Transcript: What to Expect From ‘Summer Davos’ and What the West Gets Wrong About China
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This is an audio transcript of the Radio Davos podcast episode, produced in collaboration with Caixin Global: What to Expect From The Summer Davos, and What the West Gets Wrong About China
Robin Pomeroy: Welcome to Radio Davos. And on this episode, we’re looking ahead to the World Economic Forum’s Annual Meeting of the New Champions, AMNC, an event held in Tianjin, China, in a few days from as we record this. It is sometimes known as the Summer Davos, and to tell us what it is, I’m joined by Mirek Dusek from the World Economic Forum. Hi Mirek, how are you?
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- The podcast previews the World Economic Forum’s 2025 Annual Meeting of the New Champions (Summer Davos) in Tianjin, highlighting global leadership, innovation, and China's tech landscape.
- DeepSeek, a Chinese AI startup, surprised the world with an efficient large language model (R1) developed at a fraction of the usual cost, accelerating AI democratization, open-source adoption, and China’s tech ecosystem.
- China's manufacturing combines robust industrial supply chains and rapid AI/robotics adoption, while open AI like DeepSeek may significantly benefit developing countries and drive global technological cooperation.
This Radio Davos podcast episode, produced with Caixin Global, focuses on the World Economic Forum’s Annual Meeting of the New Champions (AMNC), also known as Summer Davos, held in Tianjin, China. The podcast is hosted by Robin Pomeroy (Radio Davos) and Li Xin (Caixin Global), featuring Mirek Dusek (World Economic Forum) and Jen Zhu Scott (IN. Capital), with a deep discussion on China, AI innovation, and global perceptions of China’s tech scene [para. 1][para. 2][para. 3].
The AMNC is described as a major global gathering, with around 1,500 leaders from across the world convening to discuss entrepreneurship, innovation, and the economic shifts driven by technology, geopolitics, and geoeconomics. The event places special emphasis on innovation in Asia and China, serving as a platform to explore fast-evolving technological landscapes such as artificial intelligence and the energy transition. The forum presents opportunities for global leaders to interact with innovators, exchange ideas, and discuss issues like trade, industrial policy, and geoeconomic shifts, while fostering agency for leaders in an uncertain economic environment [para. 4][para. 5][para. 6][para. 7][para. 8][para. 9][para. 10].
A large segment of the episode is dedicated to the emergence of DeepSeek, a Hangzhou-based AI startup that drew global attention with its efficient large language model, DeepSeek R1. Founder Liang Wenfeng’s approach demonstrates that high-performing AI does not have to rely solely on brute-force computation and massive data/energy consumption, a model contrary to Western expectations and industry norms. DeepSeek’s R1 reportedly achieves performance competitive with leading models like OpenAI's ChatGPT-4 but at 5-6% of the cost and energy, prompting surprise and recalibration among Western analysts. This underscores a consistent underestimation of Chinese innovation in fields like AI, electric vehicles, and green tech, which often emerge from a domestic environment marked by intense competition and diverse talent pools [para. 38][para. 39][para. 40][para. 41][para. 42][para. 43][para. 44][para. 45][para. 46][para. 47][para. 48][para. 49].
The discussion highlights how U.S. restrictions on chip exports to China, intended to slow China’s AI advancement, instead incentivized domestic self-reliance and technological innovation. Companies such as Horizon Robotics and Huawei (with its Ascend 100 chip) have thrived following export embargoes, and China is quickly assembling a complete semiconductor ecosystem. While the U.S. still holds an edge in certain AI sectors, Chinese firms are rapidly reaching “good enough” levels to remain globally competitive even without access to the latest U.S. technology [para. 50][para. 51][para. 52][para. 53][para. 54].
On the AI landscape in China, Jen Zhu Scott outlines that the ecosystem is not a monolith but includes tech giants like Tencent, Alibaba, Baidu, as well as an expanding universe of startups and quant funds which are increasingly driving innovation. Notably, much of the new talent is domestically educated, often from universities outside the two elite Chinese institutions (Tsinghua and Peking University), reflecting the growing depth and accessibility of China’s STEM education [para. 58][para. 59][para. 60][para. 61][para. 62][para. 63][para. 64].
Another important theme is the democratizing effect of DeepSeek’s open-source and open-weight approach, which allows institutions and individuals worldwide—even in less affluent countries—to access and adapt advanced AI without prohibitive costs or dependence on large Western tech firms. This “Robin Hood of AI” is possibly reshaping global AI adoption and sparking widespread usage across Chinese society, from government to small businesses, dramatically enhancing domestic business confidence and potentially inspiring similar transformations in other developing economies [para. 74][para. 75][para. 76][para. 77][para. 78][para. 79][para. 80][para. 81][para. 82].
The podcast also delves into data privacy (arguing for decentralization and self-control in the AI age), AI’s impact on future job markets (with projections of widespread white-collar job displacement but also increased value for uniquely human skills and craftsmanship), and China’s formidable AI-powered manufacturing ecosystem. China’s robust integration of AI and robotics in manufacturing is reinforced by a deep supply chain and market scale, positioning it to maintain its status as a global manufacturing leader, even amid demographic challenges [para. 95][para. 96][para. 97][para. 98][para. 99][para. 100][para. 101][para. 102][para. 103][para. 104][para. 105][para. 106][para. 107][para. 108][para. 109][para. 110][para. 111][para. 112][para. 113][para. 114][para. 115][para. 116][para. 117].
Finally, the episode ends by advocating for global cooperation over rivalry, particularly in areas where U.S. and Chinese strengths are complementary, such as biotech, healthcare, and scalable solutions for global challenges. The speakers urge a shift from “U.S. versus China” to “U.S. plus China” in addressing humanity’s most pressing needs [para. 118][para. 119][para. 120][para. 121][para. 122][para. 123][para. 124][para. 125][para. 126][para. 127][para. 128][para. 129][para. 130][para. 131][para. 132][para. 133][para. 134][para. 135][para. 136][para. 137].
- Caixin Global
- Caixin Global is an independent, professional news media outlet from China, focusing on finance and business. It has 1 million subscribers and is described as the equivalent of The Wall Street Journal or the Financial Times. Caixin Global is the English-language arm of Caixin.
- DeepSeek
- DeepSeek is a Chinese AI startup founded by Liang Wenfeng, a math genius and quant fund manager. It recently gained global attention for its R1 model, which has demonstrated impressive capabilities with significantly less computational power and cost. This challenges the prevailing "brute-force" approach to AI development and has led some to call DeepSeek "the Robin Hood of AI" for its open-source, open-weight approach.
- Huawei
- Huawei is a Chinese technology company that has achieved significant technological advancements. Its "Ascend 100" chip is considered a competitor to Nvidia's H100. Despite efforts to limit access to chips for Chinese companies, Huawei, like other Chinese tech firms, has demonstrated resilience and innovation. The article suggests that the world has consistently underestimated China's tech achievements, including those by Huawei.
- Nvidia
- Nvidia is mentioned in the context of its GPU technology, specifically the H100, which one expert believes Huawei's Ascend 910B can now compete with. The expert also mentions in February last year she wrote an article arguing that Nvidia's valuation was fundamentally wrong because everyone was assuming AI would only head in a direction where brute force piling on compute, data, and energy was necessary.
- Horizon Robotics
- Horizon Robotics is a Chinese company in the semiconductor industry, specifically noted for its work in AI chips for electric vehicles. It was emphasized that despite initial skepticism about its survival against easily available alternatives, U.S. export embargoes against China inadvertently propelled companies like Horizon Robotics to success.
- Alibaba
- Alibaba is a prominent Chinese tech giant, mentioned alongside Tencent and Baidu as significant players in China's AI ecosystem. These large tech companies, including Alibaba, are actively developing their own AI models and have specific areas of focus within the rapidly evolving AI landscape.
- Tencent
- Tencent is a Chinese tech giant whose AI model, Hunyuan, is poised to be highly impactful, especially in the gaming industry. With deep access into the gaming ecosystem, Tencent can train its AI on extensive data and apply it within their own systems and across their portfolio of companies.
- Baidu
- The article does not contain information about Baidu.
- McKinsey
- McKinsey is mentioned as one of the consulting firms that are cutting junior consultants due to AI advancements. The article suggests that consulting firms might not exist as they once did, implying AI's impact on such industries.
- Before 2018：
- Horizon Robotics, a China-based semiconductor company, is at early stage and the market doubts its survival prospects prior to U.S.-driven export controls and trade policies.
- February 2024：
- Jen Zhu Scott writes an article on LinkedIn arguing that Nvidia’s AI-related market valuations are fundamentally wrong, citing a turning point in AI efficiency strategies.
- By 2025：
- Several developments noted: U.S. policies have spurred the emergence of China's domestic semiconductor industry; Huawei's Ascend 100 chips are competitive with Nvidia H100; China is building a complete ecosystem for producing its own GPUs.
- 2025：
- China faces demographic challenges, leading to a push for automation and robotics in manufacturing. The 'Made in China 2025' plan, initiated a decade prior, is at its deadline, with most targets reportedly achieved.
- As of 2025：
- Multiple quant funds (beyond DeepSeek) are actively developing their own AI models in China; Tencent Hunyuan is highlighted as a model to watch; the Chinese AI ecosystem is described as vibrant and diversified.
- As of 2025：
- Employment rates among computer science graduates in China drop lower than those of liberal arts, attributed to automation and AI replacing entry-level programming jobs.
- As of 2025：
- Ongoing difficult geopolitical situation is noted, particularly in terms of U.S.-China relations and international tech rivalry, but also efforts toward global cooperation in forums such as Summer Davos.
- January 2025：
- DeepSeek R1, an AI model by DeepSeek, is released and 'shocks the world' with its capabilities and efficiency.
- Early 2025：
- The 'DeepSeek moment' leads to a sudden and wide adoption of affordable AI (DeepSeek R1) across various sectors in China, including government and small businesses, boosting business confidence and democratizing AI usage.
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