CITIC Securities Chairman Chen Liang Responds to Every Economist: AI Won't Cause Massive Impact on Investment Banks Quickly, Writing Research Reports Requires More Precise Grasp of Policies and Specific Corporate Situations

The Economic Observer Reporter | Zhang Rui The Economic Observer Editor | Wei Wenyi

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

At the “Responding to Uncertainty: Global Risks, Growth Opportunities, and Cooperation” seminar, Chen Liang, Chairman of China International Finance 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 the current economic globalization is facing unprecedented challenges. The government work report this year clearly states that the international trade and economic environment is changing rapidly, with unilateralism and protectionism sharply rising, market expectations frequently disturbed, and foreign trade under significant pressure. This accurately summarizes the structural difficulties faced by the global economy. Additionally, international competition in fields such as artificial intelligence, resources, and energy is also a major concern for governments and markets worldwide.

Image source: Provided by the conference organizers

In response to the increasingly fierce geoeconomic competition, Chen Liang believes there are three trends worth noting: first, the accelerated restructuring of global industrial chains; second, technological revolutions reshaping competitive advantages; third, the increasing uncertainty brought by geoeconomic competition becoming a significant investment variable affecting capital markets.

Regarding how technological revolutions reshape competitive advantages, Chen Liang pointed out that the world is at a critical period of transitioning from old to new driving forces, with technological competition increasingly becoming the core of major power rivalries. In the traditional international division of labor, the U.S. has long held the high ground in invention and innovation, while China, leveraging its production capacity and market scale, leads in commercialization and supply expansion. Against the backdrop of intensified geoeconomic competition, countries that master technological innovation and industrialization first become central nodes in the global technological network. This not only influences global industrial chains but also enhances their voice in international rule-making.

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

To address increasing global uncertainty and fragmentation of trade, Chen Liang suggested three approaches: first, promoting multilateral mechanisms and bilateral cooperation to build diversified and highly complementary supply chain and industrial chain partnerships; second, accelerating the independence of core technology mastery and exploring new models of international technological cooperation; third, continuously enhancing the resilience of capital markets and consolidating financial security.

Chen Liang also mentioned that in recent years, China International Finance Corporation has launched a series of in-depth research reports such as “Major Industrial Chains,” “AI Economics,” and “Geoeconomics,” which analyze macro-industrial financial trends under the evolution of the global economic and geopolitical landscape, and explore the potential for high-quality development of China’s economy.

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

When asked how he views the impact of AI on investment banks, Chen Liang said, “I think it probably won’t happen so quickly in our industry. AI shouldn’t cause a huge shock to our industry so soon, but we are also paying attention to research.”

“Research is the foundation of investment banks,” Chen Liang has emphasized on multiple occasions. When asked how he views the fact that AI can now produce relatively decent research reports, he responded, “In China, writing research reports requires a more precise understanding of policies and the specific circumstances and characteristics of enterprises, which requires in-depth exploration. AI may not be able to do that yet.”

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Cover image source: Provided by the conference organizers