The 2026 Summer Davos forum (the World Economic Forum’s Annual Meeting of the New Champions) just wrapped up in Dalian under the theme “Innovating at Scale,” drawing over 1,700 global participants to debate the trajectory of the world economy and technology. In the latest episode of China Today Salon, Zhang Hui, Executive Editor-in-Chief of China Today’s English edition, sat down with James Weaver – American independent financial consultant, former Vice President of Chase Manhattan Bank’s (now JPMorgan Chase) Municipal Finance Division, and ex-advisor to the World Bank and International Finance Corporation – to unpack what “innovating at scale” really means for China, and bust persistent Western misconceptions about its innovation ecosystem.  

“Innovating at Scale”: A New Model for Global Partnership  

Weaver highlighted that the theme lands at a crucial moment of shifting global relations, and “scale” in the Chinese context does not just mean large volume – it entails tailored, innovative approaches to tackle systemic problems. He further interprets “scale” as expanding global partnerships: “Because I think one of the important opportunities that is emerging at the moment for North American, European and Chinese business and industry are partnerships where technology can basically be shared and solutions achieved globally.” 

Busting Western Myths about China’s Innovation  

Weaver called out three common misperceptions in Western business circles about China’s innovation ecosystems: 

Misperception 1: “Chinese success relies on subsidies.” He argued that macro policies only provide tailwinds; real breakthroughs (e.g. in EVs) come from fierce micro-level competition, where engineers and designers are rewarded for innovation and risk-taking. 

Misperception 2: “The Chinese government controls all business details.” He compared the government to a corporate board: it sets strategic direction and key goals, but leaves operational decisions to enterprises, just as a board does not micromanage management. 

Misperception 3: “Foreign investors face high IP risks in China.” An outdated bias, Weaver said – China now creates more intellectual property than any other country, and the flow of IP will increasingly run outward from China. 

Stability: China’s Core Edge  

Against rising global uncertainty, Weaver highlighted China’s institutional stability and consistent five-year planning as a rare drawcard for investors, in sharp contrast to the political and economic turmoil in North America and Europe. He singled out China’s unique model – combining top-level planning with intense micro-level competition – which has accelerated its climb up the global value chain in advanced manufacturing, clean energy, and beyond.  

When asked about Premier Li Qiang’s speech at the Summer Davos forum, Weaver lauded the emphasis on stability. “China’s long-term perspective, versus U.S. and European shortsightedness, is a major strength. The world will inevitably come to seek cooperation [with China] – there is just too much here to ignore.”