The Value of Wisdom: BFA’s Sub-Forum on Digital Economy Held


Press Release: Boao Forum for Asia Annual Conference 2018 was held in Boao, Hainan, China during April 8-11, 2018.

Themed as “An Open and Innovative Asia for a World of Greater Prosperity”, the conference attracted more than 2,000 people from international political circles, business circles, and academia. The conference attendees discussed cooperation plans and provided the “Boao Wisdom” for Asia and the world. Moreover, resonating with BFA’s theme, CNLive organized a sub-forum on digital economy, titled “The Value of Wisdom”, in the afternoon on April 9. The sub-forum explored the impact of digital economy on production, life and social economy.

Digital Economy as an Economic Driving Force

There is a global consensus on the development of digital economy. It is widely concerned by various countries in the world, all sectors of the industry, and all elements of the society. Addressing the G20 summit in July 2017, Chinese President Xi Jinping said, “We should take the initiative to adapt to the digital revolution, cultivate the new impetus for economic growth, actively promote structural reform, and facilitate integrated development of the digital economy with real economy.”

The scale of global digital economy is expanding continuously and its proportion in national GDPs is rising as well. It is becoming a new parameter commanding global competition. According to the Report on the Development of China’s Digital Economy in 2017, the scale of digital economy in the United States ranked first in the world, exceeding USD 10 trillion and accounting for over 58% of its GDP. Meanwhile, the proportion of China’s digital economy to its GDP was about 40%, posting a rapid growth.

In addition, according to the latest data from preliminary accounting results of GDP 2017, published by the National Bureau of Statistics, the information transmission and software & information technology service industries increased by 26%. The revenues from internet-based information service industry, digital content service industry, and information technology advisory service industry increased significantly on a year-on-year basis over the same period the preceding year, while the digital economy made remarkable achievements. Thus, it can be seen that the development of digital economy is of great significance to the construction of a powerful manufacturing country, a powerful network country, and a powerful scientific and technological country, which will provide a powerful impetus for the realization of the Two Centenary Goals.

In this backdrop, the forum invited elites from business and academic circles around the globe to jointly discuss the definition and function of “digital economy” and explore ways to transform digital technology innovation into the core driving force. The idea is to constantly improve the level of digitalization and intelligence of traditional industries through integrated development of digital technology and real economy. In addition, the aim is to accelerate the reconstruction of a new economic form targeted at economic development and mode of governance.

The sub-forum was organized by BEIJING CNLIVE CULTURE MEDIA INC., Boao Asian Cultural Media Co., Ltd., and Shenzhen Bay Venture Capital InvestmentCo. cooperation with Beijing Yunchuang Angel Technology Co., Ltd., Shanghai Qiyin Yuanben Blockchain., Beijing Lingzhu Technology Co., Ltd., and Beijing Weying Technology Co.,Ltd.

Technological Force of the New Economic Entity

Digital economy is emerging as a new economic system that embodies human intelligence and behavior. Having digital assets as its core, it is mainly based on four technologies: block-chain, artificial intelligence, internet of things, and robots. It is aimed at achieving global human collaboration through forming a community of shared destiny.

The relationship between new economic entity and new technology is a particularly important topic in the discussions on digital economy. Following the outbreak of new technologies represented by cloud computing, big data, Internet of things and artificial intelligence, each technology will solve certain types of problems. Meanwhile, centralized and integrated development of technologies will form the cornerstone for the development of human society in the future and drive the transformation of human economy.

Artificial intelligence, cloud computing, remote control and other technologies are the extensions of human intelligence needed for solving the problem of “what we should do”. In the meanwhile, the internet of things realizes data communication between humans and the world and settles the problem of “machines know how to do”. At the same time, the robot realizes the infinite extension of human specific behavior and solves the issues of “how to operate specifically” – the question of “doing”. Moreover, the block chain constructs the system of value trust transfer and solves the problem of “what should we do”.

Addressing the forum, Kevin Kelly said, “The digital economy in future will be driven by robots, VR, artificial intelligence, Internet of things, block chains and other new technologies. Human beings will work together with machines to build a futuristic society and gradually realize the establishment of a truly shared economy characterized by the principle that ‘right of use is superior to ownership’.” As a world’s renowned futurist, and spokesperson and observer of “Cyberculture”, Kevin Kelly shared his insights into the future of human development.


Collaboration Augments Digital Economy

It can be said that digital economy emerged out of innovation in numerous technologies mentioned above. It is a new technical and economic paradigm that is bringing about a systematic change for socioeconomic development. Under the present Chinese social order, the construction of a digital economic system needs increased cooperation and sharing to promote the integration of virtual economy and the real economy, facilitating humans to become a part of an intelligent society.

Ge Qi, Managing Partner at Diligence Capital, Kevin Kelly, Jeffrey Wernick, an independent investor focusing on digital economy & sharing economy, John D. Maatta, CEO of Wizard World, Harry Kloor, an expert in the field of robotics & artificial intelligence, and other Chinese and foreign experts indulged in in-depth discussions on the topic of “Human Global Collaboration in the Digital Economy”.


Speaking during the forum, the participants said that the value basis of digital economy was community collaboration. They stated that the key elements of the community were “cohesiveness and common value”. They added that social culture provided “rich soil”, which was conducive to condensing digital assets into IPs and entering electronic commerce, film & TV cultural industry, game industry and others for applications on a larger scale. In the current tide of digital economy, they held value as the drive and community cooperation as a driver for mutual development.

Furthermore, Miao Bulin, CEO of BEIJING CNLIVE CULTURE MEDIA INC., Lin Ning, founder & CEO of Weiying , Gao Dongliang, president of Yunchuang Angel Technology, Liu Dahong, founder of Lingzhu Technology , Wu Peng, founder of Yuanben Blockchain , Ren Feng, initiator of Digital Economy Collaboration Innovation Laboratory (DECIL), and other digital economy explorers, jointly promoted the digital economy.


The sub-forum aptly contributed to the development of digital economy. The forum participants provided their insights on the construction of a community of shared human destiny, realization of a great and harmonious society, integration of digital economy and real economy, augmenting the driving force of digital economy, and increasing human collaboration. We have reasons to believe that if we research on digital economy and firmly promote industrial development, we will certainly transform human economy and shape digital economy as a new engine for economic growth.