Tweets from The Economist Innovation Summit

The Economist Innovation Summit 2016 was held on Sept. 6 in Hong Kong. I was honored to speak at the event.

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While attending the event, I live-tweeted highlights from the event. The following tweets have been getting many impressions and retweets:

Markus Steilemann: Innovation is about invention that makes money, and China is doing great in that

Victor Foo: innovation should be focusing on solving local market problems.

David Chao: Government directed programs never do well. Let the markets take paths

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Why China Can Dominate Next-Generation Manufacturing

In a recent article in the Washington Post, “Why China won’t own next generation manufacturing,” the author Vivek Wadhwa discusses China’s new 10-year plan, called “Made in China 2025.” The plan aims to modernize China’s manufacturing with advanced technologies such as robotics, 3-D printing, cloud computing, and big data.

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China has committed $150 billion to this gigantic modernization scheme. “But no matter how much money it spends,” Mr. Wadhwa writes, “China simply can’t win with next-generation manufacturing.”

The reason? Chinese robots are poor quality, Wadhwa argues, and they cannot be more productive than American robots. And most importantly, the Chinese workforce lacks the skills to perform in an advanced manufacturing setting.

But I would not write off China’s ability to advance its technologies as well as its workforce so quickly. There are signs that Chinese industries are catching up with, and in some cases, even exceeding the West. Continue reading

A Native’s Homage to Hangzhou, The G20 Host

Twenty-eight years ago, I would never have imagined that the President of the United States and other world leaders would visit my hometown, Hangzhou, and discuss important matters that will affect humanity’s future.

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The Hangzhou I left behind was a backwater town, with narrow alleys and rundown dwellings. There was only one department store, Liberalization Department Store, one decent hotel, Hangzhou Hotel (now renamed as Shangri-La). Many people still wore Mao suite. Most rode bicycles to work and for daily chores. The only automobiles on the streets were dusty buses, which ran sparsely between hours and were almost never on time.

Yes, there was West Lake, and people said it was beautiful. To my unappreciative eye, however, it was a dead lake. The stillness of the lake seemed lifeless to me. I was yearning to see oceans. I grew up hearing people say that “above there is heaven, and below there is Hangzhou.” But I was desperate to leave the “paradise on earth.”

….

Now one of the wealthiest cities in the country, Hangzhou has 9 million inhabitants. Most of them are members of the new middle class, who have seen their life dramatically improved over the past decades.

When President Barack Obama arrives in Hangzhou on Saturday, he will not see a backwater town. Instead, he will see a bustling modern metropolis nestled in lush hills.

….

I finally understand why people say Hangzhou is a “paradise on earth.” Now that I have seen the oceans, visited the Lincoln Memorial, and watched Martin Luther King’s “I Have a Dream” speech many times, and looking from the other side of the Pacific, I can truly appreciate Hangzhou’s beauty.

(Read the full article on Forbes).