At the Fifth China Original Economics Forum and Economist-Entrepreneur Summit held today, Gu Weiyu, director of the Financial Innovation and Risk Management Research Center at Central University of Finance and Economics, highlighted the distinction between the digital economy and the intelligent economy. He noted that the intelligent economy represents an advanced stage of the digital economy, with intelligent agents serving as the core driving force at this stage, hence the introduction of the concept of an "intelligent agent economy."

The intelligent economy encompasses five major sectors: artificial intelligence, Web3.0 next-generation internet, integrated air-ground systems, intelligent computing, and industrial integration. It covers various industries including physical industries, the financial sector, and services. In his view, artificial intelligence and Web3.0 will reshape economic and social structures, and the goal of developing the intelligent economy should be to enhance the well-being of the majority of society rather than the interests of a minority.

From a productivity perspective, the intelligent economy has the potential to boost total factor productivity. However, there is currently a paradox reminiscent of the internet development stage in the 1990s: technological iteration is rapid, yet the dividends from total factor productivity have not been fully realized. He also addressed the current state of AI innovation in China, noting that many large model applications represent secondary innovation, relying on engineering and industrialization advantages to reduce implementation costs, while lacking in foundational originality.

Regarding resource allocation mechanisms, some research suggests that in the intelligent economy era, resource allocation shifts from traditional market mechanisms to a combination of value mechanisms and digital-intelligence algorithm matching systems. Gu Weiyu pointed out that whether algorithmic allocation fully replaces market mechanisms or remains a localized experiment within a market framework is still up for debate, with the core issue revolving around the positioning of platforms. If platforms can significantly improve resource allocation efficiency and enhance overall social welfare, the regulatory approach toward platform monopolies needs further clarification at both theoretical and policy levels.

Gu Weiyu also touched upon frontier discussions on the token economy. Token specifications in large models are currently inconsistent, making it difficult to establish standardized pricing mechanisms similar to currency. Over the long term, if tokens are to reshape the financial system, the core challenge lies in confronting the existing credit-based monetary system, potentially questioning whether the monetary foundation could shift from sovereign credit to physical assets—a topic that warrants ongoing research. In the short term, AI functions more as a tool, and superficial changes in applications such as payments will not upend the existing monetary system.