#Switzerland #China Economy #UnionPay #Davos #Davos 2026

UnionPay's Participation at Davos 2026: Showcasing China's Economic Resilience

UnionPay, the prominent payment network, recently attended the annual World Economic Forum (WEF) meeting in Davos, Switzerland, as part of the prestigious 'Winter Davos' congregation. On January 21, 2026, UnionPay’s chairman, Dong Junfeng, engaged in a thought-provoking panel discussion titled 'Has the Chinese Economy Fully Matured?'. This discussion not only examined China's economic dynamics but also emphasized the country's robust resilience amid global challenges. The event served as a platform to explore key topics, including economic growth trends, innovation, and China's contribution to international economic collaboration.

During the roundtable, Dong Junfeng shared insights regarding China's impressive economic growth. In 2025, China's GDP surged to over 140 trillion yuan, marking a 5% increase year-on-year. He remarked on the underlying factors contributing to this stability, highlighting effective governance, strategic long-term planning, and a surge in domestic demand and modern consumption patterns as pivotal elements driving growth. At a policy level, China is pushing for a new development paradigm that emphasizes the synergy between domestic and international circulation within its economy.

Consumer Demand and Innovative Business Models

The recent data from UnionPay contrasts traditional consumer behaviors, showing an increase in digital payment adoption within China's consumer sector. Novel business models have emerged at a rapid pace, particularly in the realms of live-streaming e-commerce, cross-border shopping, and shared economy services. For instance, expenditures related to winter sports and tourism jumped by over 50%, while cross-border payments exhibited consistent growth, increasing by more than 60%. Such trends mark a significant shift in household consumption preferences, which are moving towards diversified, high-quality, and smart consumption options.

As these behavioral shifts continue, UnionPay is utilizing its payment capabilities to foster an expansive consumer marketplace. By leveraging technological advancements and enhancing service offerings, the company is strategically building a robust payment network that spans both online and offline markets, ultimately optimizing payment experiences while reducing transaction costs.

Technological Innovations Driving Economic Growth

UnionPay is at the forefront of integrating artificial intelligence (AI) into its operational framework. The potential for AI to drive higher productivity and sustain economic growth is immense. Dong noted that the recent global surge of AI technologies has catalyzed breakthroughs in various sectors, paving the way for innovative applications. UnionPay's efforts include developing a risk control system utilizing AI for enhanced security in digital payments. Furthermore, the company has launched a service app called Nihao China, designed to assist international visitors in navigating payment processes through AI-driven customer service interactions.

In transforming traditional industries, UnionPay is leading the way with its Agent Payment Service—a groundbreaking platform designed to simplify payment processes by enabling users to engage through conversation. This innovative user experience integrates payment solutions seamlessly into the consumer journey, signaling a new paradigm in commercial ecosystems driven by data and intelligence.

Strengthening Global Collaboration

Amidst rising uncertainties in international trade and geopolitical tensions, China's commitment to openness and mutual benefits remains strong. UnionPay understands payments as a crucial link in fostering international cooperation and trade. Dong emphasized that China's sustainable economic growth not only benefits its economy but also enhances partnerships globally. Currently, China ranks among the top three trading partners for over 150 countries, providing vast opportunities for developing markets and improving local industries.

UnionPay's global strategy encompasses expanding its payment network, having issued nearly 300 million cards worldwide in 83 countries, with an acceptance presence in over 183 regions. To support the trend of digital payments, UnionPay is further developing an interlinked QR code payment network, eliminating barriers within cross-border payment frameworks. This strategy also includes collaborations with major international card schemes, which facilitate seamless payments within China and enhance cross-border exchanges.

Looking Ahead

As UnionPay advances its international market services, it remains dedicated to technological innovation and the integration of new technologies into core operations. By promoting a standardized development of the global payment landscape, UnionPay aims to enhance value for global partners and contribute significantly to international economic cooperation and shared prosperity. As the company navigates its future trajectory, the adaptation of digitization and AI integration will be crucial in shaping its role in the evolving landscape of global finance and commerce.