From August 2024 to August 2025, the Shanghai Composite Index rose 35.7% year-on-year, while the Shenzhen Composite Index surged 58.2%. Investor sentiment followed: 63.1% of respondents in September expected A-shares to rise, up 15.6 percentage points from July 2024. The expected rate of return on A-shares reached 1.6%, one percentage point higher than April 2025.

 , Professor of Accounting and Finance at CKGSB and author of this survey, found the current round of A-share gains has been driven mainly by valuation expansion rather than by improvements in listed companies' fundamentals. "The year-long rise in A-shares indicates that at least part of investor confidence has recovered," said Professor Liu.

Three factors drove the valuation recovery. Policy support included two reserve requirement ratio cuts since late 2024, releasing about RMB 2 trillion, while open market operations injected RMB 1.6 trillion in the first eight months of 2025. Technology breakthroughs fueled A-share sector gains of above 60% year-on-year in semiconductors, automation, and industrial metals. Trade resilience also played a role, as China reduced its reliance on the US, with exports to the US falling to 11.8% by July 2025, down from 19.3% in 2018.

Yet fundamentals remain weak. Non-financial listed companies saw sluggish revenue and profit growth, while real estate prices continued to fall. In September 2025, only 46.3% of respondents expected housing prices to rise, down 6.2 percentage points from the prior edition of the survey. "A sustained bull market requires strong fundamentals. Structural rebalancing from investment to consumption, technological innovation, industrial upgrading, and vigorous private-sector activity are all critical to strengthening fundamentals," stated Professor Liu.

The survey also reiterates CKGSB's view on gold. "Seven years ago, we recommended gold as an important investment asset," noted Professor Liu. "The trend toward a multipolar world has only accelerated, and gold remains ballast in the global financial system."

The Q3 2025 CKISS signals both optimism and caution: investor confidence is rebounding, but sustainable growth will require deeper structural reforms.

Led by , Academic Director of the IE China Observatory, and , CKGSB Professor and Associate Editor at the Academy of Management Annals, the study highlights striking regional differences in perceptions of Chinese loans, debt, infrastructure investment, and economic assistance across 27 African countries from 2016 to 2023.

The report reveals that public awareness of China's financial presence is much stronger in Eastern and Western African countries than in Northern countries, with Kenya showing the highest awareness of Chinese loans. Respondents also viewed Chinese loans as having fewer conditions than those from other international lenders.

The report looks at how perceptions of Chinese influence have changed between 2016 and 2023. Countries such as Kenya, Mauritius, and Nigeria have seen China's influence expand rapidly, while China's perceived influence has weakened in South Africa, Cameroon, and Tunisia. The report identifies factors that influence positive perceptions on China across African countries. Investments in business and infrastructure and the affordability of Chinese products contributed heavily to China's positive image, while diplomatic support had a smaller impact.

CKGSB Dean Li Haitao observed: "Balancing global perspectives with local needs in the process of globalization has moved from a theoretical discussion to a pressing issue of practice." He emphasized the importance for Chinese businesses to adopt strategies that combine global vision with local adaptation.

"China has reinterpreted soft power to include economic tools – such as infrastructure investment, trade, and development finance – as key levers of attraction and influence," said Jose Felix Valdivieso, Chairman of the IE China Observatory. "Nowhere is this reinterpretation more visible than in Africa, which has become a showcase for Beijing's approach to global engagement through large-scale projects, political ties, and cultural exchanges."

Enrico Letta, Dean of the IE School of Politics, Economics and Global Affairs, added, "This report offers a valuable foundation for strengthening EU-Africa relations by revealing how African citizens perceive China's influence."

It provides a foundation for informed dialogue among Africa, China, and Europe to foster transparent, sustainable, and locally attuned cooperation.

Read the report

Building on the success of CKGSB's MM Chinese Art Indices (launched in 2023), the new present MM Continental Art Price Indices, the first-ever comparative, long-term art price benchmarks constructed according to artists' birthplaces, spanning Asia-Africa-Oceania, Europe, and the Americas.

According to the MM Art Indices, based on auction records (since 1873) from Sotheby's, Christie's, and Phillips across major global cities, Asia-Africa-Oceania recorded the strongest long-term growth, with a CAGR of 7.7%, despite a 6.4% decline in Spring 2025. The Americas rebounded sharply by 31.7%, while Europe increased by 22.4%, nearly recovering pandemic-era losses, though its long-term growth remains more modest at 2.3% CAGR. "These regional patterns reflect deeper economic shifts," said , CKGSB Professor of Finance. "Europe's market is mature and stable, while the Americas show postwar expansion and volatility. Asia's growth, driven by China and India, is rapid but uneven." The Chinese art market rebounded by 9% in Spring 2025, despite a 48.2% drop from its 2020 peak.

By combining the Sotheby's Mei & Moses Index (1928–2000) with the MM Art Indices (2000–2024), researchers found that 10-year rolling returns on art turned negative in 2023-2024–the worst in 70 years. "We're seeing a rare alignment of market conditions that suggest art may be undervalued on a historical basis," said Mei. "For long-term collectors, this could represent a strategic entry point into the market."

CKGSB and SDA Bocconi have signed an MOU to co-develop new tools, including European country-level indices and sentiment metrics, under the newly launched Art Market and Finance Monitor at SDA Bocconi. "The MM Art Indices bring much-needed transparency to a market that has traditionally lacked standardized benchmarks," said , Professor of Finance at SDA Bocconi. "By applying rigorous financial methodologies, we're helping bridge the gap between cultural value and market performance," added , Director of Intensive Program in Art Markets and Finance at SDA BOCCONI.

To read the full report, click .

Drawing on insights from CKGSB faculty and industry experts, the report dissects China's AI strategy on four fronts: the open-source revolution, workforce transformation, intelligent robotics, and AI ecosystem development. 

The paper highlights the disruptive impact of open-source AI, pointing to the breakthrough DeepSeek R1 model, which offers powerful performance with lower hardware costs. This development could fundamentally alter the U.S.-China tech competition. As Professor of Strategic Management  explains, "China may not have to fight a chip war to the same extent...Companies will use engineering innovations to get around computational capacity, and that is a great opportunity."

The paper also examines the human dimension of this transformation, analyzing how AI reshapes leadership and the workforce. Instead of replacing jobs, it creates demand for new skills and the emergence of what CKGSB Dean's Distinguished Chair Professor of Information Systems  "AI Architects"—a new generation of business leaders focused on integrating intelligence into core operations. "The challenge is no longer about access to intelligence, but about how to integrate it effectively," says Sun.

The report identifies robotics as the next pivotal area for growth. "The physical world will become the space of highest potential for AI development in the next few years," notes Sun. CKGSB alumnus Li Mingyang, Chairman of Jaka Robotics Co., adds, "China already has an advanced smart vehicle industry, which is fit for scaled mass production of the core components for robotics."

Together, these insights paint a picture of a country not just participating in the AI race, but actively mapping out its future. China and the Global AI Race provides an essential guide for business leaders, policymakers, and anyone seeking to understand the trajectory of 21st-century technology and economic power.

The full white paper is available for download on the CKGSB official website .

This year's Summer Davos focused on entrepreneurship for a new era. As the most active Chinese business school this year at the Summer Davos, CKGSB contributed to the discourse on multiple meaningful topics including AI reshaping global competition and entrepreneurship in the new era.

In the session broadcast live globally on June 26, "Understanding China's approach to AI," Dean Li joined leading voices to explore China's advantage in developing AI amid re-globalization, industrial possibilities brought by AI, and how AI can propel doing business for good by providing scarce resources.

"Only two countries, China and the US, can lead AI revolution in the next decades," emphasized Dean Li. "China has done lots of accumulation for decades with infrastructure, data, talent, and market to establish a unique AI ecosystem. Beyond home appliances, smartphones, and automobiles, humanoid robots have the greatest potential to become a trillion-dollar industry in China. CKGSB aspires to systematically prepare business leaders for what the AI era requires for strategic architecture capabilities and new leadership skills."

Moderated by renowned journalist Yang Lan, the panel also featured executives and scholars including Unitree Robotics Founder and CEO Wang Xingxing, Haier CEO Zhou Yunjie, USC Professor of Law Angela Zhang Huyue, and Workera Founder and CEO Kian Katanforoosh.

In addition, Dean Li delivered a keynote speech at the session around Gen Z consumers. He noted that with Gen Z's robust purchasing power and authentic passion for eco-conscious consumption, and as more start to evaluate companies' sustainable commitment when making career decisions, companies must build a new collaboration structure where people at all levels get to affect decision making, contribute their own knowledge and jointly create value. Dean Li also participated at the Global University Leaders Meeting, discussing how higher education institutions should shape the future of research through partnerships and continue to serve as engines of innovation.

CKGSB also co-hosted CKGSB's 2025 Davos Night in collaboration with Tencent's Tencent News.

This milestone collaboration, which establishes CKGSB as a Knowledge Partner to the AIM Global Foundation, aims to leverage both organizations' strengths to create a CEO Leadership Program, master classes, and business forums that facilitate meaningful dialogue, connections, and mutual growth across China and GCC countries.

CKGSB's Dean emphasized the significance of the collaboration. "As a globally-minded educational institution with a unique focus on fostering chairmen and CEOs, CKGSB is proud to join hands with AIM Global Foundation to shape the future of leadership and entrepreneurship across borders. Together, we aim to promote sustainable business and deeper collaboration between China and the GCC region, driving positive change in the global economy."

The partnership agreement was signed by Dean Li Haitao and Mr. Dawood Al Shezawi, Chairman of the AIM Global Foundation, on April 8, 2025, at the China Investment Forum, held in Abu Dhabi, UAE.

In his keynote speech, Dean Li outlined how in the new global paradigm the "Global South" is rising due to the US tariff war, and China, as a 'Global South' country, is building deeper trade relations with its 'Global South' peers, represented by economies in the Middle East, Latin America, and ASEAN. He noted that China is driving a new phase of global business expansion, as multi-sector, high-tech private firms like BYD, CATL, TikTok, and Shein are actively venturing the global market. Given the potential of digital economy in the Middle East, there can be great synergies between these two regions.

Dean Li joined speakers such as the Ambassador of the UAE to China, Hussain Ibrahim Al Hammadi, and the Chairman of AIM Congress and AIM Global Foundation, Dawood Al Shezawi, to explore China's investment dynamic and its opportunities for global collaboration.

CKGSB is China's first privately-funded business school that aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion. AIM Global Foundation is an independent organization committed to empowering the world's economy by boosting effective promotion strategies and facilitating opportunities for economic productivity and expansion.

The program is a key component of , designed to cultivate the next generation of business leaders, helping startups scale to unicorns with a focus on global responsibility, social impact, and long-term sustainability.

"This collaboration with Johns Hopkins University is a testament to our shared vision of empowering leaders to harness innovation responsibly," stated CKGSB Founding Dean and Dean's Distinguished Chair Professor of China Business and Globalization, . "By combining AI expertise with healthcare leadership, this program aims to drive transformative changes that benefit societies globally," he emphasized.

The CKGSB-Johns Hopkins AI-Driven Healthcare Innovation Program offers a multidisciplinary curriculum that spans the technological, managerial, and strategic dimensions of AI's transformative impact on healthcare. Located in Washington, D.C., a hub for healthcare innovation and policymaking, participants will engage with leading experts from academia, industry, and government, creating a vibrant platform for collaboration and networking.

This program equips participants with the skills to:

• Assess AI technologies for improving healthcare delivery and decision-making.
• Create strategic plans for adopting AI solutions to optimize patient care and improve operational efficiencies.
• Navigate the ethical and regulatory challenges of AI integration in healthcare.
• Build and lead cross-disciplinary teams that can drive AI-focused healthcare innovations.

About the Schools

Cheung Kong Graduate School of Business

CKGSB is China's first privately-funded, research-intensive and non-for-profit business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion.

Johns Hopkins University's Carey Business School

Johns Hopkins University (JHU) is a prestigious university founded in 1876 as America's first research institution. It covers multiple campuses throughout Baltimore and Washington, D.C., and offers 50+ degree programs.

For more details and to apply, please visit .

Today, companies can no longer compete as isolated entities, but as part of interconnected ecosystems of partners, suppliers, customers, and stakeholders that drive innovation, scale, and resilience. Ecosystem thinking enables businesses to integrate resources, foster collaboration, and co-create value. But how can companies leverage ecosystems for growth? This white paper introduces a new model for scaling and strategies to help businesses thrive, such as:

• Globalization vs. Localization – Understanding when to expand internationally and when to focus on local market strengths.
• Customer-Centric Ecosystems – Building business networks that foster deep emotional connections with customers.
• Agile & Loosely-Tied Ecosystems – Leveraging flexible networks and strategic collaborations without rigid contracts.
• Optimizing Supply Chain Strategies – Selecting the best ecosystem approach to enhance resilience and efficiency.

In the white paper, CKGSB Founding Dean emphasizes the importance of unicorns in driving economic disruption, a vital force for both economic development and social advancement. "As we reflect on the global unicorn ecosystem," he says, "it becomes increasingly important to focus on the next generation of unicorns and their role in shaping the future."

The white paper also features contributions from CKGSB's faculty. For example, Professor , CKGSB Professor of Marketing, highlights the importance of customer-centric ecosystems through the success story of Hao Wang Shui, a Chinese beverage brand, which cultivated a tightly-knit community of brand advocates and partners to become a leader in the high-end beverage market. Professor , CKGSB Professor of Finance and Managerial Practice and former Chief Strategy Officer at JD.com, examines the hurdles AI startups face as they compete with tech giants like Meta and Amazon. "AI startups must rethink how they strategically collaborate with third-party partners to expand their capabilities and go beyond the limits of their value chain," he explains.

In light of rising protectionism, digital transformation, and AI-driven disruption, this resource provides invaluable guidance for entrepreneurs, startups, and business leaders striving to scale in today's fast-evolving global market.

Access the full white paper .

Professor Jin's award-winning paper, "Artificial Intelligence, Education, and Entrepreneurship," co-authored with Professor from The Hebrew University of Jerusalem, offers a novel perspective and rigorous methodology to examine the intricate connections between artificial intelligence (AI), education, entrepreneurship, and financing. The study highlights the negative impact of AI talent migration from academia to industry on education systems as well as the establishment and funding capabilities of entrepreneurial ventures. By addressing these challenges, the research provides valuable theoretical insights and policy recommendations to support the sustainable development of the global AI industry.

Professor Jin Zhao is an Assistant Professor of Finance at CKGSB. He joined CKGSB in 2020 after earning his PhD in Finance from the University of Rochester. His research, which focuses on entrepreneurship, artificial intelligence, and corporate finance, has been presented at prestigious institutions, such as Stanford University, and published in leading academic journals. His work has also garnered attention from prominent media outlets, including The New York Times and The Wall Street Journal.

About CKGSB

Established in Beijing in November 2002, CKGSB is China's first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion ().

The MM Global Impressionist Price Index and MM Global Contemporary Art Price Index are based on auction data from leading houses, including Sotheby's, Christie's, and Phillips, across major global markets. These indices highlight significant market trends, such as the steady 2.8% compound annual growth rate of Impressionist art since 2000 and the robust 5.0% annual growth rate of Contemporary art over the same period. However, 2024 saw notable corrections, with Impressionist and Contemporary art indices declining by 3.2% and 19.5%, respectively.

The 2024 MM Chinese Art Index reveals that Chinese art has outperformed global art trends, achieving a remarkable 9.3% compound annual growth rate since 2000, significantly higher than Impressionist and Contemporary art indices. Despite a 12.3% market contraction in 2024 and a 48.4% decline since its 2020 peak, Chinese art remains a compelling investment, supported by its high volatility and potential for recovery.

The MM Chinese Art Index also features sub-indices categorized by medium (ink vs. oil) and era (modern vs. contemporary). Notably, oil paintings and contemporary works have demonstrated superior market performance, with annualized growth rates of 10.8% and 11.5%, respectively. Additionally, the MM Chinese Art Sentiment Index tracks collector enthusiasm, reflecting shifts in market confidence over two decades.

The MM Chinese Art Liquidity Index highlights key artists, such as Zao Wou-Ki and Wu Guanzhong, whose works exhibit exceptional market liquidity. Moreover, a comparative analysis shows that Chinese art has consistently outperformed traditional assets like the S&P 500, underscoring its value as a long-term investment and potential inflation hedge.

View the full report .

About CKGSB Established in Beijing in November 2002, CKGSB is China's first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion ().

Since 2007, CKGSB has been aspiring to address the pressing disparities in management education between eastern and western China with its MBA professor training program. As of 2024, the program has trained 372 professors from 155 universities across 22 provinces, 4 autonomous regions, 3 direct-administered municipality in China, indirectly impacting tens of thousands of MBA students.

This year, the training focused on social innovation and business for good, a topic many participating professors found lacking in their day-to-day teaching and research. Professor (Juliet), CKGSB Professor of Marketing and Director of the ESG and Social Innovation Center, led the training. She introduced how CKGSB has been innovating with the integration of business for good in management education, and how our relevant practice-based course has already helped 2,800+ students integrate ESG into their businesses. Professor Zhu also hosted an interactive workshop with the training's participants on how they may build this idea into their teaching.

Participants shared in their post-program survey that Professor Zhu's teaching and her gave them a new perspective on how to balance profits and social responsibilities. Many also felt inspired on how to bridge the gap between research and practice.  

Recognized in CKGSB's  and  and honored as a finalist for the by the United Nations and British Chamber of Commerce, this program exemplifies CKGSB's impact in this critical area. Through partnerships with the government, NGOs, and business schools, this initiative has made significant progress in promoting quality education and reducing inequalities.  

For more information on CKGSB's ESG and social innovation efforts, visit our .

About CKGSB

Established in Beijing in November 2002, CKGSB is China's first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion ().

As the second edition of the school's English-language ESG report, this report outlines CKGSB's achievements and progress in the past two years in promoting sustainable business practices, fostering social innovation, and offering solutions to humanity's common challenges as part of its broader mission to lead and drive responsible business education.

It emphasizes the school's role in reshaping the future of management education through efforts in integrating ESG factors into its research and insights, programs and courses for decision-makers, strategic partnerships and dialogues, as well as institutional practices, which in return allows it to nurture responsible business leaders for society.

"Our approach to management education is rooted in the belief that businesses can and should be a force for good," stated , Dean and Dean's Distinguished Chair Professor of Finance of CKGSB. "CKGSB remains steadfast in its mission to developing leaders who are not only successful in their business endeavors, but also mindful of their responsibilities towards society and the environment." CKGSB Professor of Marketing , who drives the school's efforts in teaching business for good, echoed Dean Li in saying, "Our goal is to empower companies, big or small, to seamlessly integrate ESG considerations into their core strategies and operations."

The 2024 ESG and Social Innovation Report follows the seven principles of and has been submitted to the United Nations' Principles for Responsible Management Education (PRME), a platform designed to promote responsible management practices for the benefit of society and our planet. It is now available for download on .

Looking forward, CKGSB will continue driving progress on responsible management education and contribute to a more sustainable and equitable future.

About CKGSB

Established in Beijing in November 2002, CKGSB is China's first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion. To learn more about CKGSB, please visit:

The paper works out a new stochastic model of tax rates and debt/GDP framework for governments to improve fiscal management in uncertain times.

A low debt-to-GDP ratio signals a country is producing more than it owes, placing it on a strong financial footing, whereas a high ratio imperils public services and asset transfer between rich and poor, as a government is pushed to tax more and spend less. The authors extended Barro's model with the risks and opportunities parameters and argue that a government should keep its debt-GDP ratio stable and adopt a stable tax rate that can finance a certain amount of its surplus to GDP. They found that by buying or selling Shiller GDP-linked securities, a government can hedge its primary surplus risk, get risk-free debt, stabilize its debt-to-GDP ratio and keep tax rates level, hence becoming more financially sustainable.

The study offers guidance for finance ministers and the economists behind them to manage government debt with a sustainable mindset, as governments struggle with public spending caps in a post-COVID crisis era.

This paper is co-authored by Neng Wang, CKGSB Dean's Distinguished Chair Professor of Finance; Thomas J. Sargent, Nobel Prize winner in Economics, Professor of Economics at New York University and Senior Fellow at the Hoover Institution at Stanford University; Professor Wei Jiang of the Department of Industrial Engineering and Decision Analytics at the Hong Kong University of Science and Technology; and Professor Jinqiang Yang of the School of Finance at Shanghai University of Finance and Economics. 

A follow-up study, already accepted by the Journal of Finance, entitled "A p Theory of Taxes and Debt Management", sees Professor Neng Wang and his co-authors, further exploring the factors that determine the maximal sustainable government debt-to-GDP ratio by showing what happens if there is a debt default.

Jin Pei, the Vice-Chair of the Shanghai Women's Federation Association, expressed, "We're delighted to see women making their mark across various fields of economic and social development." UN Resident Coordinator in China Siddharth Chatterjee delivered a video address, where he emphasized the ongoing gender disparities in management, citing that "Women only hold 19.7% of board seats, 6.7% of board chairs, 5% of CEOs and 15.7% of CFO positions." He urged that achieving gender equality is "an essential and urgent necessity" for economic prosperity and stability. Meanwhile, in a keynote speech, Liu Meng, Head of China at the UN Global Compact, emphasized that achieving gender equality requires comprehensive policy reforms. "Research consistently shows that women in leadership boost productivity and collaboration," Meng stated, urging organizations to invest in removing barriers.

, Dean and Dean's Distinguished Chair Professor of Finance at CKGSB, underscored the critical role women play in family enterprises. "The role of women is crucial for family businesses to navigate cycles and achieve lasting success," said Dean Haitao. "The long-term development of a business relies on a commitment to long-termism and altruism, and women often possess superior soft skills needed for leadership, such as communication, decision-making, and long-term strategy."

, CKGSB's Associate Professor of Organizational Behavior, drew upon the findings from of her extended study between 2020-2024, which reveals that, since the COVID-19 pandemic, the resilience of both genders in the workplace has increased dramatically, but has increased more substantially among women [in leadership roles]. She also shared findings from a recent report on the impact of AI across genders, concluding that "Generative AI is likely to be a technological force that can help increase gender equality in the workplace."

Other speakers included Cargill China's President Lily Guan, FedEx's China President Poh-Yian Ko, and the Consul of Science and Tech at the British-Consulate General in Shanghai Charlotte Smart.

Since its inception in 2013, the has been a cornerstone of CKGSB's mission to foster next-generation female leadership, impacting over 2 million participants globally.

The MOUs were signed separately by CKGSB Dean, , with NUCB Business School Dean for External Relations, Kenji Yokoyama, and with the Dean of the Graduate School of Management at Kyoto University, Norio Sawabe. They outlined a comprehensive framework for academic exchanges and cooperation in the following areas:

• Sharing of scientific materials, publications, and information;
• Exchange of faculty members, researchers and students; and
• Joint research initiatives and academic meetings.

In addition to the fields of cooperation highlighted above, the MOU between CKGSB and NUCB Business School also covers jointly-designed open enrollment programs in the future.

Commenting on the new academic partnerships, CKGSB Dean Li Haitao emphasized, "Our partnerships with the Graduate School of Management at Kyoto University and NUCB Business School are key steps in our endeavor to elevate global management education. Together, we will drive innovation, enrich academic exchanges, and build a cross-border network of knowledge that benefits our institutions and the wider business community."

NUCB Business School Dean for External Relations, Kenji Yokoyama, highlighted, "Aichi Prefecture, where NUCB Business School is located, is the center of Japan's largest industrial region. Together with CKGSB, which represents China, we hope to make the most of this location for education and research, leading to the development of both schools.

These new partnerships are expected to enrich curriculum offerings, enhance student experiences, and lead to more innovative research. As CKGSB continues to expand its network in Asia and internationally, the partnerships represent a significant milestone in the school's strategy to enhance value connections and global management education.

About Cheung Kong Graduate School of Business

Established in 2002 as China's first privately-funded, research intensive, and non-profit business school, Cheung Kong Graduate School of Business (CKGSB) is dedicated to developing business leaders with a global vision, sense of social responsibility, an innovative mindset, and the ability to lead with empathy and compassion.

, Founding Dean and Dean's Distinguished Chair Professor of China Business and Globalization at CKGSB, and , Dean of the University of Sydney Business School, signed the agreement on behalf of both schools.

"Unicorn companies play a key role in generating economic disruption, which is central to economic development and social advancement for both developed nations like Australia and developing economies," said Dean Xiang. "This is particularly important in promoting upward social mobility, especially among young people." Dean Xiang went on to explain that, precisely for this reason, CKGSB is the first business school, since 2015, to offer specifically designed for unicorn and soon-to-be-unicorn founders.

"CKGSB has spent years working with leading schools and institutions to build a global ecosystem for the next generation of unicorn and soon-to-be-unicorn companies, with a renewed and enhanced emphasis on global responsibility, social purpose and long-term perspective," emphasized Dean Xiang. "We are delighted and honored to partner with the University of Sydney to offer a program that can help future unicorn leaders to sustainably grow in Australia and the broader RCEP region."

Professor Sargent noted, "This collaboration represents a significant step towards integrating cutting-edge digital and ESG strategies in traditional sectors, further enriching our commitment to shaping industry-ready leaders who can navigate and innovate in complex, global markets.

The partnership leverages CKGSB's attested strengths in educating established and future unicorn leaders and the University of Sydney Business School's and history in supporting the dynamic entrepreneurial ecosystems throughout Australia and Asia.

The program is now open for application and will take place on 11-14 February 2025 in Sydney. For more information about the program, please visit: .

, CKGSB Dean's Distinguished Chair Professor of Information Systems and Director of the Center for Digital Transformation, has explored this question by quantifying the value of personal data to e-commerce platforms through the world's first large-scale randomized field experiment on 550,000 e-commerce users in collaboration with Zhejiang University and Alibaba, detailed in his recent paper published at Management Science, a top management journal, titled, "The Value of Personal Data in Internet Commerce: A High-Stake Field Experiment on Data Regulation Policy."

The experiment uniquely assessed the significance of data assets to the digital platform economy by disabling the algorithmic recommendation system based on personal data on the platform's homepage for the test group. The results were telling: when users were denied access to information flows recommended to them based on characteristics inferred from their personal data, ecommerce platforms saw asymmetry in the products recommended, hurting the diversity of products on platforms and leading to fewer transactions and lower engagement rate.

Products recommended on the homepage dropped from 4 million to around 280,000, and the top 1,000 products from leading brands took up 90% of recommended slots for a disproportionately high exposure. Customers' click-through rate (CTR) and page views (PV) went down by 75.3% and 33.6% respectively and sellers' gross merchandise value (GMV) and transaction volume plummeted by a whopping 81.1% and 86%. Small and medium-sized sellers on the platform saw a 54% decrease in pageviews and a 90% drop in GMV, suggesting they were more impacted than leading sellers, whose PV fell by 27% and GMV by 79%. Research also found consumers with low purchasing power are negatively impacted.

This paper provides a quantified basis for how to balance the use of data assets and personal privacy protection through large-scale experiments, but also helps businesses formulate more informed digital economic policies.

Professor Sun leads CKGSB's Center for Digital Transformation, focusing on digital business, digital technology and implication for traditional businesses. This research underscores CKGSB's commitment to pioneering knowledge that drive understanding and innovation in the digital economy.

Dean Li Haitao, who is also Dean's Distinguished Chair Professor of Finance at CKGSB, delivered an insightful speech at the "Squaring Debt and Growth" forum on the opening day of the Summer Davos Forum, sharing his expertise on sustainable debt management and how to balance that with inclusive economic growth, a topic of critical importance in today's global economic landscape. Dean Li emphasized that debt, when used effectively, can be a neutral tool rather than a burden, a perspective that resonated with attendees from political, business, and academic circles, sparking a robust discussion on sustainable growth.

In addition to his keynote presentation, Dean Li also participated in three exclusive, closed-door seminars on "Industrial Transformation in the Digital Era," "Dialogue on DEAL: The Future of the Digital Economy Agreements" and "Scenario Planning: Reimagining Value Chain for 2040," contributing to high-level discussions that impact future economic strategies.

Besides Dean Li's participation, CKGSB's Professor of Marketing and Director of the ESG and Social Innovation Center, Zhu Rui, also spoke at the prestigious forum as a keynote speaker at the closed-door seminar on " Advancing Asia's Value Chain Decarbonization."

The 2024 WEF brought together over 1,700 senior leaders from around the world. During the forum, CKGSB further extended its influence by co-organizing the "2024 WEF Phoenix Media and CKGSB Night" on June 26 with Phoenix Finance, a leading financial media in China. This event provided a platform for CKGSB's alumni and global leaders to discuss hot topics, fostering collaboration and sharing insights on emerging economic trends.

CKGSB's involvement in the WEF reflects the school's dedication to thought leadership and its role in shaping the future of global business. By contributing pioneering and original knowledge to high-level discussions, CKGSB continues to transform the future of business and economic practices, reinforcing its position as a leading global business school driving responsible, sustainable and innovative business development.

The ESG Assessment Map provides a comprehensive framework that simplifies the complex process of conducting ESG by breaking it down into actionable items on the environmental, social and governance respectively. This toolkit enables companies to clearly see the ESG actions they can adopt and effectively identify the intersections of their core business with ESG principles.

It comes at a critical time when companies feel the urgency to incorporate ESG in their business strategy and the challenge to do so while achieving profitability as they become more active in global markets that increasingly emphasize the importance of sustainable and responsible business practices. The map is developed and used in Professor Zhu's practice-based 'Business for Good' Executive MBA course at CKGSB, where more than 2,800 Chinese business executives and entrepreneurs have learned to apply ESG in their businesses.

Professor Zhu emphasized the importance of this toolkit saying, "In today's interconnected world, ESG practices are no longer optional but essential for sustainable business growth. We selected international mainstream ESG standards on sustainable development, analysed their material, sorted and reorganized the data to design the ESG Assessment Map. Our goal is to empower companies, big or small, to seamlessly integrate ESG considerations into their core strategies and operations."

Key Features of the ESG Assessment Map:

1. Actionable toolkit for business leaders: Incubated in CKGSB's practice-based course, the map offers an intuitive interface with actionable items, answering companies' most asked question – how do I know the right sustainability efforts my company should address — and offering a holistic view of the areas for improvement.
2. Accessible and execution-friendly for companies of all sizes: Simplifying complex global standards, this map is tailor-made for companies big and small with ESG action points clearly mapped-out.
3. Tool for optimizing business operation: Rather than being a toolkit for corporate compliance to replace standards such as the Global Reporting Initiative (GRI), the MSCI ESG Metrics, SASB Standards and Bcorp, the map is a tool of action steering businesses' ESG strategy and operation.

The launch of this map aligns with the school's broader mission to foster social innovation.

This historic partnership marks the first collaboration between a leading Chinese business school and the luxury brand, built upon shared values and a commitment to fostering impact entrepreneurship and business for good. Leveraging CKGSB's expertise in business education and social innovation, alongside Cartier's passion for supporting impact entrepreneurship, the MOU sets the stage for joint initiatives focused on enhancing women's business strategies, governance practices, and sustainable social and environmental development, such as joint programs, academic research and forums.

CKGSB's Dean and Dean's Distinguished Chair Professor of Finance expressed the school's belief in empowering women through social innovation. "Closing the gender gap requires meaningful collaboration involving the private sector, governments, multilateral and non-profit institutions, and civil society, which we refer to as social innovation at CKGSB. We strongly believe that, through social innovation, we can empower women and help to achieve the United Nation's Sustainable Development Goals. Against this backdrop, we are proud to contribute our expertise in entrepreneurship, innovation, leadership and impact-driven businesses in support of women leaders, and to collaborate with Cartier in powering these leaders to create a positive ripple effect in society."

Cyrille Vigneron, President and CEO of Cartier, shared his enthusiasm for this collaboration, emphasizing Cartier's continued commitment to support women impact entrepreneurs to reach their full potential and multiply their collective impact. "At Cartier, we believe in the importance of collective actions to deliver change, for good. That is why we are excited to kick off the collaboration with the Cheung Kong Graduate School of Business (CKGSB) and the Cartier Women Initiative. This tailored program aims at offering women entrepreneurs in China additional academic and mentoring support to increase their positive development and impact," said Cyrille Vigneron.

The partnership agreement was signed by Dean Li Haitao and Cyrille Vigneron and announced at the Cartier Women's Initiative Awards Ceremony held on May 22, 2024 in Shenzhen, China.

is China's first privately-funded, research-intensive and not-for-profit business school, dedicated to developing business leaders with a global vision, sense of social responsibility, innovative mindset, and the ability to lead with empathy and compassion.

A reference in the world of luxury, Cartier through its Cartier Women's Initiative program, strives to shine a light on women impact entrepreneurs and provide them with the necessary financial, social and human capital support to grow their businesses and build their leadership skills.