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The U.S. dollar has long been the bedrock of global trade, investment, and reserve strategy, but cracks are starting to show. From BRICS nations promoting alternative payment systems to central banks in Asia and the Gulf trimming their dollar holdings, momentum is building for a more multipolar currency regime. As Washington increasingly uses the dollar as a geopolitical lever—imposing sanctions, freezing assets, and enforcing capital controls—some allies and rivals alike are hedging their bets. Meanwhile, China is quietly expanding the renminbi’s reach through oil deals, digital infrastructure, and Belt and Road partnerships. Will the greenback remain the world’s most trusted currency or are we entering a new era where financial power is far more diffused?

Still the One?  Can the U.S. Dollar Remain the World's Reserve Currency?

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Well speaking of big ideas, this next panel should be a banger. I think it's a really interesting one. It was alluded to beforehand the future of the US dollar and specifically question the heart of global markets, and one few people would have dared to ask even a decade ago. Can the US dollar hold its position as the world's reserve currency? For generations, the dollar has been the foundation of trade, investment, and global reserves, but the landscape is starting to shift. BRICS economies are testing an alternative payment system. Central banks in Asia and the Gulf are diversifying their holdings, and China is expanding the reach of the renminbi through energy deals, digital networks, and Belt and Road partnerships. So we look at a future where the dollar remains supreme, a world where financial power is far more distributed. To help us understand what's really at stake, we're pleased to be joined by journalist and author Paul Bluestein, who's been studying and reporting on the global monetary system for nearly 4 decades. He'll be in conversation with Fortunes Andrew Staples. Thank you very much. Here they come. Good morning. I'm delighted to welcome my guest for this session, a very topical look at the dollar. We have the author Paul Bluestein of King Dollar. Paul, I'm going to kick off with a very general question. What prompted you to write this book? Why are we hearing so much about this issue of de-dollarization at the moment. Yeah, well, when I started it, there was already a good bit of talk about the dollar losing its dominance because of the overuse of weaponization of the dollar, overuse of sanctions. This was in the first Trump administration, even going back to the to the late second Obama administration, there was a good bit of talk and then of course uh uh during in the course of the uh. First few months of the first few weeks, sorry, of the uh of the Trump administration that that talk has risen to a fever pitch. So yes, I, I'm happy to say that the book is is uh is timely, but um uh but uh yeah, there's lots of been lots of speculation which I. Which which I strongly disagree. Well, let's get into it. King dollar is the crown slipping or not, over to you. I don't think so. I mean this is what I've spent the better part of 5 years, you know, thinking about and I'm still thinking about, still wrestling with. Um, and, and the conclusion I come to is very, you know, this is pretty much the verbatim wording from the, from the first chapter of the book. I say that the dollar's position, it's, as the dominant currency. I'm talking about its position in, in international commerce and cross border transactions of all kinds that that position is, is all but impregnable, barring. Catastrophic missteps by the US government. Now, have there been missteps by the US government, uh, in, in my opinion, in the past few months there have been quite a, quite a number. Are they catastrophic in, in some ways, yes. Are they catastrophic enough to dislodge the dollar from its dominant position? I don't think so. So let me, let me tell you as briefly as I can why. The book goes into a lot of episodes over the past, uh, you know, a little more than half a century in which, uh, in which the dollar's dominance was called into question. Uh, there was the, uh, the collapse of the Bretton Woods system in 1971 when President Nixon took the dollar off completely off of gold. There was the inflation of the 1970s. There was the swelling of US trade deficits in the 1980s, 1990s, 2000s. Um, the rise of Japan and when there was a lot of speculation that the yen would supplant the dollar, there was the, uh, the establishment of the euro and there was a lot of talk that the euro would at least equal the dollar, if not surpass it. There was the global financial crisis at that time, a lot of people said, OK, that's it, the dollar is finished, and of course the rise of China when there's been a lot of speculation about the renminbi replacing the dollar and at each of those junctures, uh, some really, uh, you know, it wasn't just um. Uh, uh, uh, casual commenting, it was people from very distinguished positions in the academic world saying that the dollar's dominance was threatened and in every case, in every instance, those prophecies turned wrong and for very good reason. Because the dollar uniquely among currencies has two very important features, two important features that are that are that together make it unique. One is an open capital account. Money can flow freely across US borders, and the second is, which is I think in many ways even more important is the depth and breadth and liquidity of of US financial markets and particularly the market for obligations of the US government. This is so crucial in a financial crisis, um. In a financial crisis when everyone's scrambling for cash, they want to make sure that they have the cash to pay obligations coming due. If you don't have the cash to pay your obligations coming due, you're the next Lehman Brothers, and treasuries are the one asset by far more than any other that you can that if you hold, you can liquidate in large amounts and get and get the cash you need without suffering terrible losses. So. Uh, so that that's an extremely important feature for, uh, this is these two features together make are, are, I think the, the, the bedrock of dollar dominance. Now I mentioned, now my book came out in March, uh, and within days of its publication came Liberation Day. And all the turmoil in financial markets in which in which the dollar was falling, the treasuries were falling, stocks were falling, and this was quite unusual confluence of events, a lot of speculation that the dollar this time, OK, this time this is really it for the dollar, and then that was followed by the attacks on the Federal Reserve by Trump on the Federal Reserve independence and the passage of the one big beautiful bill, quote unquote, which added to US debt problems. Um, and that has led to even more speculation that the dollar is dominant. Now my publisher, Yale University Press, got in touch with me and said we're going to have a paperback edition coming out. You need to write a new preface for your book to take account of the events of the past few months, and it's been very tempting for me to say, OK, these are the catastrophic missteps of which I warned. These, yes. This, uh, the dollar has been dominant all this time, but because of these catastrophic missteps, it's, yes, I now think it's going to lose its dominance. I don't think that's true, partly for the, you know, the two reasons that I mentioned, uh, that make the dollar uniquely, uh, uh, the unique features it has that bolster dominance, but also because the dollar is so entrenched in the way markets work around the world. So, so on that point, I mean, there are certainly jurisdictions around the world thinking about China, Russia, that would bristle that they have to use the US dollar, and the US has not been shy increasingly of weaponizing the US dollar system as well. So how if you do have An economy the size of China and other economies that work closely with China and beyond that you have other countries that would prefer to move away from the dollar because of that dependency and the risk of it being weaponized. How is the dollar's position so unassailable? You mentioned liquidity and so on, but what about alternatives? What about the euro? What about the yen and so on? Yeah, they, they, they, the euro has a lot of the features that the dollar has. It has the eurozone has a lot of sophisticated financial markets, but it doesn't have a single sovereign debt instrument because you've got 20 sovereign nations, each of which issue their own, their own debt, so it's not like the US Treasury market. It doesn't have that that big deep broad and liquid market for one. uh, government instrument, uh, the renminbi doesn't have a, an open capital account, you know, very important in a crisis. You want to make sure that you're going to be able to get your money out of the country, uh, and there are a lot of concerns by investors that, that, that, that they wouldn't be able to do that. But I, I completely. Understand the frustration of governments around the world with the way the US has used its currency to bully other countries for foreign policy purposes. That's the frustration and desire to move away from the dollar is understandable, but It isn't governments that decide which currency is dominant. It is markets. So let me, let me come back to my point about how entrenched the dollar is in, in the functioning of world markets. Uh, so you know, anyone who's casually looked at the dollar dominance. As I'm sure many people in the audience have know that, you know, the dollar is comprises about 60% of the reserves held by central banks around the world, the foreign exchange reserves. It's used for a roughly similar amount in international trade, imports and exports for invoicing. And uh and it's, and it's the currency that's dominant in uh when countries and companies borrow in currencies other than their own, they borrow in dollars more than any other and in foreign exchange markets, the dollar is on one side of, of, of trades for when currencies are converted one into the other. But let me tell you about a market that I mean there are probably some people in this audience who are familiar with it, maybe they even participate in it. But many of you, I'm suspecting will not have heard of it. This is the only chart I have in my book because it, this just, this was the aha moment for me, the moment that just blew me away in terms of understanding the durability of dollar dominance is a market is a market for foreign exchange swaps. It's it's a pretty obscure market, but it is gigantic. And the uh the data on this is put together by the Bank for International Settlements, and foreign exchange swaps are are a market in which the very biggest actors in the global financial system play multinational companies, multinational banks, insurance companies, pension funds, hedge funds that have that have operate in in dozens of countries. And the BIS estimated that the volume of trading in this market of activity in this market is 5 $trillion trillion. That's with a T dollars a day on average. And what, what, what is this market used for? It's used for hedging. This isn't a market where people are trading one currency for another or speculating on where currencies. This is where these are these very big firms that are that are trying to hedge. Themselves against fluctuations in currency markets. So a great example, what am I talking about? A Japanese life insurance company, for example, which wants to invest a lot of its money in dollar assets in treasuries, but other American stocks, other things. But they, so they, they, they have, they use dollars, but they need yen to pay their claimants when they're, when they're, when they, when people die, right? They have to pay their their claims in dollars. So they need to hedge that a company like that needs to hedge itself against movements in the dollar in the dollar yen rate. So, Uh, so they use this market to hedge and the, and what is the currency that absolutely dominates this $5 trillion a day market? It's the dollar, way above the euro, way above the yen, way above the pound sterling, way above the Swiss franc, and others. And so this is, this means that the biggest actors in the global financial system are using dollars for, you know, for investing, for lending, for borrowing, for exporting, for if you imagine what it would take to unwind all that, it would be so costly, so difficult, and take such a long time. So you know, this is why I say entrenched. It's entrenched. The dollar is entrenched, like it or not, for better or for worse, it's entrenched. Um, what could shake that entrenchment? For example, we've been hearing a lot about crypto, we've been hearing a lot more recently about stablecoins, for example. That's sort of one area. So technology and innovation there. The other one you mentioned earlier on is the sort of policy missteps that the US government might make. And earlier in the year we were hearing a lot about a potential Mar a Lago accord which might have, you know, big implications for the US dollar. Your your comments on Well, you know, yeah, a Mar a Lago card in my view would be a catastrophic policy misstep. Um, it would, and, you know, I don't want to underestimate the potential catastrophic consequences of those missteps. I'm, I'm very much agree that that these things could lead to a financial crisis, uh, you know, the and you don't even have to go to as far as the Mar a Lago accord, you know, if you have uh. you know, more pressure on the Fed to, to, you know, just print money to cover US deficits. I can easily imagine that leading to a big selloff in Treasury securities. Interest rates would rise. The US would suffer some pretty severe economic consequences of that. A Mar a Lago accord, you know, this is, this is this talk, you know, we want, we want to make the dollar go down, but we want to preserve dollar dominance, so we will tax Treasury securities held. Abroad by foreigners that will tax the interest that we pay, that would have a devastating consequence on the market for treasuries. It could lead to a quite severe financial crisis. I don't, I don't want to underestimate that, but you know, the loss of dollar dominance would be the least of our worries in that case. I mean, if we have a real severe crisis in the market for US Treasury, the most important financial market in the world. loss of dollar dominance is, um, is, is, is going to pale by comparison with, with, with the other awful consequences of that. So that's a scenario that we could look through. What about the tech side of things, the stablecoins and so on? What does that mean, if anything, for for dollar dos? Well, isn't it? Ironic, you know, the crypto industry which started off in this, in these uh with these idealistic gauzy ideas, you know, that we're gonna, we're going to create a form of monetary transmission that, that, uh, you know, that avoids banks, central banks, governments entirely. And now they are touting themselves as, as, you know, we're going to help the dollar because after all, stable coins, which are, you know, are tied to fiat dollars, 99% of them are backed by are linked to the dollar and thanks to the legislation that was passed this summer, the Genius Act, they, they are reasonably. You're reliably backed by by reserves of dollars and so now the crypto industry is saying this is going to help the dollar. This is going to save the dollar. Well, first of all, I don't think the dollar needs saving for the reasons we've just been talking about, but stablecoins could actually undermine the the most important benefit that the US gets from dollar dominance. I think the most important. Benefit which is its ability to use the dollar for for for foreign policy leverage because stablecoins can because they are now the crypto industry argues that it's very easy to trace but the blockchain is transparent. You can you can it makes it much easier to catch crooks. I'm sorry, but, but really they're really clever people in the. To space know how to use these types of instruments in ways that disguise their identity and disguise their activities, and I think sanctions evasion is going to become a bigger problem actually for for the US, but of course it's being pushed as this great, great way to help to help dollar dominance. I doubt that it will have, it'll have some effect on the margin. Uh, but I, I doubt that it'll be more than that. Yeah, we've certainly seen China and its trade with other nations, particularly Belt and Road, um, all those nations involved in Belt and Road. Settling their trade more in renminbi and so on with Russia, with Iran, with other parts of the world as well. Is this something that could shake the dollar dominance, or is this really just on the margins? I think it's on the margins. I mean, I think it's it's certainly important for China because they want to, they want to make themselves resilient against. The possibility of the US using types of sanctions against them that were used against Russia, you know, I think if the US used those types of sanctions against China, an economy that's 10 times the size of Russia's. Uh, that the consequences because as we've just seen in the in the trade war, you know, the trade conflict between the US and China, we've just seen that China has a lot of tools of leverage at its own disposal, so I think the consequences of that would be quite disastrous anyway, but, but the Chinese want to make darn sure for quite understandable reasons that they are not vulnerable to that kind of. Thing and they've done quite a good job, I think, of making their own bilateral trade with other countries, uh, much more renminbi denominated, but is the renminbi being used as the way the dollar is in third country trade, in other words, between countries that are neither, you know, China nor the US, no, it's, it's not being used. It's not being used for that purpose. It's not internationalized to that extent, so I don't think it poses a threat to dollar dominance. Yeah, and it's interesting, isn't it, because the states in many other areas such as, you know, world police, being the world policeman and trade and so on seems to be stepping stepping back from that hegemonic role, but they want the dollar to remain. As it is, yeah, OK, um, just coming into the last few seconds and looking out ahead, we've talked about sort of policy mistakes that could shake the dominance of the of the dollar. I'm reminded of that quote by Hemingway that we've heard a couple of times this year as well, things, you know, gradually, then all of a sudden, what could be that flip? What could make things change? Well, you know, I mean a Mar a Lago, I suppose I don't think it's likely that they'll do that because I think they've realized that it would, it would have catastrophic consequences. you know, one of the scenarios that I've I've tried to think of, you know, what could shake the dollar? What, what, and the one that I one that I'm come up with and and I hope no one will be offended is. I imagine the following conversation taking place somewhere in the in the inner sanctum of the White House where the First Lady says to the president, Donald, you know, Barron is, you've always say Baron is such a smart boy. Well, he thinks that bitcoin should become the legal tender or currency of the United States. Don't you think that, don't you agree that he's such a smart boy? And now, do I think this is likely to lead to some change? In the legal tender laws in the United States, I don't, I don't think it's likely, but it's kind of horrifying to think, well, it's conceivable. So yeah, that would be one, that would be one scenario if you like. Yeah, something for us to watch out for then. But in the meantime it looks like we'll be using the dollar for some time, I think so, yeah, OK, well, with that, thank you very much and please join me in thanking Paul for his thoughts on the dollar. Thank you. Thank you very much. OK. Yeah, I go.

From spontaneous backpacking trips to AI-powered, hyper-personalized itineraries, travel has undergone a radical transformation. In this episode of Leadership Next, hosts Diane Brady and Kristin Stoller sit down with Booking Holdings CEO Glenn Fogel to explore the future of travel. Glenn reflects on his early experiences navigating the world before smartphones, how AI is revolutionizing trip planning, and why personalization is key to the industry's evolution. He also discusses Booking Holdings’ rapid growth, its response to global crises like the Ukrainian refugee situation, and the industry’s potential next frontier—hypersonic travel. Plus, he shares insights on leading through uncertainty, the resilience of the travel industry, and why, despite a lifetime of global adventures, his favorite place to travel is home.

The Connected Trip: Booking Holdings CEO Glenn Fogel on the Future of Travel

Photo Courtesy of Booking Holdings; Graphic by Fortune

Leadership

The job search landscape has undergone a dramatic transformation, with online platforms like LinkedIn, Indeed, and Glassdoor reshaping a multibillion-dollar industry. As these giants adapt to new competitors and evolving expectations, they're turning to AI to revolutionize job seeking with "personal talent agents." But will the rapidly evolving tech be a good or bad thing for job seekers? 

Inside the $11 Billion Job Recruiting Business

Careers

The job search landscape has undergone a dramatic transformation, with online platforms like LinkedIn, Indeed, and Glassdoor reshaping a multibillion-dollar industry.

How we search for jobs has transformed drastically over the last two decades. Platforms like LinkedIn, Indeed, and Glassdoor are among the key players in online recruitment. These companies have reshaped their industry, carving out an $11 billion market projected to grow to $41 billion by 2032. And in a survey of 1000 job seekers, 40% of respondents credit job search engines to securing an interview. 35% say company websites are the way to go, and 34% say word of mouth networking is the best. way to nail down an interview. But today, the industry is more than just listing a job or networking to find one. The rise of AI and evolving expectations from both employers and employees are driving hiring companies to new levels of innovation. But just how are these companies adapting with new competitors coming to the market, and how will AI play a role in our future job searches? Indeed is one of the key players in an increasingly competitive market. It's owned by Recruit Holdings, a Japanese employment agency with a market capitalization of $75 billion. That's larger than some of Japan's biggest named companies like Honda Motor and Nintendo. Indeed flexes as the number one job site in the world with over 350 million unique visitors every month in 2023, and it intends to stay that way. Leading the effort is Chris Hyams, CEO of Indeed, who joined the company in 2010 as vice president of product. Hyams credits the company's job-first approach for building trust in its 20-year history. We exist only to help people get jobs and I believe the most important factor in influencing how a company makes decisions about their products and their services is how they make money. That's because Indeed gives employers the option to sponsor a job listing with prices starting at $5 a day or $150 a month. We only make money when we are helping an employer and a job. Or connect, which means that all of the data that we collect from job seekers is used only to help them better match for the best opportunities possible. They're going to find the opportunities they're looking for, and they won't be finding themselves reached out for irrelevant things or targeted for advertising. That's not why they came to the site in the first place. In deer is a hiring space with other sites like LinkedIn, which offers not only a constantly updating job board, but also a space to network with other career focused professionals. But Hiam says this comes with a cost. If you look at other businesses like LinkedIn, an amazing company, we have a huge amount of respect for them. A portion of the revenue comes from employment. They also make a huge amount of money from advertising and from sales and Other things. And so as a person who comes onto the site, are you being targeted just for employment opportunities or for a whole host of other things? But adding social media into the mix of hiring has been massively successful for LinkedIn. In the 2024 fiscal year, LinkedIn reported revenues exceeding $16.37 billion up from almost $15 billion in the previous year. The platform boasts over a billion members in 200 countries and regions and has also ranked 116th on America's most innovative companies by fortune. LinkedIn's revenue streams include a significant contribution from advertising, which generated $5.9 billion in 2022. Meanwhile, its premium membership surpassed $1.7 billion as of March 2024. Glassdoor, also acquired by Recruit Holdings, has built a reputation for services that encourage transparency in the job market. Christian Sutherland Wong, CEO of the job site, emphasizes that Glassdoor's platform allows people to hold employers accountable, particularly around pay transparency, a critical issue in today's labor market, and at the end of the day, it's. that's going to be the ultimate solve for a lot of pay inequity that we see in the US and around the world. The platform's option to be anonymous has made it a popular outlet for employees to be honest about their employers, and the anonymity has built trust and help prospective employees understand what really goes on behind the scenes at companies. As of 2024, Glassdoor reports. 63 million unique monthly visitors and hosts more than 212 million reviews, salary details, and workplace insights. The value of Glasso's platform is that we have trust with the people who use it, and so we put in a ton of processes and a ton of investment in making sure that people can trust the platform. Without that trust, we can't exist, so we take it really, really seriously. Despite their progress, these companies, like many others in various industries have also faced layoffs. In 2024, LinkedIn reportedly laid off about 200 employees from its engineering and customer support teams. In May, Indeed laid off around 1000 employees, representing about 8% of its workforce. Artificial intelligence has also become a focal point for job sites looking to utilize technology to improve efficiency. Rere Holding is investing heavily in AI. The company's leaders tout this as a new era in hiring that will provide users with a personal talent agent powered by generative AI. I see what AI can do is effectively take this kind of very white glove experience and make it available for the masses. An agents could be on your side to take you through your job seeking journey and make it a much smoother and more powerful experience for you as a job seeker. For Indeed, this approach to AI is also at the core of their strategy. If you think about how a talent agent works for athletes and for musicians, that is someone who understands everything about. You about the market and who works tirelessly on your behalf. This is one of the things that generative AI can actually bring. We have the first versions of this that we are going to be releasing in the coming months, and we see a real future where every single person will have a champion just for them that is helping and working tirelessly to connect them to the best opportunities. As the hiring landscape evolves, platforms like Indeed, LinkedIn and Glassdoor aim to connect people with opportunities in smarter and more efficient ways. AI is set to play a pivotal role in transforming job seeking, promising agent-like chatbots to improve the experience for users. But the question remains Will AI be a force that better connects humans to jobs, or will it diminish the number of humans needed in the workforce?

Jing Guangjun, Chairman, Guangzhou Industrial Investment Holdings Group  Liu Libin, Deputy General Manager, Guangdong Guangxin Holdings Group   Shen Minggao, Chief Global Economist, Dean, Industrial Research Institute, Gf Securities. Wilson Pang, Head Of Kpmg China Gba Strategy & Development Office, Kpmg Moderated By Wang Fang, Fortune China

Innovation Forum 2024: China’s Greater Bay Area As Innovation Catalyst

Jing Guangjun, Guangzhou Industrial Investment Holdings Group, Liu Libin, Guangdong Guangxin Holdings Group  Shen Minggao, Industrial Research Institute, Gf Securities. Wilson Pang, Kpmg

The first a reminder this session will be conducted in Chinese. Uh So if you need the headphone, uh they're on the table for your use. Um So today we are going to use Chinese to do this panel. And if you're not familiar with Greater Bay Area, I want to use a certain number to tell you what the Greater Bay area is. It includes two SARS Hong Kong and Macao, as well as nine cities in Guangdong province. So um the size is similar to Netherlands and the population is the size of Germany and the GDP is equal equals Korea. OK. And um if we regard it as an economy, it is, it has ranked top within top 10 and it covers 1% of the of China's area, 6% of the population, 11% of GDP. And it is home to the world class factory uh manufacturer Guangzhou and it is also home to Hong Kong. Um Hong Kong, Shenzhen and Macau. So the Greater Bay Area is really big, consisting of unique, different country, uh different cities. So my first question goes to Doctor Shen, you once mentioned that in one area. Uh the Greater Bay area is the only area consisting of three world class cities in a single area. Ah Yes, of course. Our government really wants to make the Greater Bay area the world class Bay area. We have three world class cities in the in this single Greater Bay area that is they are Guangzhou, Shenzhen and Hong Kong Sar. So we have a really vast range of application scenarios in the Pearl River Delta. So Hong Kong is adjacent to one of the largest supply chain in China. And we in Hong Kong itself will provide a large financial market. So we want to build the greater Bay area as a offshore um a offshore market while with uh backed by the economic development in the Chinese mainland. So that means Hong Kong will strengthen its connection with the international capital market while strengthening its affinity to the Chinese mainland. Ah So that's a very good start. Um You've mentioned about the size of the Greater Bay area as well as the role played by Hong Kong in the Greater Bay area. And today we also have two delegates from a real economy, real economic entity. So we can start from Mr Liu Li Bing from Guangdong, Guangdong Guangxi holdings group. Are you actually from a provincial state owned investment group and now in the Greater Bay Area due to different policies, the flow of the capital and the flow of talents are more convenient. So how do you benefit from this kind of flow. How do you benefit from the development of Greater Bay Area as a whole? Oh, thank you, Guangxi. Our company is a provincial ah state owned enterprise in Guangdong Province. We are located in the Greater Bay area and we have been benefited from the development of this area as a whole. We've made several adjustments to our company. So here are two things I want to mention. First, we hope that our company could become the leader in the emerging industries of the Greater Bay area. And secondly, I hope that we need to start from the Greater Bay area and expand our global market. So during the past few years, our investment strategies have been shifted from the traditional me methodologies. There are something new changes going on, for example, um two months ago, we have finished, we have finished the investment over a semi semiconductor material um company in China. We will help this semi conduct conductor company to settle down in the Greater Bay area and we will uh further leverage relative policies. In addition, we also invested in materials for NEVS as well as for uh energy storage. So we, I think through the investment in this new newly emerging industries, we can benefit a lot and there are also a lot of emerging enterprises in the Greater Bay Area as well, proposing much opportunities for us. Secondly, we um hope that we can start from Greater Bay area. The Greater Bay area is just a starting point for us. We hope that uh starting from here, we can have more investments in overseas market like Southeast Asia, Europe and Africa. And we need to um shift our manufacturing capacities overseas. I and also we we need to learn from our international counterparts. For example, there are lots of like advanced international enterprises, they have advanced technologies and in the Greater Bay Area, we have materials so we can com be, be complimentary to each other. We can form a synergy with international counterparts. So as to improve our overall capacity altogether, um and strong enterprises will build a strong Greater Bay area. Uh So Guang Xing is actually a state owned capital and thank you for sharing your insights in the Greater Bay area. So uh there are two folds of perspectives of uh uh things that you need to do. One is that you need to empower other companies like uh in terms of the new productive forces. And second, you want to expand your international market. Now, next question goes to Mr Jing, your company is also backed by the state owned capital and I know that you are also a member to the C PC CC, right? Uh I believe that you have uh put forward many proposals that related to the infrastructure of the Greater Bay area. So I would like to hear from you about the relationship between the Greater Bay area and your company. Um It is a great time for me to join the round table here. Um for today's meeting, I think that Chinese seems to be a uh language, a language that not many people speak of. Um Actually, that's a good question raised by the moderator for our company. We actually share the dividends of the development of the Greater Bay area and we are now focusing on the investments uh of advanced manufacturing, including the new energy, new materials or high end equipment, as well as the industrial intelligence and so on. So during the development of the Greater Bay area, um I the two uh the most prominent benefits that we enjoy is that first of all, in the Greater Bay area, the industry chain is relatively complete. For example, the uh the industrial chain in uh electronic devices, all kinds of three c consumer electronics products. For example, when there is an order 20 within 24 hours, we can complete the design and the proving of the preliminary prototype to the delivery of the product. So the efficiency is very high. Um And in the Greater Bay area, the whole industrial chain is quite complete. Thank you. And I I, as I remember that last year, you have mentioned in an interview about the policies inside the Greater Bay area. So can you further explain on that? For example, from the perspective of industry, how can the Greater Bay area do better in connectivity? So I think that the competitiveness of the Greater Bay area lies in the high end industrial eco ecosystem, actually the competition between different industries, they are not the competition between uh between single enterprises. However, we focus more on the, you know, the synergy, the corporation within the whole ecosystem. And in the future, for example, we have talked about innovation, talk about artificial intelligence, right? So we believe artificial intelligence will be the most valuable factor in the future. So how can we realize the mobility of data? How can we realize the transformation of value in terms of data? That's quite important. So we really need to focus on the new uh driving force, the new business model, the new landscape. How can we find a endogenous driving force? I believe that the next the new generation of artificial intelligence and data with large models as a core will be the embodiment of the of this value process, right? You have mentioned about the mobility of technology, the mobility of data. So I think that is a question of mobility of human resources, capital and materials. And now I would like to raise my question to Doctor Shen. Uh actually I have talked to you offline recently and we can see there are a lot of financial arrangements. So can you further elaborate on your opinion just now because Hong Kong is actually a offshore RMB market for China. However, in terms of the GEO opposition Hong Kong is just next to the Guangdong province. So the geo geo geography position is quite unique for Hong Kong. So what kind of capital or what kind of the role should Hong Kong play in the development of economy? Actually, there are many mechanisms for interconnection between Hong Kong and the mainland. For example, the stock connect um the bond connect the wealth management connects, right? However, this money are quite scattered. I think from the perspective of capital market, we need to connect all these like stock nes or bond connects, we need to put all this money together that will require a innovation or a reform. And from the perspective of the Greater Bay area, what do we need? First of all, we need capital for technology, we need the money but this money is no longer the concept we have mentioned before. This capital should be well aware of the technology should be well aware of the industrial application scenarios and should also be well aware of the pricing risks of new technologies. Meaning that if I invest $1 in this market or in this enterprise, I really want to see the value added here. So I think Hong Kong can provide this kind of money. And on the other hand, because the mainland is on a precision or the process of long term transformation. So I think we need capital with patience to be part of the transformation and development of the mainland. I think Hong Kong has an advantage because there are many different types of investors around the world. Some capital are quite are patient, some others are not. So I think Hong Kong can better serve as the superconductor to connect the industrial application scenarios in Hong Kong as well as in the Greater Bay area. So the capital, the the technology capital you have mentioned that actually you are saying that Hong Kong can serve as an international financial center, but they can also serve a harbor for talent, it can better facilitate the development. So whenever the capital enter from Hong Kong to the mainland, they can have better understanding towards the technology, right? And we have another guest Wilson from Hong Kong. Uh you are also a member to the C PC CC. So can you share with us about the Hong Kong's unique position in the GB A? And what is the role? Uh Thank you for your question. I believe that every one of you have heard of the structure of the Greater Bay area, right? That is nine plus 29 cities from the mainland and two sar namely Hong Kong. I said I'm A CS A R but the Greater Bay area is not a area for the mainland. It's a world class Bay area, right? So the the name world class require Hong Kong and Macau to contribute. We want to contribute to promote the Greater Bay area become a really international one So whether Hong Kong serves as the International Financial Center or uh International Innovation Center, we hope that Hong Kong can better help the Greater Bay area to go global. So can you provide us some specific measures or some use cases? Ok. Uh Actually, you have listened to the talk provided by previous speakers, we have talked about innovation, right? Actually, today's forum is called Innovation Forum. We have touched upon a lot of new technology. Uh however, in a just concluded two sessions, they put forward new concept called new Quality Productive Force. They they talked about three factors namely technology, talent and education and you can find all three factors in in Hong Kong. And we boast the technology, the talent and education here in Hong Kong. So here in Hong Kong, if we have some like technology or technical uh results, we can apply this tech technical results in the industry. And when the industry use money, this money can be put forward for financing so we can get the whole circulation going. So the whole circulation can help Hong Kong to maintain its positioning as a superconductor. Um Actually I have, I have a I have read a report saying that many young people from Hong Kong are going to shop in the Sam's Club in Shenzhen. So that's that's a reverse trend compared with what we see several years ago when people from the mainland come to shop in Hong Kong. So the reason why we saw this kind of changes is that first of all, um it is quite convenient for us to go through the custom clearance. The second uh the second reason is that you can join the uh traveling Group. Whenever you finish the shopping in Shenzhen, this traveling group agency can help us to deliver all the things we buy back to Hong Kong, right? So this is a so called one hour life circle. And inside this one hour life circle, the mobility of people of vehicles, of goods is quite is of high efficiency. So my question is that how can we attract talent for the Greater Bay area? For example, uh we know that because I have, I have been living in Hong Kong and I know how Hong Kong will attract people to work and live and stay here. So my question is that Hong Kong, how can Hong Kong better attract talent and to uh to divert this talent to the mainland so that these talents can both work and live in Hong Kong as well as the mainland. Uh right. Actually, I have talked to a fund manager from Israeli Fund Manager, he staying in Shenzhen and he has mentioned a really important point. Now the innovation process has been changed. So the mindset should also change. We should provide or arrange innovation process according or per upon the demands of the talent and many enterprises tell me that they want to build a innovation center wherever there is a large amount of talent. So I think since Hong Kong boasts a large amount of talent, Hong Kong should better serve these talents. When more and more young innovative talents gather together here in Hong Kong, then they can better they can provide services to the mainland. So for Hong Kong, first of all, they need to attract many people here in Hong Kong and then send these people to the mainland or let them work conveniently let them commute conveniently between Hong Kong and the mainland. Um Actually there are many specific procedure uh process or measures, for example, uh for those enterprises registered in Hong Kong, we can grant them a um a reservation in the mainland or provide them some convenient policies when they are doing business in the mainland. So I think Hong Kong can definitely give full play to its own advantages. And I think the greater Bay area will definitely become a world class area around the world. So I really, I really agree with you on your point that wherever the talents are, we should set up the innovation hubs there. So my question is goes to Mr Liu that can you share with us about a cases that how can the greater Bay area make use of different talent resources? Right? I think the greater Bay area not only boasts the excellent ports and facilities, but we should also lay out uh have the layout in advanced productivity. If we want to pursue advanced productivity, we should definitely relied on talent and innovation. So we are quite delighted to see that in the past few years, we have gather a large amount of talent here in the Greater Bay area with the establishment of like new universities, new uh research in the institutions. So for our company for Guangxi, we are a greater Bay area based enterprises, right? So we have a business sector like in biotechnology and food technology. So we set up an institute in Guangming Street in Shenzhen. The reason why we choose Shenzhen is that because I think Shenzhen is considered as the Silicon Valley in China, right? So under this backdrop, we hope that the setting of our headquarters or our institute in Shenzhen can benefit the gathering of the talent. Um so we can establish a favorable environment so as to uh better attract more talent to come here and to generate more results for the whole industry. In addition to that, we have also participated into the establishment of uh a um bio biological bio manufacturing innovation center. We are one of the shareholder of that and also we have teamed up with NL and thats all you know, it's a globally renowned food company. And several years ago, they reached out to us because our company was doing uh is doing fermentation extraction. So the team of NSO came to us to talk about the co collaboration over a natural food development. So the both sides have strengthened our uh research and development and worked out together to develop some new products. And um this new products have been manufactured in more than 400 factories of nasal. So they are using your technology, right. Yes, they are using our technology. We are actually uh we work together to develop this technology and they use this technology to produce that food. So it's a very good example of collaboration. Um So in the future, we can enhance collaboration like this and to leverage our advantages, uh we need to increase our R and D and attract more talent. Uh Of course, we will always stay in close contact with international companies in terms of uh our research and development, in terms of uh for application of the technologies. So um for the enterprises to go global or to collaborate with other enterprises. So the Greater Bay Area, the enterprises in Greater Bay area is actually backed by the whole bay. Um So due to time limit, I will ask the last round of question just now. A lot of people saying that the Chinese government aims to build the Greater Bay area into the top greater top Bay area in the world. Um And the Chinese government can always fulfill its commitment. So what's your expectation on that or do you have anything that you think the government should do? What? But they haven't done yet for example. Um let me give you an example maybe um in the future, the Chinese government can open the um can allow more of the Philippine maid to come into the Chinese mainland. But that's just an example. You don't need to respond to that. Ah I think the greater Bay area has already become a world class area due to the participation of Hong Kong. But there is one thing that we need to uh there is one challenge that we need to address very urgently because we are the greater Bay area consists of three jurisdictions, three different law systems and three kinds of currencies. So how can we establish, how can we truly integrate these three areas altogether? Um For example, like for the enterprises, go uh go go public in Hong, in Hong Kong or in the Shanghai, they need to have a different regulations to follow. Uh Well, I think high level integration and connectivity have been the buzzword for there for many, many um for many years. So what we need to do is to really practice this connectivity, to have the connectivity of capital and the connectivity of talents. Well, I think in addition to the interconnection of capital and talent, another thing we should do is that we need to have the facilitate the flow of the advanced manufacturing of productive forces. Uh I think we also need to have a first class industrial ecology and the sharing of the global value Uh So that's all for the session. And thank you again for your sharing. Uh Please stay here. I have announcement and when we come back, we will talk about whether Japan is back with a senior official from that nation's central bank and one of the West's most distinguished experts on the Japanese economy. Our program will reconvene at 4 p.m. See you, then we will take a short break. Thank you. See you go.

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