At the 2026 Inclusion·Bund Conference forum on "New Paradigms of AI-Driven Economic Growth and the Reconstruction of Social Value," Ant Group CEO Han Xinyi delivered remarks emphasizing that the AI economy cannot rely solely on capital expenditure, nor can AI applications be limited to enhancing existing operational efficiency. He argued that enterprises must transition from cost reduction and efficiency gains toward genuine value creation, leveraging AI to generate new supply, stimulate fresh demand, and empower individual workers and small-to-medium enterprises with greater opportunities to participate in value creation and share in the dividends of AI-driven growth.
"AI is unquestionably one of the most significant variables in today's economic and social environment," Han stated. He observed that infrastructure investment continues to expand across chips, computing power, and data centers, while AI is increasingly penetrating diverse production and daily life scenarios, from large language models to intelligent agents.
Han cautioned that the economic stimulus provided by CAPEX investment is temporary at best. Only when these capital outlays are transformed into sustainable, long-term output and value can they truly foster lasting economic growth. He stressed that the AI economy cannot depend solely on capital investment, and AI applications must not stop at improving the efficiency of existing operations. If AI remains confined to mere efficiency enhancement and replacement applications without generating incremental demand, it could lead to imbalances between supply and demand, as well as mismatches between input and output.
"The same principle applies to AI," Han elaborated. "Enterprises must progress from cost reduction and efficiency gains to value creation, using AI to create more new supply, activate more new demand, and cultivate richer new forms of intelligent economic activity."
Turning to emerging paths and trends driven by new demand and business models, Han highlighted healthcare as a prime example. He introduced "Afu," an Ant Group initiative designed to help users interpret medical examination reports, organize long-term health information, offer health recommendations, and connect them with appropriate hospitals and physicians. Currently, 55% of Afu's users come from third-tier cities and below, nearly 30% are elderly individuals, and approximately one-sixth of consultations occur between midnight and 6 a.m. Han believes that AI holds the potential to enhance the accessibility of high-quality professional medical services.
Han also reflected on the evolution of business models, noting that commerce has traditionally been centered around "traffic," with merchants investing heavily in large-scale traffic platforms. However, as traffic acquisition costs continue to climb, the marginal returns on such investments are steadily diminishing.