not ready yet, and the battery is one of the key issues, Zhou Lisha, CEO of Chinese battery startup Montavista, told the audience at the BEYOND EXPO 2024. “Companies have to prove every inch of their aircraft is safe, and one of the tests is to make sure the batteries won’t catch fire, because you can’t stop or pull to the side of the road when something goes wrong,” said Zhou.

For that reason, governments are implementing highly stringent rules and safety standards for electric and autonomous aircraft. China has set a goal for businesses to mass produce lithium-ion batteries that meet aviation safety standards with an energy density of 400 watt-hours per kilogram (Wh/kg), as part of a development plan through 2035 released by four top government bodies late last year. For comparison, CATL’s latest Qilin battery reportedly has an energy density of 255 Wh/kg.

Operating air taxis in low-altitude urban airspace may also encounter many conflicts with high-rise buildings within a volatile electromagnetic environment. There has to be new telecommunication infrastructure facilities and a new air traffic control system to support the operation of those unmanned aircraft, according to Jian. “It is definitely not feasible for those machines to communicate with air traffic control via radio,” Jian said at this year’s BEYOND EXPO.

Guangdong: a major staging ground

The Chinese government is jumping in to offer some help. Guangzhou said it will keep “close connections” with eVTOL makers and provide “necessary assistance” to them, when it comes to issues related to research and development, and airworthiness certification, among others. The capital city of southern Guangdong province also plans to build at least five eVTOL airport terminals, known as vertiports, as well as 100 takeoff and landing spots by 2027.

Headquartered in Guangzhou, US-listed Ehang said in October it received an airworthiness “type certificate” from the Civil Aviation Administration of China, CNBC reported, while Xpeng AeroHT, an affiliate of local EV maker Xpeng Motors, followed suit by submitting its application in March. AutoFlight, another Shanghai-based startup, reportedly hit a milestone early this year when its five-seater Prosperity aircraft completed a low-altitude flight between the southern cities of Shenzhen and Zhuhai in the Guangdong province.

Guo expects the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to be the first region in the country where its flying vehicles will be available. “If you take a taxi from here (Macao) to Shenzhen it takes one to two hours. That will be only around 15 minutes if you use a flying vehicle,” Guo said.

READ MORE: Beyond Expo | Self-flying cars are closer to being realized than self-driving cars: Geely executive

For the first time, BEYOND EXPO organizers hosted the SheTech Summit this year to celebrate the dynamism of women in technology. The panel brought together women leaders, showcased groundbreaking tech innovations, and prompted conversations on gender diversity in the tech industry.

We highlight key takeaways from three panel discussions where successful female leaders shared their insights and experiences.

Panel 1: The advantages of women leadership in tech and innovative companies

Michelle Chen, co-founder and CEO of Biosyngen, leads the company’s operational oversight, strategic direction, process optimization, government interactions, financial strategy, and investment discussions. With extensive expertise in corporate management, finance, and biopharmaceutical negotiations, Chen has co-established two prominent biotech ventures and amassed 17 years of leadership in Fortune 500 enterprises.

“As for advantages of female traits in the workplace, it’s important to categorize different aspects of rationality,” Chen said. “For instance, when it comes to self-motivation and the desire to engage in meaningful pursuits, women may have a broader focus, especially in the context of running a company. They tend to be more empathetic and attuned to the feelings of their employees.” 

Chen said that showing empathy and sensitivity toward employees has contributed to minimal turnover in her tech-driven pharmaceutical company and fostered loyalty and long-term commitment. She added that a predominantly female executive team has allowed Biosyngen to enhance the collective ability to observe and interpret subtle cues involving employee well-being, ensuring sustained success, and organizational vitality. 

“Let’s not overly emphasize gender equality or favoritism — everyone deserves equal opportunities,” Chen said. “Whether in AI, technology, or life sciences, passion drives individuals to pursue meaningful endeavors. Women, like everyone else, aspire to contribute meaningfully. It’s about embracing opportunities in industries one is passionate about and applying learned skills. Simplify your approach, adapt to circumstances, and seize opportunities as they come.”

Panel 2: Gender Lens Investing: How Women Shape the Future of the World?

Lu Zhang, founder and managing partner of Fusion Fund, is a Silicon Valley investor and alumna of Stanford University School of Engineering. With expertise in AI in healthcare, enterprise AI/networks, edge computing, and data privacy, she has built a distinguished ecosystem. 

Before Fusion Fund, Zhang was a serial entrepreneur and materials science researcher. She has been bestowed with various recognitions, including Young Global Leader by the World Economic Forum, Silicon Valley Women of Influence, and Forbes 30 under 30 VC honoree.

Zhang said that Asian cultures usually stereotype girls as being “obedient and likable.” However, she said that leadership roles entail making tough decisions, inevitably leading to some disapproval.

“Women must embrace this reality: is it more crucial to be liked or respected? As an entrepreneur and leader, earning respect is paramount,” Zhang said. “Ultimately, admiration and even reverence will follow, creating a powerful force.” 

During the session, Zhang mentioned an intriguing perspective on the subconscious advantages of women. She said that a woman’s strong intuition “stems from potent subconscious information processing.”  

“Over 90% of decisions are subconscious, yet we struggle to rationalize how it captures and computes data,” she said. “Besides computational power, women’s heightened awareness, driven by deep-seated insecurities, leads to heightened data capture. For instance, when walking alone at 2 a.m., women are more alert, consciously collecting data on their surroundings. Conversely, men might overlook potential dangers due to a perceived sense of safety.” 

Tina Tao, president and partner at Sinovation Ventures, oversees daily operations and professional services, including fundraising, finance, and business development. With previous work experience at Microsoft, IBM, and Google, she manages the incubation function at the Al Institute of Sinovation Ventures. 

Founded in 2009 by Kai-Fu Lee, Sinovation Ventures manages over $2 billion in Assets Under Management across various technology sectors. 

“Thirty years ago, we started with only a few female students, and now we’ve reached a significant proportion,” Tao said. “Reflecting on the presence of female university students, which has existed for just over a century, it’s remarkable how women have become a dominant force in education. In the past hundred years, from the first female university student to today, women have nearly become half the student population. Compared to the thousands of years of human civilization history, this rate of progress is incredibly rapid, even remarkably fast.” 

Dialogue with Olympian DENG Yaping

Table tennis icon Deng Yaping has clinched 18 world championships, including four Olympic golds, in her stellar 14-year career. With a record for the longest reigning top-ranked female table tennis player in the world, spanning eight years from 1991, her dominance in the sport is unmatched. 

Post-retirement, Deng pursued academic excellence, earning undergraduate, postgraduate, and doctoral degrees from Tsinghua University, the University of Nottingham, and the University of Cambridge, respectively.

During the conversation, Deng reflected on the perception gap between her public and private persona. While renowned for her athletic prowess and post-career contributions to sports development, she said she is approachable and gentle, contrary to the fierce demeanor often perceived on the table tennis court. 

Deng attributes her success to early challenges and perseverance, highlighting the crucial role of her father’s encouragement amid initial setbacks. She said that failure — including losing a critical match — taught her invaluable lessons in preparation and resilience. 

Speaking on the investment in the sports industry, Deng emphasized China’s sports marketing landscape was evolving and she seeks to promote Chinese brands globally through events like the Beijing Olympics. 

Deng said one of the most common questions she receives is: “Why are Chinese female athletes so strong?”

“Traditional Chinese culture plays a significant role,” Deng said. “Despite centuries of restrictions and oppression, it instilled resilience in women. Through the teachings of grandmothers and mothers, Chinese women learn to endure hardship and persevere, both at home and in society. Talent aside, the key factor in athletic success is grit. Chinese female athletes exhibit remarkable training intensity and exceptional endurance, reflecting their formidable willpower.” 

Macao is playing a positive role in facilitating the entry of Chinese electric vehicle makers into Portuguese-speaking countries, global accountancy firm Deloitte said in a recent report. 

The report, released on May 23 at the BEYOND EXPO 2024, reflected the growing presence of Chinese cars in global markets and the strategic role of Macao in enabling these moves. GAC’s EV unit Aion also showcased its latest offerings during this year’s expo, as its state-owned parent company, which is also a manufacturing partner of Toyota and Honda in China, sets its sights on global expansion and targets vehicle sales of 1.1 million units of its own brands this year. 

Macao could harness the abundant talents with language expertise and knowledge of law from Portuguese-speaking countries to facilitate Chinese new energy vehicle (NEV) manufacturers’ entry into these markets, Deloitte wrote in the Chinese language report. “The city could also leverage its mature exhibition facilities and experience […] to provide a platform for cooperation and exchange between China’s NEV industry and overseas markets,” said Norman Sze, vice chair of Deloitte China in a press release (our translation). 

The comments come as Chinese EV giant BYD is rushing to produce EVs locally in Brazil, the largest economy in Latin America and a major Portuguese-speaking nation, with operations of its $600 million industrial complex expected to begin in the middle of this year. Rival Great Wall Motor also reportedly started operations of its Iracemapolis plant in the country this month, while Chery, one of China’s largest automobile exporters, opened its first overseas factory in Jacarei in Sao Paulo back in 2014, reported China Daily.

Deloitte forecast that Latin America, which accounts for 6% of total car sales worldwide, could reach sales of roughly 7.2 million passenger cars in 2030 with a solid growth rate of 5% year-on-year through the end of the decade. Meanwhile, around 5% of total car sales could be electric in the region in 2025, up from the current 2%, thanks to stimulus measures from major countries and a growing base of middle-class consumers, according to the consultancy firm. 

Held between May 22-25 in Macao, this year’s BEYOND EXPO had a theme focused on Latin America for the first time, as the Chinese Special Administrative Region has historically had close and extensive relations with Portuguese-speaking countries. The Asian tech event hopes to become a bridge for communication between Chinese enterprises and South American markets, according to co-founder Jason Ho.

Some of the hottest emerging technologies, including artificial intelligence and the metaverse, are expected to facilitate the significant reduction of greenhouse gas emissions from businesses. However, it would require large amounts of data and professionals to achieve this goal, experts said on May 25 at the BEYOND EXPO 2024. 

A large language model, or LLM, consisting of neural network algorithms for analyzing vast amounts of datasets, summarizes information and creates sophisticated output at a speed much faster than human counterparts. This could automate workflows for carbon capture and carbon trading, said Chen Nan, deputy director of the Research Institute at SinoCarbon Innovation and Investment Co., Ltd. 

However, experts warned that information generated by those language models could sometimes be inaccurate and unreliable, making the involvement of professionals in training models essential. 

“When we use AI to improve the operation of a wind power plant or select an ideal site for some renewable energy facilities, we normally expect something more precise,” Chen said. 

AI-driven carbon reduction

According to Chen, AI-enabled carbon emission management is promising for commercialization in areas including carbon accounting and carbon trading. 

Carbon accounting, the process of quantifying greenhouse gas emissions, can be complex due to variations across regions and industries. Different places and industries have varying standards, guidelines, and requirements, “creating a high bar for many industry people.” 

AI could assist in identifying relevant guidelines and standards while highlighting their differences based on specific scenarios. However, Chen said it would only work if professionals were involved in providing specific model training guidelines to analyze and compare them. 

Businesses also face challenges in fulfilling their reporting obligations to the European Union’s Carbon Border Adjustment Mechanism, a tool designed to address carbon leakage from non-EU countries. In such scenarios, Chen said LLMs could be of great help. 

Although regulators provide detailed rules for calculating embedded emissions during the production process of CBAM goods, AI could help importers understand where and how to fill in the necessary information, Chen added.

Meanwhile, AI could also help facilitate international carbon trading. While financial mathematical models have traditionally been used to predict carbon market prices, AI could enhance the carbon trading approach with more comprehensive and specific strategies. 

However, AI would require guidance from human experts, who would provide such systems with knowledge related to relevant policies, regulations, and specific trading rules, Chen said. 

AI + the metaverse

Experts argue that new energy-saving measures for businesses could emerge by leveraging AI and the metaverse. 

“Training Al in metaverses will become the new paradigm for Al research and development,” Yuan Yu, director at the Metaverse and Digitalization Promotion Center of Tsinghua Industrial Research Institute, told the audience.

Industry experts said that the metaverse could provide a training environment with lower costs and risks, as well as higher efficiency and diversity. This would, therefore, help boost the development of Al for addressing climate change. 

One of the first sprouts of this new paradigm includes testing autonomous vehicles under various complex road conditions in a virtual world, which has already become a common industry practice.

The industrial metaverse can also be an effective tool in the fight against climate change, driven by digital twin technologies, a virtual representation of a physical object, system, or process. 

“Long-term climate predictions are notoriously challenging due to the complexity of interactions among various factors,” said Ralf Ma, general manager of Beijing Miaorun Technology Co. Ltd. “A high-quality replica of our planet could enhance our ability to forecast climate patterns.”

Business leaders at the Middle East Oasis Forum of BEYOND EXPO 2024 shared valuable insights on combining creativity and strategic confidence, highlighting their experiences in accelerating sustainable development and robust economic progress in the region. 

The panelists at the “Confidence with Imagination” included host Andre Kwok, founder of Good City Foundation and chief of staff at Tsangs Group, along with Jackson Zhang, the assistant to the chairman and manager of International Affairs at DeepRock Group and Biosphere 3, and Yamin Xu, dean of Tomorrow.City Institute at the Smart City Expo World Congress.

Navigating Middle Eastern markets with confidence and humility

There has been a significant shift in mindset among Chinese entrepreneurs over the years, Xu said.

Historically, Chinese business leaders admired Western companies and focused primarily on American and European markets. However, with China’s rise and the success of its infrastructure development strategies like the Belt and Road Initiative, Chinese entrepreneurs have found new confidence in doing business globally. 

Xu noted that while this confidence is beneficial, it sometimes borders on arrogance. He said entrepreneurs need to adopt a “more mature and balanced worldview, recognizing the importance of understanding local histories, cultures, and economic contexts when expanding into new markets.”

Xu also expressed optimism about the younger generation of Chinese entrepreneurs, adding that they are better equipped to navigate the complexities of the global business landscape due to their broader experiences and open-mindedness. 

However, he cautioned other entrepreneurs to be alert to global changes and avoid harboring outdated mindsets. Xu concluded that a successful global expansion not just requires confidence but also understanding and respecting diverse markets and cultures. 

“In the journey of Middle East expansion, humility and respect are our guiding lights,” Xu said. “With a balanced worldview and openness to diverse cultures, we forge connections that transcend borders, ensuring enduring success and mutual prosperity.” 

Embracing confidence for Middle Eastern ventures

Zhang said Chinese companies expanding globally should strategize integrating resources to form corporate communities for better handling challenges in foreign markets. He highlighted that DeepRock Group leverages its experience in green building and energy management to upgrade and transform local regions.

Zhang added that Chinese enterprises venturing into international markets must be confident in their global expansion, adding that companies should thoroughly prepare and understand their target market’s cultural nuances and business environment. 

To illustrate his point, Zhang shared examples, including DeepRock Group’s involvement in the Masdar City project in the United Arab Emirates. He said he has noticed the evolving mindset of Chinese entrepreneurs and the shift toward a more global outlook.

However, Zhang also urged investors to be wary of the socio-political events of countries in the region — while Egypt is currently under military rule and faces political challenges, Libya, endowed with abundant oil resources and high per capita income, flourished during the era of Gaddafi, and Iran, a densely populated country with a high level of education, has high unemployment rates. 

“Although my understanding of these three countries is limited, I believe Iran maintains a positive attitude toward investment from China,” he said.

Zhang reiterated that as investors embark on their Middle East ventures, they should “harness the power of confidence tempered with cultural sensitivity.”

“By understanding local nuances and embracing diversity, we pave the way for meaningful collaboration and sustainable growth in international markets,” Zhang said.

Cross-border e-commerce has emerged as a catalyst for economic growth while offering consumers a smooth shopping experience. This consumption model has granted access to China-manufactured products for people globally. 

BEYOND EXPO’s cross-border e-commerce summit panel discussion provided insightful perspectives from industry leaders on the growth trends and opportunities in the global e-commerce landscape for 2024 and beyond.

The cross-border ecosystem is far more complex than sellers in China shipping to buyers abroad after receiving an order. It encompasses various elements, including cross-border platforms, payment systems, investors, and data service providers.

Chinese sellers new to cross-border transactions are grappled with a crucial question: how and where to start? 

Deena Ghazarian, chairwoman of the Consumer Technology Association’s executive board and founder and CEO of Austere, said partnering with established brands and service-based companies leverages e-commerce platforms including Amazon.

Xiaohongshu, a popular lifestyle-sharing platform that has expanded to the e-commerce business, is seeking to emerge as a service provider to leverage its content and targeted advertising capabilities to drive cross-border e-commerce growth, according to Ning Guang, the company’s business manager.

When asked about the perception of Chinese brands in the American market, Ghazarian said “regionalizing and rebranding” would help appeal to diverse consumer bases. 

“We took assets, got a more diverse background, it came across as a diverse brand,” Ghazarian said,” said. “Once we did that, you had no idea it was a Chinese brand.” 

Cheryl Tang, APAC sales director of Indiegogo, however, argued that consumers gravitate toward a brand with a “bright spot.” 

“We have also seen Chinese brands following Chinese brands going overseas and transforming into U.S. local brands successfully,” she said. 

The cross-border e-commerce industry may adopt AI technologies faster than other sectors due to factors like time zone differences, round-the-clock operations, and the desire to leverage AI for cross-cultural challenges, the panelists said. 

Entrepreneurs are the driving force behind innovation, growth, and shaping the industry. Their role is paramount in building a startup bigger from day one, as unique perspectives and entrepreneurial spirit are key factors driving the vibrant growth of new enterprises. On Friday, five leading entrepreneurs spoke at BEYOND EXPO about how they have succeeded in their careers, sharing valuable experiences and insights into entrepreneurship.

Below are highlights from the renowned entrepreneurs in conversation with Phoenix TV anchor Richard Ren at the expo’s Founder Forum session. Their comments have been edited and condensed for clarity. 

Justin Gong, Co-founder & Senior Vice President of XAG

Our goal is to make agricultural production more efficient, producing more with less. It’s an ongoing project, and in the short term, we want to introduce drones and autonomous technology to farmers, so they don’t need to worry about hiring people amid labor shortage.

In the long term, we want to utilize AI technology and robotics to help farmers manage uncertainties like climate environmental changes.

China is still a growing economy, and we have already proven to the world that we can produce world-class companies and startup companies.

For young entrepreneurs, my advice is to find a really good partner. Don’t trust yourself too much because you can sometimes be too positive or too negative. Find the right partner, but don’t trust them easily at the very beginning. For me, it took 10 years of working together with my partner to build a strong partnership. Now we are both best friends and partners.

David Lee, CEO & Co-founder of NEX

To start something, you always need to quit something. It’s always about making sacrifices and tough choices. Some are big choices. Leaving Apple was a pretty big choice for me as well, but it’s also about the lifestyle that you choose, it is your own personal pursuit of something that you really want to do.

I’m a very optimistic person, sometimes overly optimistic. I believe that I can change the world, do something really great, and solve significant problems. I have immense  confidence in what my team and I can achieve. However, I am also paranoid enough to avoid making critical mistakes. That’s why we have a company. That’s why for the past seven years, we have survived the pandemic, weathered economic downturns, and we’re still going strong.

We can use the funding to crystallize our vision into simple hardware that delivers the best possible experience for the mass market. Once we release the product, it is loved by users. We send samples to all major retail stores, and they all want to carry the product. Eventually, what attracted investors was having a product that users love, which basically demonstrates market fit. With a proven market fit, every conversation [with potential investors] becomes a little bit easier.

Carl Wu, Co-Founder and CEO of New Frontier Group

I think we were at the right place at the right time because China was aging quickly, and home care was a lot cheaper. The cost of home care is perhaps about a tenth of that in senior living facilities. That’s what Chinese families wanted, and it aligned with what the government wanted, which is  more than 90% of the people should age at home.

So, we were in the right place at the right time. We went from zero to providing 100,000 visits a day to homes. Today, we run the one of largest home health companies in China, offering everything from basic care and nursing care to managing diseases at home. We took the simple idea of addressing China’s aging population and built a home health service in a relatively short period of time.

Eric Cheng, CEO & Founder of Carsome

I think we have achieved a lot of success, especially in creating transparency in the region. Southeast Asia is not just one country, right? It comprises multiple countries like Indonesia with 600 million people, Thailand, Malaysia, Singapore, and the Philippines, each with very different markets. However, you will find one common issue when it comes to looking for a used car and selling it; the whole market is fragmented and inefficient, partly because most of the trading process is offline. When we first set out to solve this problem, we focused on the customers’ pain points. 

For example, if you want to sell a car today, where would you go and what kind of pricing would you expect? We wanted to create a platform that could assess a car’s condition and match it to demand across the entire country. To do that, you really need to be able to develop digital tools to facilitate this matching process. We started very simple with one service – helping consumers sell their cars quickly. Everything could be done within an hour. We saw strong traction, for example, when we started operations in 2015, we sold 30 cars in the first month. 

Now we are selling about 15,000 cars per month, showcasing our ability to scale and grow, year upon year, from strength to strength. I think a lot of this success is due to our ability to understand the original technology, to build digital tools in between the whole process of trading and layer on top of it, which is something that has not been done before in many parts of the world. 

Chi Xu, Founder and CEO of XREAL

I don’t know what is a better fit for this industry. But to me, it feels like we’re in a brand-new industry, we need some other company. If you really want to stand out, you need to be disruptive, and that means all the technology isn’t there yet. That’s why having somebody who really knows the boundaries of different technologies is crucial, because this is a combination of optics, software algorithm, AI and hardware in general.

That’s why if you look at any AR company, you probably won’t find a single technology officer who knows all the different kinds of boundaries. Being an expert in most of these areas is definitely a plus because building hardware is really challenging, especially knowing the boundaries. And sometimes you need to push the boundary a little bit. This is the part where, I think, if you’re an expert, you really have a huge plus.

I think an entrepreneur is not trained. From my personal experience, I don’t want to be the CEO from day one, because I don’t think I’d ever be an entrepreneur. It would have been nice for me maybe to learn alongside someone but not lead from the start. An entrepreneur is always very lonely. Sometimes even if you have co-founders, you still feel lonely because you can’t tell them everything and you don’t expect them to share the same kind of workload and barrier as you do, so you have to be vision driven, you have to be very dedicated, you have to be very aggressive, and you have to have a very big heart and all of that. I don’t think one can ever be trained for it.

Distributed energy resources such as residential solar panels and electric vehicle batteries could play a bigger role in addressing climate change, as China hopes to achieve carbon peak by 2030 and carbon neutral by 2060, renowned academics and industry veterans said on Friday.

The comments come as global climate finance has been stuck in a slow growth gear for several years, reflecting investors’ relatively low sentiment and gloomy prospects. “A lot of climate technologies are sitting in a laboratory somewhere and haven’t found a pathway to market,” Alexander Bent, managing partner at investment firm Undivided Ventures, said on Friday at the BEYOND EXPO 2024 tech conference in Macao.

Around $1.3 trillion was invested in the energy transition globally in 2021/2022, while the annual climate finance needed through 2030 has been increasing steadily from $8.1 to $9 trillion, according to estimates by the Climate Policy Initiative (CPI). “This means that climate finance must increase by at least five-fold annually, as quickly as possible, to avoid the worst impact of climate change,” wrote the non-profit organization in a November report.

Experts emphasized that more joint efforts are needed to enhance investment activities aligning with a global net zero outlook and to step up the development of clean energy and climate tech amid rising uncertainty due to geopolitical issues. Here are some of the highlights from speakers on Friday at the event’s ClimateTech Summit co-hosted by the Rocky Mountain Institute (RMI), a Colorado-based non-profit group focused on the transition to clean energy.

Distributed energy resources

The stark reality is that among all the emerging climate technologies that have the potential to enable a clean energy transition, less than half of them have been put to use at scale. “Most of the promising technologies for emission reductions or others are still in early stages,” said Lyu Lanchun, dean assistant of Sichuan Energy Internet Research Institute of Tsinghua University.

And yet, some of them have shown big potential for climate change mitigation. “Electric vehicles are usually powered by large battery packs which can actually act as an energy storage medium, and the volume is immeasurable,” Tian Yu, deputy general manager of China National Energy (Beijing) Technology Co., Ltd, told the audience.

Distributed solar power, which usually refers to solar panels installed on the roofs of homes, are tipped to become another major source of renewable energy in China. “We calculated something like if we install solar photovoltaic (PV) panels on all the available land and roofs in the Yanqing district of Beijing, it is possible to meet the energy demand for the entire city,” said Zhang Haoran, head of the Smart City Laboratory of Peking University.

In fact, an integrated solution comprising solar panels and EV batteries could be ideal for families looking to power their mode of transport by their own renewable energy source. People will be able to charge their electric cars with solar energy, “a safe, reliable, and cost-wise [affordable solution],” said Wan Xiaojun, a director of EVPS Anhui Co., Ltd, a Chinese lithium-ion power battery maker.

Collaboration or contradiction?

Despite a promising outlook, Chinese battery makers are facing challenges in growing their sales overseas. The European Union last year approved its Carbon Border Adjustment Mechanism (CBAM), which will impose as much as 35% tariffs on imports of high-carbon goods based on the carbon dioxide emissions embedded in their production starting 2026. Wan called for more efforts to be made to launch a globally-recognized standard for measuring the carbon footprint.

“The launch of the carbon trading mechanism and various carbon emission pricing rules, such as the CBAM and the new EU battery regulation, are actually a form of international dialogue,” said Jie Yu, dean of Institute of Natural Carbon Sink (Qingdao). In this context, alignment with global standards is crucial. Yu also mentioned China’s National Climate Center is establishing a database for calculating the carbon footprint of batteries, which could help in negotiation or collaboration with other countries.

Founders from some of the most promising unicorn companies in Asia on Thursday shared their experiences and insights about dealing with challenges and achieving success at BEYOND EXPO 2024, one of the largest tech events in the region.

Below are highlights from the pioneering entrepreneurs in conversation with CGTN anchor Zheng Junfeng at the expo’s Founder Forum session. The transcript has been edited for brevity and clarity. 

1. Carl Pei, CEO of Nothing Technology 

We started a new company called Nothing about three and a half years ago. We felt that the consumer tech industry got boring, and we needed to do something different. We saw an opportunity to focus on a specific target user segment. 

Our new product is called Nothing Phone 2a. The main difference is the industrial design of the hardware, as well as the software. Many people feel that Android is a bit ugly and difficult to use. So we wanted to elevate that experience.

This might sound naive, but I believe we have a chance to challenge Apple and Samsung. Based on where we are today and where we can go, there is much more we can do.

The most exciting part is that we all sit on the dawn of the new tech era: AI is coming. When we were younger, Nokia and Blackberry were the biggest brands. Then the smartphones came and they gradually shuffled away. Now AI is here, so there will be a lot of reshuffling and changes in the industry. 

Although we do not have as many resources as the bigger companies, this move has been replayed in the past. When the new tech cycle comes, the more innovative, smaller companies will come on top.

2.  Burt Guo, CEO and chief scientist of Aerofugia Technology

We are a startup making electric vertical takeoff and landing aircraft (eVTOL). It is battery-powered and less noisy compared with traditional helicopters while getting more redundancy for emergencies in the sky. 

There will be three to five years to commercialize this technology as we will have two things to do. The first thing is to get the type certification for our products from the CAAC (Civil Aviation Administration of China) and secondly, we should prepare for operations.

I believe the Guangdong-Hong Kong-Macao Greater Bay Area will probably be the first region in China where we can put our products into the market because many passengers need new forms of public transportation. For example, a taxi from here [Macao] to Shenzhen will take one to two hours, but an eVTOl will take only around 15 minutes.

3. Wen Shuhao, co-founder and chairman of XtalPi

XtalPi was founded at the Massachusetts Institute of Technology in 2015. It is an innovative research and development platform based on quantum physics, powered by artificial intelligence (AI), and driven by robotics. 

XtalPi’s goal is to accelerate drug discovery and market entry using AI technology.

In drug development, AI plays a crucial role through powerful computational capabilities and algorithms. While traditional medicinal chemists might only imagine a few hundred molecular structures, AI can explore possibilities in chemical space up to 10^60, a number greater than the stars in the universe. AI enables rapid and extensive molecular design and screening, surpassing human capabilities.

XtalPi can now analyze protein structures in just a few months, a task that used to take 10 to 20 years in the past. The combination of AI design capabilities and robotic automation significantly shortens the drug discovery process for molecular compounds. Additionally, AI application during clinical trials also helps reduce the time required from 5-10 years to 2-3 years.

4.  Reeve Kwan, co-founder of GogoX

We started the company 11 years ago in Hong Kong with five co-founders and then expanded to Singapore, Korea, Vietnam, and 300 cities in mainland China. Since we operate in so many different countries, the challenges vary in each market, but we create value by providing simple logistics services to users powered by information technologies.

Usually, we build a custom software system for small and medium-sized companies — our main clients — allowing them to fully leverage our supply of transport services, ranging from motorcyclists to container trucks.

In some cities, you can use drones to deliver (goods). We have explored indoor robots, but the bottom line is to improve the efficiency on the delivery side. For example, in China, express companies and couriers have to call you and make sure you are home, and ask if they should leave it on the doorsteps or anywhere. These problems apply everywhere. By implementing these robots, we hope to reduce time wastage for the couriers.

5.  Kamarul A Muhamed, founder and Group CEO of Aerodyne

We are based in Malaysia and have operations in many countries. We solve industrial problems with drones, ranging from dangerous problems to labor issues. One of the main issues we are dealing with is logistics issues. Since much of the work for gas companies is offshore, using our drone could save more than 60% of the cost than using helicopters.

Integrating advanced sensors into drones also allows us to see and predict problems with agriculture in particular seasons. Meanwhile, it took three to five years to complete inspection activities for mining, but now we can do that with drones as quickly as five minutes.

6. Fredrik Hjelm, CEO and co-founder of Voi

In six years we have around 110,000 e-scooters and e-bikes in more than 100 cities in Europe, and we are profitable. Our technology is quite similar to aircraft technology, but we have a smaller vehicle on the ground. 

We develop our IoT (Internet of Things) technologies in the eastern Chinese city of Changzhou, neighboring Shanghai, and we do many things with our bikes, including data analytics and machine learning.

We have swappable batteries in our bikes and scooters, as well as people driving around for swapping the batteries. With battery technologies making progress now, they can run three to four days before we swap them. We aim to expand our fleet to 1 million, which may take a few years, but I am confident we will get there.

Renowned Japanese technology companies including Sony and Fujifilm on Thursday showcased their latest products and business solutions at the BEYOND EXPO 2024 tech conference in Macao, voicing their expectations for the future of collaboration with China.

The public appearances at one of Asia’s largest tech events is the latest example of the world’s fourth-largest economy looking to not only continue its legacy of tech innovation but also evolve into an entrepreneurial and startup destination.

“Japan has implemented a range of policies designed to support overseas startups and these include substantial subsidies for research and development,” said Yuya Makino, Japan’s Guangzhou consulate-general, during the event. With a gross domestic product of more than $4.2 trillion, the Asian economy has also witnessed a dramatic increase in venture capital investment over the past several years, according to Makino.

“I think we’ve been eclipsed by China and markets like India and Southeast Asia over the last 15-20 years or so, but now there’s enough momentum to boost Japan’s innovations both from the private and public sectors. That’s the big thing that we’re starting to see in Japan,” Akio Tanaka, partner at investment firm Headline VC, told the audience.

Meanwhile, many big Japanese corporations are looking to keep up investments in China in order to retain a presence in the country, with its huge population and big potential, said Jie He, China office representative of Global Brain Corporation, a Tokyo-based venture capital firm. For instance, some are looking to the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) as a business possibility because of its huge population, said Kenichi Okada, Japan’s Hong Kong consulate-general.

Below are some of the innovative efforts presented by companies at the Japan Tech Forum during this year’s BEYOND EXPO, held in Macao between May 22-25.

Sony introduced a project using haptics technology for entertainment that was materialized in the form of a floor, and said walking on the floor would provide users with realistic and captivating sensations of various walking terrains. The company’s engineers packed sensors and motors in the floor to accentuate the experience. It can be made to emulate desert and ice and create immersive and interactive experiences for theme parks, art museums, and livehouses.

The company has had an extensive and in-depth research and development plan for China, ranging from entertainment to mobility and elderly care, according to Takenaka Mikio, a vice president of Sony (China) Limited.

Fujifilm shared the company’s story of technological innovation with an open mindset. The Japanese company established an open innovation hub in 2014 in hopes of creating value that “would illuminate the future with its business partners,” said Yonghua Shi, corporate communication director at FUJIFILM (China) Investment Co., Ltd. One of the examples from the hub was a joint development effort between Fujifilm and Daikin. With the use of ventilating soundproofing material from Fujifilm, Japan’s air-conditioner manufacturer managed to reduce operating noises of its products by over 20%.

A similar entity was also established in Shanghai in 2020, followed by the launch of Fujifilm’s innovation program in China for the first time last year in partnership with ReGACY Innovation Group, in order to accelerate its technology-driven business development.

Tokyo-headquartered chemical maker Asahi Kasei presented a new optical transparent resin called AZP, which has optical characteristics not possible with existing transparent resins. It is widely expected to serve as a next-generation material that can take the place of optical glass. The AZP lenses can be used in VR (Virtual Reality) headsets to provide a larger field of view by polarization-based optical folding, allowing more compact headsets. The technology boasts reduced ghosts and flares, as well as improved contrast, making possible a clear field of view by minimizing the effects of birefringence, a phenomenon of double refraction.

Jason Ho, the Co-founder of BEYOND Expo, invited Jon Creyts, the CEO of Rocky Mountain Institute (RMI), to discuss the urgent need for global cooperation, investment, and innovative technology to address climate change on Wednesday at the BEYOND Expo 2024 opening ceremony.

Please find below the transcript of the opening day speech from Jon Creyts. The following transcript has been edited for clarity:

1. Jason: Looking ahead, what key policy changes or initiatives do you believe are essential for driving technology and the adoption of different solutions globally?

Jon: When we think about climate change, it impacts more than just the environment. This is about health, livelihoods, and thriving communities. When we think about SDGs (Sustainable Development Goals), they’re all interconnected. We have to address climate change in ways that enhance all aspects of society and tackle all the SDGs simultaneously.

We’ve talked a lot about EVs here. Certainly, when you look at a place like Delhi, the current health issues related to pollution are largely the result of vehicular traffic. Today, in Delhi, driving an EV costs only 1/4th of what it does to operate an internal combustion engine vehicle. However, the system isn’t set up to support that right now. You actually pay three times the interest rate on an electric vehicle compared to an internal combustion engine vehicle. However, if we make this transition, we can actually save significant amounts of money, minimizing local air pollution, and creating new economies and abilities to grow.

This is true not just in India but throughout the global South, like in Nigeria. If you switch to two- and three-wheeled electric vehicles, you wind up saving about $1,000 for one person over the eight-year lifetime of that vehicle. That’s a massive boost, almost half a year’s worth of pay in Nigeria that you’re saving, by shifting and embracing some of these new technologies.

2. Jason: How can we ensure climate tech innovations are accessible and affordable for people in need in these developing countries?

Jon: This is not just a challenge, this is an opportunity. When we think about it, the scale of the investment that is required here is approximately $100 trillion over the next 25 years. Right now, that investment is massively skewed when we look at the overall geography. For instance, the United States, as a country, invests about 60 times more than Africa as a continent. We have to rectify that, we have to shift and introduce some strategic interventions that effectively redirect capital flow within the system. 

That capital has to accomplish three major objectives. Firstly, there are carbon-intensive assets out there that cannot run to the end of their life cycle. We have to shut them down before they become economically viable as we can’t afford to release all that carbon into the atmosphere. We need to create mechanisms like carbon trading and other supportive measures to help support that transition. Initiatives like the Just Energy Transition partnerships in regions like Indonesia and Vietnam are currently helping to create some of the funds and financing mechanisms to support these countries in their transition efforts. 

We have to do two other things. We have to accelerate innovation, especially in hard-to-abate sectors such as steel, cement, aluminum, heavy freight, shipping, etc. These ideas are going to come from all over the world, and we need to ensure that there is alignment between venture capital, equity investment, and bank financing to support these innovations. 

Thirdly, we have to scale existing solutions. This is the area where significant reform needs to happen so that we can mitigate the risk associated with project pipelines, throughout the global south, where projects are necessary to enable leapfrogging, as Siddharth mentioned earlier, to achieve new economic paradigms. That has to be done through coordinated multilateral bank support to de-risk projects alongside private capital investment. This ensures initiatives like mini-grids, microgrids, solar energy, and electric vehicles are rapidly deployed in  the places that need them the most, which are the fastest-growing areas of the world requiring that support.

3. Jason: What role do you see for public and private partnerships in scaling up investment and developing climate tech solutions?

Jon: Public-private partnerships are at the core of how this whole energy transition needs to happen. When we think about scaling, I was here yesterday at the Southern China Hydrogen Energy Association, a group in Guangzhou, that is focused specifically on how to bring a hydrogen economy into being. For that to happen, you have to align research, you have to align capital, and you have to ultimately get whole sets of infrastructure to jump at the same time to a wholly different cost space. When you start doing that as a system, you end up actually creating the conditions for something new to thrive, grow, and compete.

That doesn’t happen on its own. It requires an independent nonprofit or a collaboration between the government, for-profit and civil society institutions to align all the different stakeholders. That’s true for hydrogen, that’s true if you want to realign the global aviation industry, and that’s true if you want to deal with global shipping. You need to get the industry, the customers, the financiers, and the policymakers together to build the ratchet mechanism that then allows everything to move just a little bit differently. And then, ultimately, you’re able to transform.

We’re seeing that happen in aviation and some of the leadership related to staffing. We’re seeing that happen in shipping and in some of the new work that the IMO is doing to move toward zero-carbon fuels. Going forward, we will be seeing that happen in steel. where you will see buyers aligning on different aspects of what exactly constitutes low carbon steel and how to certify it, track it, and trace it. These are all necessary impacts, but they are made easier when you actually have some coordination, and entities like the UN, and the South China Hydrogen Energy Association, are working to help bring about change in the whole system.

4. Jason: If you could have any superpower to combat climate change, what would it be?

Jon: Fossil fuels have gotten us to where we are today. But I wish I could just snap my fingers and have everybody forget and stop believing that they are the source of safety and security in the world. Because the truth is, when we look at where we are today, the conflicts, the concentration of wealth, the air pollution, the climate pollution that we’re seeing, fossil fuels are not serving us well anymore. In fact, when we look at renewable sources, wind and solar are the cheapest new forms of energy for 95% of the people on the planet.

When you start combining that with some of the innovations that are happening in batteries that we heard Robin (CATL CEO) talk about earlier, we can see our pathway to a much cleaner, more sustainable, and secure energy future. We can just let ourselves believe that it can happen and drive toward it, rather than believe that we have to constantly go back to  trusting that fossil fuels are more secure.

As emerging technologies, from artificial intelligence to renewable energy, show potential to tackle global challenges, they are also shaping the vision of the world’s largest electric vehicle battery manufacturer. 

Robin Zeng, founder, chairman, and CEO of Contemporary Amperex Technology Co., Limited, shared his vision at the BEYOND EXPO 2024 opening ceremony, one of Asia’s largest tech events.

His remarks have been edited for brevity and clarity. 

I am happy to visit Macao, again, and attend the BEYOND EXPO. 

CATL has been the No.1 [battery maker] in the world over the last seven years. Still, something important to us is how far battery technology innovations can go beyond passenger cars, commercial trucks, and airplanes. We are thinking about how to make airplanes electrified.

There are three uncertainties that matter to me and CATL. 

One thing is the uncertainty in the future. There are a lot of things taking place on the technology side. For example, AI is coming. I just talked to colleagues about what AI can do, what AI for science can do, and how much they [AI for science] can improve the efficiency of innovations. Can we make some revolutionary innovations from AI? That is where we are technology-wise, and that is why we put a lot of research and resources there, looking for the future. 

Secondly, to be economically wise. We are in a time of transition from the traditional economy into the new economy. We call it a technology-driven economy. 

Then, there are geopolitical issues.

Innovation is the key word for everyone, especially in the technology industry. For example, today when you drive an EV, there is the problem of range, the problem of charging, and the problem of low-temperature performance. You may think: ‘Can I have one charge and then drive my car for 1,000 kilometers?’ So that is why we keep innovating new technologies, which can ease the concerns of our consumers at the end of the day. We have to do that to differentiate ourselves and satisfy consumers’ needs with their EVs. 

We have invested around $10 billion in research and development in the last 10 years. We have used the most advanced materials to make the battery electrochemical systems more optimized for their needs. We also have a lot of innovations in battery structure, such as CTP (Cell-to-Pack). Why put a cell into a module and then into a pack and not just put a cell directly into a pack? Why do we need a pack? We can put the cells into the vehicle chassis, which can dramatically reduce the components of the whole pack and, therefore, be very energy efficient.

Also, we are looking for very fast charging, and that is what we provide with our Shenxing batteries. You can charge it for 10 minutes and then go 400 kilometers. It is similar to a gasoline engine car already. Next step, we are going to have what we call the “6C charging,” which will be down to six minutes. So quicker and quicker. Faster and better.

Another thing I want to emphasize is the cycle life and the storage life of the battery. Today people still do not fully explore the battery’s function. 

So you bought a car. Every day, the driving range might be only 50 kilometers. But this is a 600-kilometer-range car, so you have a 550-kilometer equivalent battery that is wasted and sleeping. Why not put this battery (power back) into the grid? The battery is there the whole day. They can help the grid.

Energy storage is so important. Today, because of energy storage, we can store energy in the morning and use it in the afternoon and night. We can even store energy for the whole year. That is why there is more freedom for energy use, which can create a lot of new businesses and that is the reason we want to get into this. 

On the other hand, renewable energy is not stable because of climate change. There needs to be ways to stabilize them and create electricity, which can help the industries. That is another reason why we are stepping into this.

We recently unveiled TENER — the world’s first mass-producible 6.25 MWh energy storage system with zero degradation in the first five years of use, which would make a zero-carbon society easier. We already have five zero-carbon factories, and we want to extend our capabilities into more industries and society. 

As the world’s temperature continues to increase, we need to react faster — not only to ease the concerns about climate change but also to adapt our economies to this new trend.

Siddharth Chatterjee, the United Nations Resident Coordinator in China, said that technology, innovation, and big data can help overcome some of the critical challenges among 70 ongoing conflicts worldwide. He made the remarks while addressing the opening ceremony of the BEYOND EXPO 2024 on Wednesday.

Below is the transcript of Chatterjee’s conversation with Jason Ho, co-founder of BEYOND EXPO. The interview has been edited for brevity and clarity. 

Jason Ho: UNSDG is the sustainable development goals proposed in 2012. Looking ahead, what key policy changes or initiatives do you believe are essential for driving technology and the adoption of different solutions globally? 

Siddharth Chatterjee: I think we have gotten completely off track with the UNSDG. In the last three years with COVID-19, where the UN secretary-general was calling about rescuing SDG, what is clear is that for the first time post-Second World War, we are seeing an interlocking crisis. We have seen a crisis of health with the COVID pandemic, which has shown the fragility of human health and health systems. 

The second is a crisis of the climate, which is hanging like a sword over humanity — whether it was the hurricane in Florida, which upended lives and livelihoods, or the floods we have seen in Europe and China, and today in Pakistan, 60% of the country was under water. So it is a major challenge. 

Then we have ongoing conflicts. It’s not just Ukraine and Gaza. We have 70 ongoing conflicts. It is really a polycrisis. 

But quite clearly, climate affects everybody. Therefore, we have to look at avenues where technology, innovation, and big data can help us overcome some of the critical challenges. How do we make sure that we stay faithful to the Paris Agreement? 

Therefore, to me, events like BEYOND EXPO — and big credit to you for doing that — are how we harness new partnerships. 

We have been talking about green tech, EV, where China already has 60% electric vehicles across its cities. I think what we need to do now is find a new multilateral space for bringing nation-states — and not just nation-states — but public-private partnerships to give velocity to the climate agenda because quite clearly that 1.5 degrees Celsius rise may become completely unachievable unless we get together to deal with it. We are going to see extreme temperatures. 

The secretary-general has already warned that we have gone from global warming to global boiling. So that is something we have to remain mindful of.

Jason Ho: You often talk about multilateralism from the UN’s standpoint or your perspective. How can we further global development?

Siddharth Chatterjee: Back in 2022, I wrote a piece that if the U.S. and China collaborate, they can save the world when it comes to the current planetary crisis we are witnessing. I was very happy that much more exchanges have happened in 2023. The key point is we will need the leadership of China, and it will need the leadership of the United States. We will need the leadership of the European Union. It is because together they have the bandwidth, the intellectual capital, and the resources to be able to make a leapfrog moment. 

We need a leapfrog moment, which means that countries have to remain faithful toward the commitment. In particular, developed countries have to remain faithful to their commitment to putting in that $100 billion a year for climate change adaptation. We are happy to see the Loss and Damage Fund is coming. I am much more optimistic now than I was in 2022 because then, ultimately, the U.S. and China did get together in Sharm El-Sheikh in Egypt. It was a reasonably good result. So I think I am seeing progress there. 

We have to put our politics aside when it comes to the climate because everybody is affected. 

And here is something very interesting about why the multilateral space is so crucial. Previously when Beijing used to get sandstorms, it used to come from Inner Mongolia. I would encourage a lot of people to go visit the Kubuqi Desert, the seventh-largest desert in China. It is an agricultural wonderland. It produced 3.2 gigabytes of electricity from solar and wind. The solar panels and the wind panels are so high that they have utilized the real estate below these panels, and it is a complete convergence of technology and innovation. 

That place has a per capita GDP higher than the national average. Now, this is the kind of knowledge of combating desertification with the advent of technology and innovation that we can bring to bear in places like sub-Saharan Africa. If you do not have the sandstorms stopped in Inner Mongolia, you will continue to get sandstorms in Beijing. 

So the key is you have to have a multilateral space in the climate agenda — air pollution. Now Beijing has cleared up its air. I run half marathons every month in Beijing. It has perhaps one of the best AQI levels. But what happens when the climatic conditions or pollutants from other parts of China come into Beijing’s space?  

We will have to look at the whole and therefore the community of nations has to come together. The secretary-general has been faithful to his call to action that we have to deal with the climate agenda. 

And here, again, I want to commend President Xi for the clearest articulation on the climate agenda, when he said China will go for carbon peaking by 2030 and carbon neutrality by 2060. Now the UN is working with the Chinese government to look at what kind of innovation and big data and technology can be used. But at the same time, what I am urging the government to do — and working with my counterparts in other countries — is what kind of knowledge can we share with them from this experience. 

Jason Ho: How can we ensure the climate tech innovations are accessible and also affordable for people in need in these. I this is not just a challenge. This is an opportunity, right?

Siddharth Chatterjee: How did China make this leapfrog within itself with per capita GDP at $180 in 1979? It was about scale and volume and achieving economies of scale. This is precisely why we need high technology to get very cheap, but consumption will be huge. Now, that is the opportunity that opens up.

I have served half my life in Africa. Africa needs a leapfrogging into the Fourth Industrial Revolution. It does not necessarily have to go through the typical rise of Europe, China, and the rest of the world. They can jump into the Fourth Industrial Revolution.

I tell this to many partners in Beijing: I say that by 2050, Africa will have 2.5 billion people, and they will have 900 million young people. They will be the future of consumption and production. If you invest now, you will have a huge return on investment in the future. 

This is one area where China can define a way forward in this climate transition that is there because of the amount of innovation, the amount of knowledge that is, the place where the world has to come together to look at how we become more efficient at carbon capture. Now, that is one place where we are way behind. 

And while technology is moving forward, we have not been able to diagnose that space. Can you imagine if we could look at an entire continent like Africa for carbon capture? It could be a solution to many of the challenges that we are already confronted with. 

So I think this would need, again, the resurrection of multiculturalism. And that is why the secretary-general is hosting the summit of the future. It is a once-in-a-generation, a lifetime opportunity to look at how we reposition multilateralism so that at least we can converge around the issues that challenge us in health, climate conflicts, inequalities, and economic disruptions. 

These are the places where people can come together because the aspirations of an African parent are no different from the aspirations of a Chinese parent or that of an American parent. The future is really to make sure that the climate impact is now sustained because one thing is clear — it is impacting food security, it is impacting health. Today, 800 million people are going to bed hungry every night because of droughts, famine, and instability. 

Investing in the crypto market carries inherent risks, even as the traditional banking system increasingly recognizes the significance of blockchain technology. Establishing a sandbox environment for this emerging industry to thrive and creating the necessary conditions for mass adoption of Web3 is crucial for its future growth and development.

At the BEYOND Expo 2023 tech conference held in Macao, Leo Li, the Web3 Ecosystem Development lead at Alibaba Cloud, and Zheng Bin, the deputy CEO of ICBC (Macao), discussed the development potential of Web3, and the role of the digital yuan in striking a balance between innovation and regulation.

Their comments have been edited and condensed for clarity.

Leo Li, Web3 Ecosystem Development Lead, Alibaba Cloud

Those of you who have a crypto wallet, please raise your hand. Okay, it appears to be around 5%. What does this indicate? It suggests that most people are not yet using crypto wallets, which serve as the basic entry point for Web3. But is the trend towards adoption inevitable? In my opinion, it is inevitable because Web3 offers an experience that maximizes personal value and profit. Its fundamental difference from Web2 is its emphasis on value. Web3 is a technology that aligns closely with our inherent human nature; therefore, I am very optimistic about its future.

Today, we all have a basic understanding of, or have used OpenAI’s ChatGPT. It does present barriers to entry, but the value it brings outweighs those barriers, motivating people to use it. In comparison, most people don’t have a crypto wallet and don’t use Web3 technology because it is not yet widespread.

Web3 is a robust and cutting-edge technology that can benefit the public, but in a framework that lacks regulation or compliance, various human desires can emerge, including the FTX fallout. The event occurred in an unregulated environment, and I don’t think it would occur in traditional banks.

The absence of regulation is the reason why we say that Web3 is fundamentally a decentralized technology. However, I think it still needs some form of regulation to inspire public confidence and achieve mass adoption.

Zheng Bin, Deputy CEO, ICBC (Macao)

I believe the use scenarios for the digital yuan can be divided into two main categories. For domestic use, the digital yuan may not bring significant changes to people’s daily experiences, but it does offer some advantages, such as legal tender status and mandatory acceptance by merchants in certain environments or scenarios. Merchants have no reason to refuse the digital yuan as it is a legal currency.

At the same time, establishing connections with foreign countries is of strategic significance. Many countries have their own frameworks for digital currency. The digital yuan’s ability to serve as a bridge between different digital currencies presents a valuable opportunity for the yuan to disrupt or shape the existing currency system that has evolved over many years. From a  personal standpoint, this is a very good strategic opportunity.

How can we achieve a balance between innovation and regulation? The digital yuan as I just mentioned is a good example of striking such a balance. It leverages blockchain technology but does not rely entirely on it to establish its credibility. It ensures anonymity but can also be traced if regulatory authorities require it. It has integrated and resolved certain contradictions, resulting in the current outcome, and I think this may become one of the possible directions for the future development of the entire industry.

Joe Tsai, co-founder and Executive Vice Chairman of Alibaba Group, sees AI tools as powerful forces in shaping and transforming the future of the entertainment sector, according to his speech on Wednesday at the BEYOND Expo 2023 opening ceremony.

Please find below the transcript of the opening day speech from Joe Tsai, Co-founder and Executive Vice Chairman of Alibaba Group. The following transcript has been edited for clarity:

Honored guests, I am very privileged and honored to stand here in front of you to talk about the future — the topic of “What’s Next?” When Jason (Jason Ho, co-founder of the BEYOND Expo) asked me to make this presentation, I thought about several factors that are affecting not just the world but also Macao itself.

So, the first thing about Macao that I learned over the last several months is that Chief Executive Iat Seng Ho is very intent on transforming the economy away from just a single industry of gaming into the world of entertainment, content, healthcare, sustainability, and consumption. And I think that’s a very, very interesting factor, which will explain why I’m going to talk about what I talk about.

The second factor is what’s going on in the technology world — the launch of ChatGPT late last year. Everybody has been completely entranced by the whole idea of generative AI. AI used to be able to tell you the difference between dogs and cats, whether it’s black or white. But now AI can actually generate content just like a human brain, very actively generating new information, new content. So generative AI is going to be another important factor in what I’m going to talk about.

The third thing is, it’s important in my business. We’re in the online retail e-commerce business, and we’re very much part of the economy in China in terms of helping the whole Chinese economy to grow through consumption.

Consumption today in China is around 40% of the total GDP. Over time we hope to help the country grow the economy through consumption. But what we do today is online shopping — buying stuff, material things, buying material things.

What I’m going to talk about is something that’s a little bit more spiritual. Although it feels like not a real economy, it’s virtual, but I think having spiritual well-being is very important in terms of the whole consumption economy. So, my presentation with the confluence of these three factors — where Macao is going, where AI is going, and where consumption is going — I’m going to talk about digital entertainment.

So, we’re going to redefine digital entertainment. I will take you through an example of filmmaking. In making a film, there are a lot of problems. What are the problems? We have to decide who to pick. We have to decide actors and actresses. And actors and actresses are human beings. They’re very, very difficult to manage.

Believe me, I manage a basketball team and the players are very difficult to manage. If you’re in Hollywood, it’s very, very difficult to manage people.

The next thing is logistics. The logistics involve a lot of costs and moving around and then finally shooting post-production and things like that. Well, what happens if you make a film when it’s already done? You’ve done the shooting and then you want to change it. What happens? The change is a part of the pain point of the industry that is very difficult to solve.

So, these are the pain points. Let’s see what technology and the future can bring to solve these three problems.

[Shows an ad]

Leah is a digital actress. She is a digital personality that we’ve created. She’s not a real person, and here’s the beauty of this. With digitization, we can bring together what is a very American sport, like baseball with something from China, that’s made in the image of a Chinese actress. And then we can merge the two together into a very sort of Chinese-American scene of promoting Major League Baseball. In fact, our group had done a deal with MLB to help promote this thing, and we have created a 3D model. When we create, we create a 3D model and it took us about a month to create. But today, if you use generative AI, it’ll take about a week to create this model.

So, today, in order to create this digital model, it’ll just take one week. That’s a very interesting aspect because now you replace human beings, you don’t have to manage the emotion for the issues with real humans. And the other thing is Leah is now a digital asset of the company — of the movie production company — and she belongs to the movie production company, and she’s in fact represented by an agent. The next thing is the NBA will probably call us and say, ‘Hey, can we use your Leah to help promote the league?’ I think that creates longevity for whoever created the character, and you can obviously build on the character.

The next thing is about logistics. This is what we call a digital studio. The traditional way of creating a studio and making an outdoor scene is you use the green screen, and the actor is standing on an empty stage with a green screen behind it, trying to act out something.

But now, with LED panels, we can create a studio with very little space. We have a studio in Beijing that’s about 2,000 square meters that can handle everything. The fact that you can create LED screens with scenes — we have hundreds of thousands of scenes that you pre create and put onto the screen. It makes shooting a film very easy. So you don’t have to really go on location. For example, here we have actors that are actually acting in front of the screen, so they are actually put into the environment of the story that they’re trying to tell. In this case, Mars and the spaceship. Once you’re in this environment, instead of standing in front of a green screen, you’re basically in the situation. You’re in the mood of the acting.

Now I want to talk about production a little bit. So, if you created a show, create something real and then you want to change things, there’s post-production tools to make it virtual. And what this does is it actually democratizes production and the whole post-production process because imagine if you are on TikTok, you can actually change things as you create your content.

And finally, generative AI. One of the last aspects of making a movie is marketing and promotion. So, what do you do when you market and promote a movie? You make posters. And now it’s very easy to generate these posters.

Within a few hours, you can use these generated AI tools to promote the posters. So, this is a movie (Born to Fly) that Alibaba Pictures invested in and it started showing during the Labor Day holiday. It’s a great movie, and we have basically generated these posters and put it all across the country at a very low cost. So that’s pretty much what I want to share with you about the future. And please go see this movie. It’s much, much better than Tom Cruise’s (Top Gun).

The BEYOND Expo 2023 kicked off in Macao on May 10 with the theme “Technology Redefined.” The three-day expo will focus on showcasing and discussing technologies related to consumer technology, healthcare, and sustainability. The event will also feature multiple international investment and financing summits, as well as startup roadshows, providing a platform for emerging players in the industry to showcase their innovations.

The BEYOND 2023 opening ceremony on Wednesday morning saw government officials, executives and leaders from technology and finance industries gathering in Macao, where they discussed the role of technology to empower various industries in the future.

Here are some key takeaways from the opening ceremony speakers:

1. Jin Liqun, President and Chair of Asian Infrastructure Investment Bank (AIIB)

“At this Expo, I see the dream of a more inclusive Asia, particularly, a more financially inclusive Asia,” Jin said. He also emphasized that AIIB’s financial services can “make it possible for people to climb out of poverty by obtaining credit, to invest in their education, to take out insurance, to run the business, and to weather the shocks of the changing climate.”

Moreover, Jin sees digital access as a key threshold to keep people connected and resilient. AIIB prioritizes two types of infrastructure investment. The first is infrastructure development that supports the expansion of the digital economy, such as 5G towers and fiber cables. The second is digitalizing existing infrastructure into smart infrastructure. “That means we are thinking not just towers and data centers but smart cities, smart growth, smart roads, and smart vehicles.”

2. Jian-Wei Pan, Academian of Chinese Academy of Sciences, Quantum Physics

Chinese quantum physics expert Jian-Wei Pan explained China’s efforts in quantum communication and quantum computing. Pan believes that China still needs a long time to make progress in popularizing quantum computing. However, after nearly 20 years, Chinese scientists successfully developed the world’s first quantum science satellite, Micius, which was launched in August 2016. In addition, in September 2017, China’s long-distance fiber-optic quantum communication backbone network, the Beijing-Shanghai National Quantum Communication Backbone, was officially opened. Micius and the Beijing-Shanghai Backbone helped China preliminarily test the hypothesis of building a wide-area quantum communication network and prove in principle that “a unified quantum network is feasible.”

“To achieve a generalized quantum communication network, we can use optical fibers to build quantum communication between major cities, use quantum relays to achieve quantum communication between cities, and further use the quantum satellite platform to achieve long-distance quantum communication,” Pan said.

3. Andrew Sheng, Chief Adviser to the China Banking and Insurance Regulatory Commission

In his speech, Sheng touched on both the benefits and challenges AI tools like ChatGPT has posed on society. He said AI will create obstacles for people who are less knowledgeable about tech. “Those who do not understand the technology will be pushed further and further behind. And that is the biggest imbalance that we now face: How do we educate the masses not for the elite for the masses to understand the new challenges of the world?”

4. Kishore Mahbubani, Former President of the United Nations Security Council

In his speech, Mahbubani emphasized the rise of Asia and the challenges that come with it. He said that “the 21st century will be the Asian century, just as the 19th century was the European century and the 20th century the American century.”

He also coined a new version of the CIA — China, India, and ASEAN (the Southeast Asian regional intergovernmental organization). “If you look at the future of Asia, the growth will be driven by what I call the new CIA. The CIA is not the Central Intelligence Agency. The CIA is China, India, and ASEAN. And remember that — the new CIA. The CIA countries make up 3.5 billion of the world’s population. In 2000, out of the 3.5 billion people, only 150 million were in the middle class. By 2020, the number had grown to 1.5 billion and increased 10 times in 20 years, and by 2030, it will grow to three billion people. The middle class is going to drive this growth.”

5. Joe Tsai, Co-founder and Executive Vice-Chairman of Alibaba Group

Alibaba’s Joe Tsai shared his thoughts on generative AI and agreed with Macao’s effort to transform itself from a city of gaming to entertainment, content, healthcare, sustainability and consumption.

In his speech, Tsai demonstrated an ad featuring an AI-generated actress named Leah, showing the potential of Artificial Intelligence Generated Content (AIGC) and its revolutionary power in the entertainment industry. “With digitization, we can bring together what is a very American sport, like baseball, with someone [AI actress Leah] made in the image of a Chinese actress. And then we can merge the two into a very sort of Chinese American scene of promoting Major League baseball,” he added.

He also showed how advanced LED screens can significantly slash the space needed for film shoots and simplify operating logistics. “With LED panels, we can create a studio with very little space. We have a studio in Beijing that’s about 2,000 square meters that can handle everything. We have hundreds of thousands of scenes that you pre-create and put onto the screen. It makes shooting a film very easy, so you don’t have to go to various film locations.” Joe said.

6. Panel discussion

BEYOND opening speakers Jin Liqun, Andrew Sheng, Kishore Mahbubani and Joe Tsai also sat down with BEYOND Expo co-founder Jason Ho for a panel discussion on the latest challenges of tech in society.

Speakers shared their thoughts on the fast-developing AI technology and its challenges to leaders and society at large. Mahbubani echoed concerns about AI accelerating the trend of people being replaced at jobs; Jin Liqun also raised a question whether AI will ever exceed human’s capacity to manage the robots? Joe Tsai said he doesn’t worry about robots, as he believes in the future evolution of human intelligence. “We actually have not explored how smart the human brain can get. There are 80 million neurons in the human brain and trillions of connections and synapses in the human brain. So there’s the potential of the human brain to get smarter and operate at a higher capacity.” Tsai said.

All the speakers agreed that countries globally should work together to develop a set of rules to help humans better manage and use AI. 

New product release

On the first afternoon of the BEYOND summit, six technology companies announced new products at the event. They are:

China State Construction International released three new products: Light A, C-SMART smart construction management platform and Hailong’s original concrete modular residential product. Light A, which mimics the appearance and texture of aluminum panels, can generate electricity while serving as a building facade. C-SMART smart construction management platform uses cutting-edge technologies such as the Internet of Things, sensors, artificial intelligence, cloud computing, BIM, data information and communication technology to create a customized platform for smart, digital and information-based construction site management. Hailong’s original concrete modular residential product divides the building into independent modules, completes more than 90% of the construction in the factory, and then quickly assembles them into a building using reliable cast-in-place connection technology, achieving the goal of “building houses like building cars.” This technology system ingeniously integrates cast-in-place construction of the frame shear wall structure, making its mechanical properties and building height restrictions equivalent to those of traditional buildings.

Aerofugia, a tech company specializing in aerial mobility, unveiled its new product, the AE200, during the BEYOND Expo. The AE200 is an Advanced Air Mobility (AAM) aircraft designed to meet high-density aerial travel needs of urban areas, with a focus on safety, performance and comfort. The prototype of the AE200 has completed its maiden flight and the certification process is now underway with regulatory authorities. This product is independently developed by Aerofugia, with outstanding capabilities in aircraft, system integration and certification experience in civil aviation.

XAG released the XAG P100 Pro agricultural drone, which is powered by electricity and designed to help farmers complete tasks such as seeding, fertilizing, and pesticide application in a more efficient, eco-friendly, and easy manner. Compared to its previous generation, the P100 Pro has been upgraded in terms of payload, efficiency, control, stability and other aspects, providing users with a more precise, efficient and user-friendly farming experience.

Shanghai Changing Biotech unveiled the Kluvy Protein and the Alternative Dairy Products for Professionals. This product line is based on biotechnology that creates microbial protein and biosynthetic milk protein, which efficiently uses limited earth resources to achieve unlimited nutritional potential. It is sourced from nature, with strains originating from Shangri-La, and the product also uses advanced technologies such as mutation evolution and gene editing to create future food from natural sources.

iFlyrec launched iFlyrec AI Writer to improve office efficiency and quality of work. The iFlyrec AI Writer is an AI writing assistant that provides services such as AI writing, abbreviation expansion, rewriting, polishing, proofreading and document translation in news writing, official document writing, marketing promotion, project planning and other scenarios.

Snail Zhixing introduced a product called the “Solar Scooter,” which uses safe and innovative solar energy technology to provide a zero-emission mode of transportation. This scooter is suitable for users traveling within 100 kilometers globally, providing them with an environmentally friendly means of transportation. Through this innovative product, Snail Zhixing will contribute to achieving the global dual carbon target and demonstrate the “power of China.”

BEYOND summits, programs, and exhibitions

Apart from a diverse range of exhibitors, this year’s BEYOND Expo has created six stages and two lounges for global technology and investment professionals to hold various discussions and meetings. The main stages are Stage T (Theater), Stage C (Consumer Technology), Stage H (Healthcare), and Stage S (Sustainability). In particular, Stage C (Consumer Technology) is partnered exclusively with ICBC Macao and gathers global top technology innovation leaders; Stage H (Healthcare) is jointly established by BEYOND and China Taiping, aiming to explore trending topics in life science and global health challenges solutions; and Stage S (Sustainable Development) is hosted by China State Construction International Holdings Limited, BEYOND’s exclusive strategic partner, and will provide cutting-edge solutions for trending topics in sustainable development industries and global challenges.

BEYOND Expo 2023 has set up a nearly 100,000 square meter exhibition area at the Venetian Macao Convention and Exhibition Center, welcoming more than 600 exhibitors from around the world, including Fortune 500 companies, large multinational corporations, unicorn startups, and new early-stage enterprises. The three major exhibition areas — consumer technology, sustainability, and healthcare — have attracted participation from top companies within their respective industries.

In the Consumer Technology exhibition area, leading players such as Huawei, AliCloud, and Lenovo are among the exhibitors. There are also exhibitors like Cowarobot, which specializes in L4-level commercial vehicle autonomous driving, and Mogoauto, which focuses on L4-level autonomous driving of urban public service vehicle fleets, including buses, taxis, sweepers, patrol cars, ambulances, and logistics vehicles. Exhibitors focused on flight travel such as Aerofugia, Xpeng Aeroht, and Ehang are also present.

In the Sustainable Development exhibition area, traditional giants such as China State Construction International, China Civil Engineering (Macau), Fujifilm, and Inspur are among the exhibitors. New companies that focus on hydrogen energy, agriculture, and plant-based meat such as Sinosynergy, Chinabric, and MoreMeat are also present.

The Healthcare exhibition area features exhibitors such as China Taiping, the nation’s oldest national insurance brand, United Family Healthcare, Fosun Pharma, and the Guangzhou Taihe Medical Technology Innovation Center.

The BEYOND Expo is held at The Venetian Macao’s Cotai Expo, which has been a major conference and exhibition venue in Macao since its opening in 2007. With an area of approximately 75,000 square meters, Cotai Expo is one of the largest MICE venues in Asia and features six independent exhibition halls over two levels, accommodating up to 5,000 exhibitors. It offers a wide range of flexible spaces, an international team of professional event planners, and one-stop MICE solution with diverse facilities and services.