Annual Meeting of the New Champions

Welcome back to our live coverage of the Annual Meeting of the New Champions in Tianjin, China. We've got a packed day of sessions ahead, including a speech by Li Keqiang at 1030 CST, during which the Chinese Premier may or may not address the rapidly escalating China-US trade war.

Overnight, China said it will slap tariffs on an additional $60 billion of imported goods from the US in retaliation for new trade sanctions announced by President Donald Trump yesterday.

So, what comes next?

China is world leader in renewable technology and green investments. It's launched the world's largest carbon market and has increased targets to install 680GW of renewable power capacity by 2020.

But can it inspire others around the world?

"China sets cautious targets - because it likes to meet them," says Isabel Hilton, editor of Chinadialogue.

"The country has been through a period of fast, high-polluting growth. But that's over. China is now making transition to a higher value, lower carbon economy," she says.

Lin Boqiang wants China to be an example to developing countries. Coal consumption has come back a little bit over the past couple of years, he concedes, but carbon trading is an effective way to deal with the problem, "with few negative impacts on GDP".

Do no harm

Development is the big issue, says Steven Monfort from the Smithsonian National Zoological Park. "There are wars going on between interest groups for the environment and interest groups for the industry. The fundamental thing here is to 'do no harm'.

"But there's a lack of capacity in that area: environmental science and conservation has lagged behind other fields. There needs to be more investment."

It's not just the climate. Clean air, water, food and biodiversity are important concerns we should allow ourselves to be distracted from, says Monfort. "The issue of climate change has overshadowed the basic harm we've done to the environment over hundreds of years.

"After we beat climate change, what are going to do if our eco-systems aren't functioning?

Jorge Abache, Brazil's secretary for international affairs believes that the solutions to these many and growing planetary concerns could be a stimulant to economic growth - as long as they are inclusive.

"It's to do with winners and losers. Policies must mitigate risks for those who are losing."

Belt and Road

China's "New Silk Road" project presents a leadership challenge for China, says Isabel Hilton.

"China is locking the developing nations along the Belt and Road into high-carbon economies. After all, you don't want people to say that China's doing well at home, but look what it's doing elsewhere."

Lin Boquiang counters: "You're right that China has more advantage than other countries, and possibly a better financial situation too. But China can't tell countries what to do - it has to be a mutual decision."

Monfort takes a strong line on China's development practices abroad, alleging that "a lot of damage is done in the dark".

"In China they're using environmental assessments, but in developing countries, how will those same principles be applied? China must insist that high standards are maintained.

"If you want to know if you're successful in reaching your targets, you first need to know what your baseline is.

"There needs to be more transparency, universal standards, environmental practice."

Lin Boquiang doesn't disagree: "We don't want to repeat what China has done in the past. Getting better and getting greener should be our goal."

What's the solution?

There need to be better solutions on the market, says Monfort. "People have a sense of hopelessness; they don't know what to do. But when they're presented with alternatives, they take them."

Ultimately it comes down to the private sector, business, and its ability to innovate and bring people on board. But it won't come down to a trade war: "If we're going to bicker over trade, might as well make it about something worthwhile," Monfort said.

The speakers are:

Join Isabel Hilton, Editor, Chinadialogue, Steven Monfort, Acting Director, Smithsonian National Zoological Park; Director, Smithsonian Conservation Biology Institute, and Shu Yinbiao, Chairman, State Grid Corporation of China, People's Republic of China.

The moderator is Tian Wei, Host, World Insight with Tian Wei, China Global Television Network (CGTN).

Our first livestreamed session of the day is on the future of electric vehicles. China represents a huge slice of the EV market; roughly half of the 1.2 million plug in cars sold in 2017 were sold in China, and almost half of all electric cars are manufactured in China.

So, as China establishes itself as the leader in both supply and demand, how can the rest of the world be persuaded to follow suit?

China's leadership role

How was China able to assume this leadership role in the EV sector so quickly?

A decade ago, China declared that it wanted to reduce its environmental footprint and fight pollution, says Wan Gang, President of the China Association for Science and Technology.

Ten years on, there are over 2 million electric vehicles on Chinese roads, he says, saving around 10 million barrels of oil. And it's rapidly increasing - in the first half of 2018, China sold over 600,000 EVs, so China is well on the way to realizing its goals.

Japan, India and the Nordic countries are also making big strides.

It's an opportunity to upgrade industry and infrastructure, not just tackle air pollution, Wan says.

But there are still challenges - the range of cars remains an issue, and this is something that new technologies like hydrogen powered cars could help solve.

The market needs to open up to the wider world, Wan says. Chinese President Xi Jinping has talked about the important of China opening up, and the automotive sector is one of the ways it can do this.

The global perspective

Renault's François Provost stresses the need for strong regulation in terms of emissions, but also improved infrastructure (China has a target of 5 million charging posts by 2020), as well as non-monetary regulations like free access to bus lanes and entry to city centres. This will help the market to ramp up, he says.

Carsten Breitfeld, from Nanjing Byton New Energy Vehicle Technology Development Co, a start-up for mobility solutions, has joined the session a bit late. Ironically, he was stuck in traffic.

On developments in the market, Breitfeld says that new technologies like autonomous vehicles are going to transform not just the automotive market, but whole societies. Improving air quality

As well as improving air quality, there is a need to reduce the number of cars in the world. Shared mobility is going to become more significant, he adds.

Electric airplanes are coming

It's not just electric cars, of course. Electric aviation is also upon us, says Dipender Saluja from Capricorn Investment Group. His company has invested in a number of companies that specialize in vertical take-off and landing.

These could transform high-congestion areas, he adds, turning the one-and-a-half hour drive in the morning into a 5 minute journey. This technology is right around the corner, he says.

Battery power remains the big challenge, but also the opportunity he adds. There have been improvements, while the price of the energy involved has dropped faster than the price of solar energy, which is an huge development for the industry.

Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum will soon be joined on stage by Chinese Premier Li Keqiang, for the official plenary here in Tianjin. What will the Premier say about the sharply escalating trade war between China and the US?

Premier Li on globalization

"We are now standing at a crossroads, a crossroads facing a choice between globalization or de-globalization. We are encouraged to see the trend of globalization continue to forge ahead at its own pace. At the same time, we recognize there are areas for further improvement in the course of globalization. In this process, we believe we need to uphold the basic international rules, and at the same time, make improvements to those that need to keep pace with the times."

"China's reform and opening up in the past four decades is also in keeping with the trend of globalization ... China will further open itself at a faster pace. Globalization has presented China and all countries around the world tremendous development opportunities. In the age of globalization a new round of Industrial Revolution has come into being."

On economic growth

"We believe that new drivers of growth are being shaped in today's world. These new drivers of growth are in keeping with the trend of globalization and they are critical for inclusive development and growth."

"Certain problems have arisen in the course of globalization. And certain groups of people feel they have not fully benefited from globalization. Yet, these new drivers of growth can be inclusive. These new drivers of growth have helped to further integrate the global industrial supply and value chains, and they help present opportunities to each individual to develop and innovate ... The internet has provided almost everyone in any part of the country equal access to information and business opportunity."

"People with specialized skills in any particular area can collaborate with those in other fields. This is like a symphony for a big chorus of development for all mankind. In such a broader environment, it is essential that we respect each other, embrace inclusiveness, and collaborate on an equal footing."

On trade and business practices

"It is essential that we uphold the basic principles of multilateralism and free-trade ... We believe these rules have, first and foremost, benefited the progress of all mankind and for any existing problems, they need to be worked out through consultation. No unilateralism offers a viable solution."

"We are now seeing an encouraging shift from traditional drivers of growth to new ones. These new ones have been growing at a better-than-expected pace. In this process, new industries, new forms of business and new models have played a key role in keeping China's economic performance stable ... We have written out massive measures to cut taxes and fees, to streamline administration, so that the market will be able to play its bigger role in boosting these new drivers of growth."

"We have seen the emergence of a large number of new market energies in China ... In promoting these new drivers of growth, we have adopted a regulatory approach that has facilitated the boom of new industries, emerging industries. It often happens that we only have limited knowledge of these new things."

"Our principle is that, as long as these new forms of business do not breach laws or regulations, and do not harm public interests, we will continue to encourage their innovation and leave more space for their development. Eventually, the customers will make the ultimate choice, who will survive and thrive. Otherwise, their passion for innovation may be dampened at the very start. In the meantime, it is essential for the government to ensure a level playing field on the market. For the new drivers of growth, for the new forms of industry, the government works to ensure that no bottom-line of laws or regulations will be crossed and all these malpractices of seeking illegal gains, putting lives and property in danger, or cheating and swindling, will be seriously dealt with in accordance with law."

On jobs

"China has a workforce of nearly 900 million, of which over 100 million have received higher education or training in professional skills ... We are providing opportunities to not only university graduates, migrant workers and people from all walks of life to take part in innovation and entrepreneurship, so that they will all have more job opportunities, generate wealth, and realize their potential."

"New forms of consumption, such as information consumption, are also expanding much faster than GDP growth. Consumption is now contributing over 60% to China's economic growth. It is fair to say a major shift has taken place in China's economic structure and growth pattern."

On the Chinese economy

"In the first half of this year, China's economy expanded by 6.8%, staying within the medium high-growth range of 6.7 to 6.9% for 12 quarters in a row."

"In the first eight months of this year, over 10 million urban jobs were created and the urban unemployment rate was kept at a relatively low level of around 5%. Corporate profits of large industrial companies have maintained double-digit growth. On the whole, the Chinese economy has stayed on a track of steady progress ... Having said that, China is confronted with a host of difficulties and challenges in economic development ... The Chinese economy is inevitably affected by notable changes in the global economic and trade context."

"We are aware that China remains a developing country. We still rank at the lower end of the world in terms of per capita GDP. But there is huge space for development in China's urban and rural areas ... There is huge potential for boosting consumption and industrial upgrading. China's human resources are in abundant supply and becoming more and more competent."

"Going forward, we will keep to the fundamental goals of our macro-policies. While giving more attention to pre-emptive measures and fine-tuning. We will make greater efforts to pursue the policy of putting employment first ... We will more proactively leverage fiscal policy by further cutting taxes and fees in order to reduce the burden on companies and stimulate the market."

"We will also create a better business environment and expand market access to foreign-owned companies that by streamlining processes so they can compete on a level playing field in the Chinese market."

"We will work even harder to make financing more accessible and affordable for the real economy. We will stick to prudent monetary policy and continue to keep macro-rates stable and liquidity reasonably ample ... not just to meet the needs of the Chinese economy, but also to respond to the changes in the international environment."

On China's currency

"The recent fluctuations in the exchange rate have been seen by some as an intentional measure on the part of China. This is simply not true. Persistent appreciation will only do more harm than good to our country."

"Instead of engaging in competitive devaluation, we will stick to market-oriented foreign exchange rate reform."

On investment

"Efforts will be made to clear the obstacles to private investment. The Chinese government has taken a host of measures to deliver equal services involving tax and fee cuts for all sizes of businesses, in particular, providing easier access to capital for micro- and small-businesses. Most of them are privately owned and they are the biggest provider of jobs in China."

"We have lowered the tariffs on consumer goods and we will introduce further measures to lower the import tariffs on some goods into China. The average tariff level will be further lowered and all these undue and unwarranted charges in the import processes will be further sorted out and cleared. This is a decision made in China for further opening up."

On innovation

"China will work even harder to stimulate innovation and new drivers of growth in the new Industrial Revolution ... We need to ensure that we can fully unlock the passion for innovation. In this process we need to make it easier for institutions of higher learning and research institutes to innovate, encourage businesses to increase R&D spending."

"We will work to promote upward social mobility and social equity and justice."

On Chinese debt

"China's macro-leverage ratio is not low, and in the global context but it's not the highest either. It's much lower than other east Asian countries and about the same level as some European countries. One important reason is the high savings rate in China, and because there are not many direct financing channels here in China."

"In the past few years the leverage ratio might have increased at a relatively fast pace ... For sustainable development in the long-run we have implemented policies to achieve stability in the leverage ratio ... We have seen that in some sectors there have been the decrease of the ratio and we will continue to uphold the policy of stability in leverage ratio for our future development."

"In this process some micro- and small-sized enterprises may find it difficult to access affordable financing. In theory this may not be directly related to the government's policies ... but the fact is China is such a big country ... We are promoting the development of the real economy to address these issues and we will help micro- and small-businesses to access affordable financing in an easier environment. We will also work hard to expand direct financing channels."

The greatest opportunities are to scale up proven technologies, that are commercially viable, as soon as possible, believes Katie Hill.

From renewable technologies to electrified transport, significant progress has been made. Often, it's structural issues, such as long-term policies not being in place, rather than technology, that's holding things back, she explains.

Going circular

Addressing climate change cannot be done in isolation, explains Dimitri de Vreeze. It must be done with suppliers, yourself and consumers,

To address climate change, linear thinking has to end. The process has to become circular as we rethink the concept of waste, he explains.

Two key challenges

The world now faces two challenges, explains Yang Xiaoping, from BP - or as Qi Ye says it's now known, Beyond Petroleum.

The demand for energy is still growing strongly and we have to provide clean, affordable energy, she says. But, on the other hand we have to reduce emissions.

BP has taken two approaches to this - firstly, producing more gas and secondly, advancing and identifying low-carbon solutions.

There's no silver bullet, she explains. There are many important technologies.

The power of information

Data and analysis of this technology can provide key insights, explains Jayraj Nair, Vice-President, Global Head of Internet of Things (IoT), Wipro Limited.

The IoT allows this data to be connected, stored and analysed - for example information around energy efficiency or saving water.

A holistic view is vital. For example, not looking at the efficiency of just your refrigerator, but looking much more broadly at the entire home or community.

Technology isn't the issue

Nair agrees with the rest of the panel that technology isn't the necessarily the issue. How do you build systems, identify value and create suitable public policy?

Public policy has to create a long-term, consistent view, explains Katie Hill. This isn't easy though. You have to walk a fine line between bringing these technologies up to scale and reduce costs without creating the wrong incentives.

Yang Xiaoping agrees - governments, consumer and business all have a role to play in reducing emissions. BP has introduced a RIC model to make this happen - reduce, improve, create.

The potential for Africa

77% of energy in Kenya last year was renewable - mainly hydropower and geothermal.

To reach as many people as possible, a combination of grid extensions and off-grid (such as mini-grid technology) will be needed, Hill explains.

But there remains a challenge. If emerging economies still haven't achieved full electrification and have significant supply issues, how do you implement low-carbon solutions?

Carbon pricing and a changing economic model

Governments have an important role to play, agrees Dimitri de Vreeze.

The old model is that companies are doing well if you're making money. Today, we need to think differently. You have to a put a value on waste - this is where carbon pricing comes in.

As this increases, it will change economic thinking. If carbon emissions come with a cost, companies' decision making will change. It will therefore also drive innovation, he believes.

Hydrogen

BP predict hydrogen fuel-cell technology could be sustainable and competitive by the middle of the century, explains Yang Xiaoping.

(In case you missed it, just this week, Germany launched a hydrogen-powered train.)

On a highway

After COP21, we're on a highway, explains Dimitri de Vreeze.

Different technologies might be going at different speeds, but at least we're heading in the right direction.

The background

New technology promises to revolutionise the study of our climate, from satellite-based methane detection to carbon dioxide removal and solar engineering.

Our panel of Jayraj Nair, Vice-President, Global Head of Internet of Things (IoT), Wipro, Dimitri de Vreeze, Member of the Managing Board, Royal DSM, and Yang Xiaoping, President, BP (China) Holdings will discuss the opportunities and pitfalls of technologies that hold the promise of opening new avenues in the fight against climate change.

New technology is also leading us to new climate change solutions.

China Money Network carried out a study of more than 500 Chinese AI companies - here's what they discovered:

– A total of 14 Chinese AI companies are unicorns, or private start-up companies valued at US$1 billion or more.

– Only two of the 50 companies had female founders.

– 27 of the 50 companies are backed by Chinese government related funds and/or the BAT. BAT refers to Chinese technology giants Baidu, Alibaba and Tencent.

– 55.6% of the founders have doctoral or post-doctoral degrees. Over 73% have at least a master’s degree.

– China AI Top 50 companies are more mature than their peers. Around 80% of the 50 companies have completed series B or later investment rounds. The industry as a whole sees 81% of the companies having just completed series A rounds.

– The most active investors in the China AI Top 50 include Sequoia Capital China; Alibaba and its related entities and funds; Zhen Fund; Sinovation Ventures; and Tencent.

Read the full report here

Are we on the brink of a major international trade war? Tensions between the world's two largest economies seem to be worsening every day, and the potential fall-out could be enormous and far-reaching.

First take a look at this great piece by Wendy Cutler, who is also one of the panelists.

Global trade is broken. Here are five ways to rebuild it

How worried should we be?

We should be very concerned, it's serious, says Timothy P. Stratford, Managing Partner at Covington & Burling. We've come to the point now where both governments have realized that the real issues have to do with deep systemic differences between the economic systems of the two countries.

You have two governments, the US and China, that have very different positions, and now we are going to be in for a long period of deadlock where both sides assess how much the tariffs are hurting them, how much they are hurting the other side, and how flexible that other side is about negotiating.

Tak Niinami, Chief Executive Officer, Suntory Holdings Limited, says international rule-making is a prerequisite to resolving these issues between countries. The WTO is weaker now, and the TPP was great, but now it's gone. We need a trade pact, as Premier Li said earlier today.

How did we get here?

Wendy Cutler, a former trade negotiator for the US government, says there is a growing sense of the US and European population of people who feel they have not benefitted from global trade. These parts of our society have become very vocal and as a result, a lot of people in the US are questioning trade. The TPP became the poster-child for everything that was wrong with trade, so President Trump withdrew the US from it, and I believe this was a mistake.

There is also a serious view, Cutler says she shares it, that the WTO rules haven't kept up with the types of trade practices and the types of countries that have been integrated into the global trading system. It's been 25 years since they were last updated, she adds, so we see the WTO increasingly move to the sidelines. It needs to figure out a way to be relevant, or it could slip into the background, and this is really dangerous.

On tariffs

As tariffs come into force, Cutler says, they are really hard to remove. The tariffs remain in effect and so does the retaliation. This is what worries me about the US-China trade war, she says. It's a really worrying situation and it's starting to spill over into other parts of our interconnected world. It's not just limited to the countries retaliating against each other.

How will it end?

There will be a negotiated solution, says Cutler, with some short-term confidence builders. Longer term, it will need to deal with industrial policies, subsidies, overcapacity, and other issues. Both sides will need to show flexibility, so the US can't just insist that China just dismantle its industrial policy, but China can't deny that these policies harm its trading partners.

It's not just humans consuming insect products in steadily increasing numbers - chickens and other livestock are joining the buffet, too.

Vast resources of land and energy are channelled towards soy and meat production solely for the purpose of feeding animals. The meat industry is one of the biggest contributors to global warming, according to a fleet of recent reports.

Which is why Kees Aartis, CEO of Dutch company Protix, is pioneering a sustainable alternative in the form of large-scale insect production, in our session on Planet-Friendly Food.

You can now buy soy-free eggs, laid by healthy, happy insect-fed chickens, in supermarkets across the Netherlands.

Bon apetit!

Does a Mayor have a typical day?

Governor Berx explains that she spends a lot of time on emergency planning. Secondly, she wants an energy independent Antwerp - producing as much renewable energy as the city produces. Thirdly, ending traffic deaths, particularly through smart systems and the Internet of Things (IoT).

Mayor Nenshi tells his colleagues that "our simple job is to make lives better." He's focused on economic equality, a healthy and green city, mobility and transport, safe neighbourhoods and making sure the city is well-run.

Urban issues are human issues he explains. When we solve things at a local level, we solve things for humanity.

Looking back on his time as an MP, Mayor Burnham says he much prefers his current job. He says he can make much more a difference day-to-day as a mayor.

Transport is the single biggest issue, for him. Second, is housing and homelessness. Young people are also a priority. Ultimately, it's a balance between dealing with daily events and the longer term implementation of your policies, he says.

Building resilience

I like rollercoasters, Mayor Nenshi jokes. But the impact of the commodity price decline has been significant in Calgary.

It's vital that global cities - like Antwerp, Manchester and Calgary - build resilience. Diversification is vital to this.

Cities are also yet to crack the key to crime prevention, tackling mental health issues and homelessness.

The First Industrial Revolution

Manchester was home to the first industrial revolution, Mayor Burnham explains. This left them stuck, in many ways, with old technology.

But the city is undergoing a renaissance. There are more cranes in Manchester's skyline than anywhere else in Europe, he says.

But, the challenge is, now, to make sense of Brexit. Devolution to the city is key. The best answer in a fast-moving economy is to give cities more power, and let them decide their own future, he believes.

Climate change

There's no way we can meet global greenhouse gas emissions reduction targets without local action, explains Mayor Nenshi.

Managing the air, the land and the water is something that every mayor does every day, he says.

Mayors with the province of Antwerp meet once a year to analyse the targets they've set, explains Governor Berx. Concrete actions and targets and measurement is vital.

Manchester is aiming to be carbon neutral by 2040. You have to be ambitious around the environment, believes Mayor Burnham.

We have to sell the message that it's good for business, he says. This is particularly true if you're ambitious.

Polluted air is a silent public health crisis, he believes. The problem is much worse than we realised. It's a question of health inequality and injustice - it's the kids in poorest areas that are breathing in the lowest quality air.

Inequality

What is good and fair employment in the 21st Century, asks Mayor Burnham. Particularly, what is a reasonable level of job security? This is the key question as we head into the Fourth Industrial Revolution, he says.

You have to reassess fairness within society and organisations. Mental health such a major issue because we're living precarious lives, he believes.

We have to consider the effects of digitalisation, adds Governor Berx. The decisions we make must be human centred. People need the skills to deal with and work with data.

Cities, by definition, are places where inequality thrives, says Mayor Nenshi.

I used to focus on poverty, he says. But inequality is leading to social disruption - and not good disruption - he believes.

We don't have all the answers in Calgary, but a community-wide view, embracing non-profit, public and private sectors is key. You need to look at the whole system - but put the person you're trying to help right in the middle.

Equality is good everyone, concludes Mayor Burnham.

The power of youth

Don't impose policies on young people, design policies alongside them, says Burnham. They need to be in the room and involved in the conversation.

It's a question of co-creation and working together, adds Governor Berx.

The background

In a time when global cooperation is dwindling, city-to-city collaboration has become even more critical. How are mayors and local governments tackling global challenges?

Naheed Nenshi, Mayor of Calgary, Andy Burnham, Mayor of Greater Manchester, Greater Manchester Combined Authority, Cathy Berx, Governor of the Province of Antwerp, Province of Antwerp will talk about reducing global carbon emissions, closing inequality gaps, and reducing violence while increasing diversity through greater collaboration.

What do lab-grown meat, a holographic museum guide and a supercharged version of Amazon’s Alexa have in common?

They’re all breakthrough technologies that are likely to shape our lives in the near future, according to a list published by the World Economic Forum just as our meeting in Tianjin was getting started. Selected by a panel of scientists and experts, each one has been identified as having the potential to be disruptive by altering deep-rooted practices or shaking up whole industries.

While we’ve all heard how technologies like artificial intelligence and quantum computing are set to transform our everyday lives, the coming change can seem like a nebulous concept that’s hard to define. In this list, experts seek to pinpoint the breakthroughs that will take effect within three to five years.

Here's a closer look at the top 10 tech on this year's list.

In the future you won’t need your keys or your wallet. Your ID card and passport will be a distant memory. All thanks to advances in voice, facial and DNA-recognition technology.

Rob Livingston, Senior Vice-President at Visa, described some prototypes that could change the way we pay in the future. These included "blood flow" based technologies, where you would swipe your wrist to be identified; rings that would use near-field communication; and plastic cards with in-built fingerprint recognition.

'It terrifies me'

Participants discussed the dark side of biometrics, from privacy to security.

"Is it safe? No. Facial recognition systems can be hacked," said Rita Singh, Associate Research Professor at Carnegie Mellon University. She also warned that voice recognition posed all sorts of ethical problems, since algorithms can now deduce intimate information including your personality type from your voice. People need to be more aware of what happens to their data when they talk to voice recognition services.

“If they don’t know they’re giving out their information, it’s like stealing their money,” she said.

Tellingly, Professor Singh said that she did not have a smartphone.

The promise and pitfalls of blockchain divided the group. "Blockchain technology is the most advanced authentication technology we have," said David Brady, Professor at Aqueti, Inc, a Chinese-American maker of smart cameras.

But Rob Leslie, Chief Executive Officer of Sedicii Innovations Limited, sounded the alarm bell.

"Our personal privacy is being eroded: the thought of my personal information being enshrined in a blockchain forever terrifies me. I’m European, one of the rights under GDPR is to request the erasure of your information on demand. If I put personal information into blockchain it can’t be erased unless you delete the whole chain."

Professor Singh shared his concerns, pointing out that blockchain is based on an "immutable" ledger:

Fallability

Biometrics could make airport queues a thing of the past - but what about beards? To illustrate the point that biometric identifiers will make mistakes and there must be back-up systems in place, Professor David Brady said:

"Recently I came into China with a beard, and facial recognition went wrong at the border. It took me 20 minutes talking to a human being to resolve."

Participants called for greater regulation and collaboration to guard against the risks posed by biometrics.

As robots rise up and change the way we work, nearly half of us will be looking for jobs elsewhere. But what if we can't train up quickly enough to find new kinds of work?

Moderator Jen Copestake, of the BBC World, kicks off the conversation with a poll. How many people support the idea of a universal basic income if we do lose half of all jobs? The majority of the audience raise their hands.

"The transition is going to be bloody at best," says Hilary Cottam, Founding Director of Participle.

Her solution? "We need to reinvent new forms of support. Social and labour institutions needs to change radically."

It's not going to be a once-off job loss, rather continual change, she says, and we'll need to change the way society works to adapt to it. Our connections to other people are crucial

"Eight out of ten jobs are down to who you know, in the modern economy," she says, citing recent research.

John Hawksworth, Chief Economist at PwC, believes there's one sure way to mitigate the cost of this doomsday scenario - "invest in lifelong learning".

"Instead of doing three years of university when you're 18, you might do one year when you're in your teens and another in your thirties, another in your fifties, he clarifies.

Teaching kids adaptability will be key.

The view from Denmark

Troels Lund Poulsen, Minister for Employment of Denmark, feels optimistic. "We have to work with vocational training and lifelong learning."

He's less positive when it comes to universal basic income. "It's a way of giving up on people," he says. "They are part of society."

And from China

Lee Jae-Myung, Governor of Gyeonggi Province, sees basic income as an "admirable path in life".

"Our current welfare policies are more selective, rather than universal, and it stigmatizes people."

Basic income would not threaten productivity, and instead could free up people to look for new jobs. "If we offered citizens the minimum possible income, it would actually incentivize them to work," he said.

'It will be very violent'

Hilary Cottam: "We can't have a society with winners and losers and the losers are just given an income."

A full 80% of time is spent on bureaucracy, filling out forms, she says. The aim of a redesigned society would be reducing that admin to 20% of the time and freeing up families to stand on their own feet and participate in society.

Lee Jae-Myung: "If 50% of jobs are really lost, then everyone will go crazy and it will be very violent."

John Hawksworth: You have to give people a purpose in life. Just handing out an income in a minimal way - businesses and the economy would collapse.

Hilary Cottam: Our idea of the 21st-century social state is where we have good work, good lives, but also time to care, time to pursue other interests.

Quick poll: How many people think their current position is under threat? One person raises a hand. Many more hands go up to indicate they're interested in reskilling.

A member of the audience offers this interesting insight: "If you take GDP and divide it by all the people in the world, you get $10,000. But if you gave everybody that amount of money a year, no one would ever be able to buy a flat in London."

What now for workers?

"We're facing a dramatic choice," says Hilary Cottam. "We can build new forms of institutions, new ways of working, that can spread the gains."

Jen Copestake takes a final poll to conclude the session. She asks again: How many people support the idea of a universal basic income if we do lose half of all jobs? This time, fewer people do.

Join an in-depth discussion that explores the possible, plausible and probable impacts of the Fourth Industrial Revolution, with Hilary Cottam, Founding Director, Participle; John Hawksworth, Chief Economist, PwC; Lee Jae-Myung, Governor of Gyeonggi Province; and Troels Lund Poulsen, Minister for Employment of Denmark. The session is chaired by Jen Copestake, Reporter and Senior Producer, BBC World News.

Learn more in our latest Future of Jobs report.

For thousands of years, the ancient Silk Road saw tremendous levels of people, goods and ideas exchange between different cultures along its route.

Now the New Silk Road, also called the Belt and Road Initiative, promises to do the same.

How will this initiative shape competing ideas about heritage and identity? How will it impact human mobility and migration patterns? And what will it mean for the future of cultural diplomacy?

First to speak is Gao Zhikai of the China National Association for International Studies, extolling the achievements of the Belt and Road project over the past five years.

Then it's the turn of Raimonds Vējonis, President of Latvia, who ponders the reasons why his country needs to participate in the Chinese infrastructure project. These are some of them:

1. New services

2. New opportunities for closer cooperation between countries

3. Promotion of helpful new technologies

4. Trade of goods and services

5. Exchange of knowledge and ideas

Financial flows are front of mind for Charles Li, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited (HKEx), says that without financial return, it will be hard to make the Belt and Road project sustainable. "We need continuous money flow ... We need a sharp tool in order to cut the trees.

"Money from SOEs alone won't be enough - it has to be coupled with other financial sources - the stock market, financial market national government etc.

"We can provide poor countries with payment, but we need to be able to support their debt," he says.

How can China do this? "If developing countries invest their money in the Hong Kong market, value will rise, and this will offset their debt and they can build more infrastructure," he says.

Other insights:

Matthew De Morgan, CEO OF Duferco says it's all about the people, that "soft infrastructure" is the single most important contributing factor to the Silk Road's success.

Green innovation, cities, sustainable financing, ethical investing and transparency are among the big challenges for the Belt and Road project, according to Joachim von Amsberg, Vice-President, Policy and Strategy, AIIB.

That's all you're getting from us on the live blog today, thanks for joining us. If you missed it, here's the round-up of key quotes from Premier Li Keqiang's speech earlier today. We'll be back in the morning for the last day of sessions, including a one-on-one with Alibaba founder Jack Ma on the future of entrepreneurship in China.