#Chinese Economy #UnionPay #Davos 2026

UnionPay at the World Economic Forum 2026

UnionPay was honored to be invited to the annual World Economic Forum (WEF), famously known as Winter Davos, held in Switzerland. On January 21, Dong Junfeng, the president of UnionPay, participated as a panelist in a roundtable session titled "Has the Chinese Economy Fully Emerged?" This discussion was pivotal as it addressed major issues regarding China’s economic growth trends, innovation-led advancement, and its contributions to the global economy.

During the dialogue, Dong Junfeng, alongside other distinguished panelists, emphasized the robust resilience and growth potential of China's economy. He noted UnionPay's significant role in fostering domestic economic circulation in China, enhancing high-quality productive forces, and promoting global economic collaboration. This discussion took place in the context of a rapidly changing world where economic strategies must adapt to new challenges.

Economic Resilience Amid Global Challenges

The theme of resilience continues to characterize the Chinese economy, especially as it navigates increasing global uncertainties and economic challenges. In 2025, China’s GDP grew by 5% year-over-year, surpassing a monumental 140 trillion yuan. Dong mentioned that this long-term stability and sustained growth can be attributed to several favorable factors, including proactive long-term development planning and efficient government policy management, market vitality, consumer growth, and rising domestic demand. Notably, the latter two factors are pivotal for future expansion.

China persistently promotes a new development paradigm that strengthens the interplay between domestic and international markets. The government’s 15th Five-Year Plan explicitly calls for initiatives to stimulate consumption and enhance the supply of high-quality consumer goods and services, a fundamental assurance for sustainable economic growth.

Emerging trends reveal a rapid evolution in consumer behavior, business models, and usage scenarios. Data from UnionPay shows a consistent increase in digital payment transactions within China’s consumer sector. Innovative business models such as e-commerce via live streaming, cross-border trade, instant retail, and sharing economy platforms are gaining traction. Remarkably, spending on winter sports and travel surged over 50%, while cross-border payments saw incoming expenditures rise by more than 60%. These trends illustrate a shift in household consumption from traditional goods to diversified, high-quality, and intelligent use cases.

Changing consumer spending habits are profoundly influencing the drivers of economic growth. Sectoral shifts towards services, alongside goods, are reshaping consumption patterns, resulting in lighter and more tailored production and accelerating innovation in product delivery systems. In line with these trends, UnionPay is leveraging its strong position in the payment sector to enhance market development through technological innovation and improved services.

Innovations Driving Consumer Market Growth

UnionPay is actively involved in building a comprehensive payment ecosystem that facilitates both online and offline transactions internationally and domestically. The company aims to optimize payment experiences and reduce transaction costs, effectively unlocking spending potential and stimulating economic revival. This strategic approach positions UnionPay as a key driver of China’s ongoing economic growth.

Artificial Intelligence (AI) is rapidly becoming a cornerstone of productivity improvement and sustainable economic development. Dong highlighted how the global AI surge has led to breakthroughs in large language models, multimodal technologies, and intelligent agents, rapidly elevating AI's profile. AI enhances productivity by reducing costs, increasing efficiency in corporate activities, and fostering informed decision-making. For instance, UnionPay has developed an intelligent risk control system, where AI-assisted risk control measures provide a solid defense for secure and compliant digital payment development.

UnionPay has also launched the