"Finance" Annual Conference 2025: Forecast and Strategy and 2024 Global Wealth Management Forum will be held in Beijing from December 13th to December 15th. Bai Chunli, chairman of the “Belt and Road” International Science Organization Alliance, academician of the Chinese Academy of Sciences and former president of the Chinese Academy of Sciences, attended and delivered a speech.
In his speech, Bai Chunli talked about his understanding and thinking about future industries. He said that the current new round of industrial revolution should be said to be ready to take off. The leading and driving force of technological innovation in industrial development is becoming more and more obvious, and the importance of future industries is also becoming more and more important.
He pointed out that the future industry represents the direction of a new round of scientific and technological revolution and industrial transformation. It should nurture a brand-new industry, generate new economic growth points, and reshape the industrial chain and ecosystem at a higher level. It is a key force in changing the global competitive landscape, the commanding heights of strategic competition, and the main position for cultivating and developing new productive forces in our country.
"Future industries are generally driven by cutting-edge technologies. They are still in the embryonic stage or the early stages of industrialization. This new direction is also a forward-looking emerging industry with significant strategic, leading, disruptive and uncertain characteristics." He said.
Future industries From the current development needs and development rules, Bai Chunli believes that future industries have the following characteristics:
Feature 1: Future industries are deeply rooted in the development and breakthroughs of cutting-edge technologies. In recent years, the cycle from technological research to industrial application has become shorter and faster, and the driving force of basic science for future industrial development has become stronger and stronger. In particular, the explosive power generated by breakthrough scientific progress is huge.
Feature 2: Future industries show significant potential to reshape future economic development.
He pointed out that the future industry is still in the gestation period. From the logic of technological development, it also shows strong development potential. It will promote the transformation and upgrading of traditional industries, bring new products and services, stimulate new momentum for economic development, and create a large number of new markets and new demands.
For example, he said that if nuclear fusion can really succeed and can indeed solve human energy problems, this is a future industry that has attracted a lot of attention, and it will also reshape the great potential of future economic development.
Characteristic three: The future industry is uncertain and requires continuous high-intensity investment.
Bai Chunli said that future industries depend on the development of cutting-edge technologies, and these technologies are often still in the exploratory stage, with high uncertainties and require sustained and intensive investment.
"For example, in artificial intelligence, the basic theory of deep learning originally originated from the research of neuroscience and statistics. However, before the large model reached a critical scale, the technical route was also controversial, with three ups and downs. After the establishment of the large model, new algorithms were added, and major breakthroughs were achieved. Whether it is artificial intelligence or quantum computing, the processing power of specific problems of a 50-qubit computer can exceed the current strongest supercomputer. Of course, there are more than 50 now, and there may be more. Quantum computing is also the commanding heights of attention of all countries, and the world's largest countries attach great importance to it, and the competition is very fierce." He said.
Characteristic 4: Future industries are generated from the integrated development of innovation ecology and disciplines.
Bai Chunli pointed out that future industries are usually developed by the intersection of multiple technologies and disciplines, and are also developed in the integrated system of multiple disciplines. They not only require major breakthroughs in their own fields, but also rely on scientific and technological progress and breakthroughs in related fields. These ecosystems include a combination of scientific research institutions, universities, venture investors, government support and other aspects, and are developed during the evolution of the entire ecosystem.
In addition, Bai Chunli also talked about the many opportunities my country faces in developing future industries:
First of all, our country attaches great importance to it.
Secondly, we have a very good industrial foundation, because all our industrial categories are strong. We are the only country in the world to have all kinds of industrial categories (all complete), and our R&D expenditure ranks second in the world.
Finally, we have the advantages of market and talent scale, because our country has a huge market, diversified demands and the most complete industrial chain, and we also have the ability to transform results into products with cost advantages.
"The Chinese will cut prices no matter what products they make, the cost will be the lowest, and they will be highly competitive. The students and engineers in the field of science and technology trained by our country have important scale advantages." He said.
Bai Chunli also put forward five suggestions on future industrial development:
First, strengthen the overall nature of the future industry and conduct forward-looking research layout. To lay a solid foundation for the innovation system, we must strengthen the layout of technological research and technological breakthroughs, strengthen the non-consensus frontier layout, and build an efficient, collaborative, and sustainable future industrial layout.
Second, strengthen the monitoring and identification of future global industrial development. Which industries are likely to develop in the future requires monitoring of future industry development trends, identifying key areas of future industry development through technology identification and technology foresight, tracking key areas, and studying and judging the progress and trends of international development.
Third, we must strengthen the construction of basic research capabilities for future industries. Because basic research is the source of future industrial technological innovation, without a long-term reserve and strong accumulation of basic research, there cannot be a new field to emerge to lead future industrial development. It is necessary to encourage universities and scientific research institutions to carry out basic research at a high level, guide enterprises, especially leading enterprises, to actively participate in basic research, invest in in-depth participation in basic research, and promote breakthroughs in key core technology industries in the future.
Fourth, build an industry-university-research development system for future industries. Strengthen the collaboration between the upstream and downstream of the industrial chain, build an efficient and flexible industrial chain, and promote the integration of different industries. "At the same time, we must develop patient capital. We cannot expect to invest this year and see benefits immediately next year. Investment in this kind of technology should still have patient capital, not just a little angel investment. We must improve the complementary advantages, risk sharing, and return sharing mechanisms of state-owned capital and social capital to further strengthen the financial institutional guarantee for future industries." He said.
Fifth, we must attach great importance to the deep integration of artificial intelligence and industry. Artificial intelligence has transformed from a research field into an enabling technology. Especially this year's Nobel Prize in Physics and Chemistry are awarded to research in fields related to artificial intelligence research. Work in this field is very important.
What challenges will the industry face in the future? Bai Chunli pointed out that there should be cutting-edge breakthroughs and original innovative breakthroughs to bring new things.
Second, we still hope that companies can pay more attention to basic research.
For example, he held an academic conference abroad with hundreds of thousands of people. Half of the participants were from companies. They came to listen to the report. After the professor finished speaking, they saw the application and immediately asked if we could cooperate and apply for a patent together in the future. They were very proactive.
"When we hold the Chinese Chemical Society in China, few companies come. We can only design a booth and give you 20,000 yuan to rent a booth and display the equipment. Not many people attend the academic conference. I call on companies to attach great importance to new developments in the academic field and strengthen cooperation between industry, academia and research. This is not a slogan, but something practical." He said.
The third challenge is to have patient capital.
Bai Chunli pointed out that he met many comrades in the business community who said that we now have money, want to transform real estate, and want to invest in a good scientific research project. I want to talk about a long-term future industry that is uncertain and currently in the gestation period. Is it willing to invest? Investors say that if I invest today, I hope it will be listed in two or three years at most, and I will withdraw immediately after listing.
"If you think so and don't have patient capital, how can the risks of this industry be shared? How can it really become an actual industry? This is also a problem. Therefore, it requires the joint efforts of industry, academia, research and government departments to make it possible." He said.