CICC Chairman Chen Liang responds to 36Kr: AI will not quickly cause a huge impact on investment banks; writing research reports requires more precise understanding of policies and specific company situations.

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From March 22 to 23, the China Development Forum 2026 Annual Conference was held at the Diaoyutai State Guesthouse in Beijing.

At the “Addressing Uncertainty: Global Risks, Growth Opportunities, and Cooperation Seminar,” Chen Liang, Chairman of China International Capital Corporation and Chairman of the Management Committee, shared his observations and thoughts from the perspective of “geoeconomic competition reshaping the multilateral cooperation system.”

Chen Liang mentioned that economic globalization is currently facing unprecedented challenges. This year’s government work report clearly pointed out that the international economic and trade environment is undergoing drastic changes, unilateralism and protectionism have suddenly escalated, market expectations are frequently disturbed, and foreign trade is under obvious pressure. This accurately summarizes the structural dilemmas faced by the global economy. In addition, international competition in fields such as artificial intelligence, resources, and energy is also a major concern for governments and markets.

CICC Chairman Chen Liang Photo source: Provided by the conference organizers

In response to the increasingly fierce geoeconomic competition, Chen Liang identified three trends worth noting: first, the global industrial chain is accelerating its reconstruction; second, the technological revolution is reshaping competitive advantages; and third, the uncertainty brought about by geoeconomic competition is increasingly becoming an important investment variable affecting capital markets.

Regarding the reshaping of competitive advantages by the technological revolution, Chen Liang noted that the world is currently in a critical period of transitioning from old to new driving forces, with technological competition increasingly becoming the core of great power rivalry. In the traditional international division of labor, the United States has long occupied the heights of invention and innovation, while China, leveraging its production and market scale advantages, leads the commercialization and expansion of supply. In the context of heightened geopolitical competition, countries that master technological innovation and industrialization first-mover advantages have become central nodes in the global technology network. This not only signifies influence over the global industrial chain but also enhances their discourse power in the formulation of international rules.

“For example, artificial intelligence, as a general-purpose technology, is profoundly affecting the global economic and governance landscape. China has a complete manufacturing system, a large digital user base, and application scenarios, thus possessing huge potential to drive innovation paths through the market and generate conceptual breakthroughs through demand,” Chen Liang stated.

To address global uncertainties and the increasing fragmentation of trade, Chen Liang mentioned that efforts can be made in three areas: first, to collaboratively advance multilateral mechanisms and bilateral cooperation, constructing a diversified and strongly complementary supply chain and industrial chain cooperation relationship; second, to accelerate the acquisition of core technology autonomy and explore new models of international technological cooperation; and third, to continuously enhance the resilience of capital markets and consolidate financial security.

Chen Liang also noted that in recent years, CICC Research has successively released a series of in-depth research results including “The Great Power’s Industrial Chain,” “AI Economics,” and “Geoeconomics,” which deeply analyze the macro industrial financial trends under the evolution of the global economic geopolitical landscape and explore the potential for high-quality development of the Chinese economy.

During the conference, Chen Liang was interviewed on-site by a reporter from the “Daily Economic News” (hereinafter referred to as “the reporter”).

When asked by the reporter about the impact of AI on investment banks, Chen Liang stated: “I think it won’t happen so quickly in our industry; (AI) should not cause a huge shock to our industry so soon, but we are also paying attention to research.”

“Research is the cornerstone of investment banking,” a viewpoint Chen Liang has mentioned on multiple occasions. When the reporter asked how he views the fact that AI can already produce relatively decent research reports, Chen Liang replied: “In China, (writing research reports) requires a more precise grasp of policies and the specific situations and characteristics of enterprises, which requires in-depth exploration, something AI may not yet be able to achieve.”

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Cover image source: Provided by the conference organizers