How governments relate to AI developments – Winston Ma

 

Winston Ma

Governments are increasingly investing in sovereign funds to steer their investments into AI, copying China’s strategy, says Winston Ma, investor, attorney, author, and adjunct professor focused on the global AI economy, in The Innovator. Winston Ma wrote ten books on the digital economy, including The Digital War: How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.

The Innovator:

Q: Do you consider it to be a logical next step for governments to create AI sovereign wealth funds given that sovereign funds are already the largest investors in AI?

WM: Exactly. The U.S. sovereign fund (and its Intel investment, among others) is a new phenomenon, but my Hunt for Unicorns book, which was published in 2020, was already talking about how sovereign funds globally — from the Middle East, China, Korea, Singapore, and Southeast Asia — were investing in tech, including AI.

Today government sovereign funds are the biggest investors in AI. Look at Anthropic: it’s the most valuable AI startup (and its CEO said the total addressable market exceeds $30 trillion). Most recently, the two largest rounds were led by Singapore GIC, the Singapore Government Investment Corporation.

The same is true for data centers. There’s a digital infrastructure investment consortium with the potential to invest $100 billion known as the Artificial Intelligence Infrastructure Partnership (AIP), co-led by BlackRock, the world’s largest alternative assets manager, and its subsidiary Global Infrastructure Partners (GIP), as well as a few major sovereign wealth funds, including Singapore’s Temasek, Abu Dhabi’s MGX, and Kuwait’s KIA.

When it comes to public AI stock trading, Norway’s sovereign investment fund is one of the largest public market investors in Nvidia, which dominates the AI chip layer, and it has huge voting power in many AI and tech companies because of its public holdings. These are 100% state-owned investment vehicles investing into the full AI stack.

The year 2026 is the start of a new phase: since public investment funds like those listed above are already financing the entire AI stack, formally establishing AI’s own sovereign wealth funds — such that AI gains can be shared as public benefits — is the natural institutional evolution.

Q: There is a very good reason for governments to invest. The Tony Blair Institute for Global Change noted in a recent report that compute is not just a source of scientific and economic progress, but the new benchmark of global power economically and geopolitically.

WM: It’s not the compute alone; it’s the overall AI stack.

Q: This is why the whole issue of sovereignty has become so important in Europe because it doesn’t control the full stack.

WM: That is precisely the point. True AI sovereignty requires alignment across all five layers: securing energy baseload, manufacturing silicon, building data centers, hosting proprietary or open-weight models, and deploying productivity applications.

China has focused heavily on using sovereign vehicles to capitalize this stack. In addition to the well-known CIC sovereign wealth fund, where I worked as a financial investor managing a global market portfolio, China also established the National Integrated Circuit Industry Investment Fund (“Big Fund”). Its $47.5 billion Phase III, launched in late 2024, directly targets advanced semiconductors, yielding major market listings like ChangXin Memory Technologies (CXMT) — China’s domestic answer to both U.S.-based Micron and South Korea’s Samsung.

In January 2025, Big Fund III co-founded the $8.2 billion National AI Fund. When Chinese AI startup DeepSeek raised its external financing round, the National AI Fund contributed a ¥1 billion check. Although smaller than the non-voting capital injected by commercial giants like Tencent and CATL, the state fund took the only position with direct governance voting rights.

Q: So when the U.S. government takes a 10% share in Intel, they’re essentially copying China?  

WM: Exactly. Trump is taking a page out of China’s sovereign AI playbook — that’s the title of my Financial Times op-ed in June.

More in the Innovator.

Winston Ma is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.

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Why we need to stop the trade war with China – Shaun Rein

 

While the G20 is trying to make a front against China, Shanghai-based business analyst Shaun Rein calls on CNBC for an end to the ongoing trade wars with China. Both China and the US are better off working together, he adds.

Shaun Rein is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.

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Some of China’s women say ‘no’ to marriage and children – Zhang Lijia

 

Zhang Lijia

The position of women in China has changed profoundly, says Zhang Lijia, author and expert on China’s cultural change in The Persistent. “Growing up in China, I was told marriage was my destiny. For today’s young women, it’s a choice – and one many are rejecting,” she says.

Zhang Lijia:

China’s transformation from a poor, tightly controlled country into the world’s second-largest economy with far greater personal freedom has reshaped not only its cities but its expectations of women. Education has expanded. Careers have opened up. Financial independence has become far more common among urban women. With that independence comes a quiet but decisive shift: marriage is no longer necessary.

At the same time, the costs of marriage have risen, both materially and emotionally. Housing prices in major cities remain high, while raising children has become an increasingly demanding undertaking, shaped by fierce competition and rising costs.

Yet economics alone don’t explain the change. For one thing, there has been a rise in individualism in a society that was once all about the collective – meaning women are putting their own needs before those of others. More important is the widening gap between women’s expectations and the reality of marriage. Although young men contribute more at home than their fathers did, women continue to do the majority of childcare and domestic work, even among affluent urban couples. For many, marriage looks less like a partnership than an added weight — a second shift waiting at the end of the day.

More at The Persistent.

Zhang Lijia is a speaker at the China Speakers Bureau. Do you need her at your meeting or conference? Do get in touch or fill in our speakers’ request form.

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Inspection robots change China’s industrial landscape – Ashley Dudarenok

 

Ashley Dudarenok

The march of industrial inspection robots is changing power, pipeline inspection, and hazardous site automation, writes innovation expert Ashley Dudarenok at her website. “China operates one of the world’s largest networks of power transmission assets, industrial facilities, municipal utility systems, and transportation infrastructure. Maintaining these assets requires frequent inspections under challenging operating conditions,” she writes.

Ashley Dudarenok:

China’s industrial inspection landscape is undergoing a fundamental shift. The country is deploying inspection robots at scale across power grids, pipeline networks, and high-risk industrial sites. This is not a pilot phase or a future projection. It is happening now, with measurable results in efficiency, safety, and data intelligence.

The numbers tell the story. In 2025, the Chinese inspection robots market reached approximately 27.48 billion yuan, with电力智能巡检机器人 accounting for 88.54 percent of that total. Demand reached 7,738 units in the same year. These are not experimental deployments. They are operational assets replacing human workers in some of the most demanding environments on the planet.

Global business leaders watching China’s industrial automation trajectory need to understand what is driving this adoption, where the technology is most advanced, and what it means for supply chains, energy security, and industrial safety standards worldwide.

China operates one of the world’s largest networks of power transmission assets, industrial facilities, municipal utility systems, and transportation infrastructure. Maintaining these assets requires frequent inspections under challenging operating conditions.

The government’s industrial AI strategy increasingly promotes intelligent equipment that combines robotics, machine vision, sensing technologies, and data analytics. The 2025 MIIT guidance specifically mentions intelligent industrial robots, intelligent inspection vehicles, and predictive maintenance services powered by AI models and industrial data.

This policy direction aligns with the practical needs of infrastructure operators. High-voltage substations, petrochemical facilities, underground pipelines, confined spaces, and remote utility corridors expose workers to electrical hazards, toxic gases, difficult terrain, and extreme weather.

Deploying industrial inspection robots reduces human exposure while producing consistent inspection records that can feed digital asset management platforms.

Another notable shift is the growing importance of inspection data workflows. Infrastructure owners increasingly evaluate robotic systems based on how well inspection results integrate into maintenance software rather than on mobility alone. Images, thermal readings, gas measurements, equipment locations, and maintenance histories have become strategic operational data.

More at Ashley Dudarenok’s website.

Ashley Dudarenok is a speaker at the China Speakers Bureau. Do you need her at your meeting or conference? Do get in touch or fill in our speakers’ request form.

Are you looking for more innovation experts at the China Speakers  Bureau? Do check out this list.

Shein is experiencing its Zoom moment – Winston Ma

 

Winston Ma

Winston Ma, Professor at NYU School of Law and former North America Head of China’s Sovereign Wealth Fund CIC, explains how the dramatic drop in valuation of Shein looks like what happened to Zoom during COVID, as he tells Asia One. 

Asia One:

“Shein’s US$27 billion valuation targets a new equilibrium.

“Public investors are no longer paying for hyper-growth; they are underwriting a mature cross-border platform that must now defend its profit margins against trade tariffs, higher compliance costs, and regulatory scrutiny in both US and China.

“Also on valuation, Shein is experiencing its ‘Zoom moment.’ Just like Zoom, Shein’s Covid-era business model is now being tested by the new market, where investors have aggressively rotated into AI stack-related investments.

“Robust demand would affirm Hong Kong’s role as the pragmatic listing venue for large consumer and e-commerce names that face hurdles elsewhere.”

More at Asia One.

Winston Ma is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.

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Why China has the upper hand over the US – Shaun Rein

 

Shaun Rein

Business analyst Shaun Rein clashes at North Meridian with former Trump ambassador to Denmark Carla Sands on what Trump is achieving on China, Trump’s trade strategy, Taiwan, Iran, and whether Washington still has the leverage over Beijing that it thinks it does. Rein is the author of The Split: Finding the Opportunities in China’s Economy in the New World Order.

Shaun Rein is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Get in touch or fill out our speakers’ request form.

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Dealmaking of China’s global biotech – Mark Schaub

 

Mark Schaub

Drug deals dominated much of the international relations between biotech companies. But now, another change: the way China’s biotech companies structure their innovation shows a major shift, known widely as “NewCo,” says long-term China lawyer Mark Schaub on the website of his law firm, King&Wood.

Mark Schaub:

Perhaps the biggest development in China biotech dealmaking right now isn’t a drug but a new way of structuring deals.

Known widely as “NewCo” this model involves a Chinese biotech licensing out the international rights to one or more drug pipelines/candidates to a newly formed offshore company funded by foreign investors.

In most cases the NewCo is run by an international management team with the plan of a future IPO or trade sale to a pharma company. The model has rapidly gained traction in 2025/2026.

The beauty of this structure is that it solves three problems at once: 1) Chinese parent retains a stake in the international economic upside of its assets; 2) foreign investors have a clean, ring-fenced platform to fund and operate without being involved in the Chinese parent’s broader local operations; and 3) allows parties to have a clearer financing and exit path than an open-ended joint venture.

The NewCo solves the dilemma of Chinese innovators and Western capital wishing to work together to globalise Chinese-developed drugs without foreign funders being overly involved in the China business where their added value may be limited. The Chinese innovator can continue developing and commercialising the product in China, where it already has management capability, clinical infrastructure and access to domestic funding. The foreign investors can concentrate their capital and expertise on their strength which is international development.

Although clever, the structure depends on careful and creative drafting – the parties will need to agree on governance rights, IP carve-outs, IP improvements, milestone triggers, and exit mechanics. These cannot be left to be worked out later – by its nature the parties’ interests will diverge along with the technology. In many cases the Chinese and Western products may look very different over time despite sharing a common ancestor. Like the VIE structure before it, the NewCo structure can solve a lot of problems but if it is not set up and implemented properly it can also lead to a lot of problems.

More at the website.

Mark Schaub is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.

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China’s best fashion brands redefine their style – Ashley Dudarenok

 

Ashley Dudarenok

Marketing guru Ashley Dudarenok analyses on her website 25 of China’s most famous brands and looks into how they change the world, both in China and globally. They include Anta, Li-Ning, Bosideng, Ep Yaying and many others.

Ashley Dudarenok:

Chinese fashion brands now influence far more than domestic wardrobes. They shape sportswear technology, premium outerwear, digital retail, contemporary tailoring and the international understanding of Chinese design.

This shift comes during a more selective consumer cycle. China’s retail sales reached RMB 50.12 trillion in 2025, up 3.7 percent, according to the National Bureau of Statistics. Buyers still spend, but product quality, price credibility and brand distinction carry more weight.

The strongest Chinese clothing brands respond with focused identities and stronger operating models. Some use performance technology and supply chain scale. Others translate Chinese craftsmanship and cultural confidence into modern clothing that works across Shanghai, Seoul, Paris and London.

More at her website.

Ashley Dudarenok is a speaker at the China Speakers Bureau. Do you need her at your meeting or conference? Do get in touch or fill in our speakers’ request form.

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Why the AI race between China and the US is no zero sum game – Alvin Wang Graylin

 

Alvin Wang Graylin

AI innovation expert Alvin Wang Graylin explains why the AI fight between China and the US is wrongly seen as a zero-sum game. The struggle is wrongly perceived as a race to a finish line, but that line does not exist, he tells at Moonshots.

Alvin Wang Graylin is a speaker at the China Speakers  Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.

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Critical issues facing China – Ian Johnson

 

Ian Johnson

Ian Johnson, author of China’s Underground Historians and their Battle for the Future and founder and director of China Unofficial Archives, discusses critical issues facing China at the Fairbank Center for Chinese Studies at Harvard University. “Reclaiming Historical Memory and the Struggle for China’s Future”.

Ian Johnson is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.

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How Trump made China stronger – Zhang Lijia

 

Zhang Lijia

China’s citizens have profoundly changed their view of the United States and their president, Trump, journalist Zhang Lijia writes at Democracy Asia.  He is called the “nation builder”, helping to improve the global standing of the country worldwide. “Many Chinese believe his erratic behaviour and foreign policy blunders weakened the United States and gave China greater diplomatic room to manoeuvre,” she writes.

Zhang Lijia:

At first, Trump was seen less as a politician than as a reality television character who had somehow wandered into the  White House. Chinese netizens mocked his hair, marvelled at his rhetorical excesses and, for a time, even admired his supposed business success. Over the years, however, amusement has faded, and hostility has grown.

This shift reflects not only changing Chinese perceptions of  America, but also a deeper transformation in how China sees itself and its place in the world. Most revealing was the nickname  Chinese netizens gave Trump: ‘Chuan Jianguo’ (川建国), which roughly translates as ‘Trump the nation builder’.

Jianguo is an immensely popular Chinese name, borne by nearly a million people. The joke was that Trump was actually helping to make China stronger. By launching trade wars and trying to cut China off from advanced technologies, he unintentionally accelerated Beijing’s push for technological self-reliance and fuelled nationalist sentiment. More importantly, many Chinese believe his erratic behaviour and foreign policy blunders weakened the United States and gave China greater diplomatic room to manoeuvre.

More at Democracy Asia.

Zhang Lijia is a speaker at the China Speakers Bureau. Do you need her at your meeting or conference? Do get in touch or fill in our speakers’ request form.

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How robots take over China’s restaurant industry – Ashley Dudarenok

 

Ashley Dudarenok

Robots and automation are taking over many industries in China. Innovation expert Ashley Dudarenok dives into the restaurant industry, where the change for waiters has already been profound, she writes at Chozan

Ashley Dudarenok:

China’s restaurant industry is no longer experimenting with automation. The question has shifted from “if” to “how fast” and “how much.”

In 2025, the country’s service robot market was projected to reach $40 billion, with growth at a compound annual rate of 17.1 percent to $195 billion by 2035. For restaurant operators facing relentless labor pressure and thinning margins, robot waiters have become a commercial necessity rather than a novelty.

China’s catering income reached approximately $680 billion in the first 10 months of 2025, up 3.3 percent year-on-year. The sector accounted for 11.2 percent of total retail sales in October.

For executives, the real question is no longer novelty. It is operational leverage. A restaurant robot must reduce pressure during peak-hour service, support human staff, and fit into a broader digital stack that may include POS integration, table service automation, fleet management, and RaaS models.

More at Chozan.

Ashley Dudarenok is a speaker at the China Speakers Bureau. Do you need her at your meeting or conference? Do get in touch or fill in our speakers’ request form.

Are you looking for more innovation experts at the China Speakers Bureau? Do check out this list.