iQIYI Hosts Debate Session with the World Economic Forum at Summer Davos

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Jun 27, 2016, 05:28 ET

TIANJIN, China, June 27, 2016 /PRNewswire/ -- iQIYI, China's largest online video service provider, has partnered with the World Economic Forum to host a televised debate on the first day of the Annual Meeting of the New Champions in Tianjin City, China, discussing how the millennial generation has been transforming China's online industries.

iQIYI is the first ever online video company to co-host a session with the World Economic Forum, which joins hands every year with global top media like CNBC, Time Magazine, Bloomberg, Caixin and CCTV to open sessions at its annual meetings.

China's largest streaming site iQIYI hosted a debate session with the World Economic Forum at Summer Davos

Chairing the 'iQIYI Debate' is Wu Xiaobo, China's renowned business writer and founder of the Blue Lion Publishing House. Panelists include Zhang Lifen, professor of Fudan University and former chief editor of Financial Times' Chinese website, Xiao Hong, chief executive of online gaming developer Perfect World, Zhou Yuan, chief executive of Chinese online question-and-answer community Zhihu.com and Daisy Guo, co-founder of designer-platform Tezign.com.

"The millennial generation, who was born in late 80s and early 90s, has become an increasingly important power when China is heading to a consumption-driven economy," said Wu, also the host for weekly video program, Channel Wu, on iQIYI.com.

"Chinese young people have grown up with the rise of the Internet and they spend a lot of time online every day. Compared to their parents, they have more chance to travel and are much more open-minded. They pay great attention to life quality and care more about their individual value. All of these have had an impact on China's online industries."

iQIYI, which was founded six years ago, has developed into a leading online entertainment portal especially popular among the young generation. Earlier this month, the company revealed that around 40 per cent of its 600 million users are aged between 25 and 35 when it announced the number of paid subscribers exceeded 20 million by June 1.

At the debate, Xiao Hong of Perfect World said that free online content is no longer the top option for China's millennial generation as youngsters are showing a stronger demand to pay for quality commodities and services. Professor Zhang Lifen believes the relatively well-off social environment has encouraged Chinese young people to pursue what they really want in personal life and career.

Zhou Yuan of Zhihu.com said the core values among the millennial generation in China are of little difference from the older generations despite significant changes in social technology and platforms, while Daisy Guo shared her thoughts on the importance of innovation in the creativity industries that target young people.

The iQIYI Debate was live broadcast to global audience through the World Economic Forum's website and iQIYI.com.

The World Economic Forum's 10th Annual Meeting of the New Champions is taking place from June 26-28 in Tianjin. Convening under the theme, the Fourth Industrial Revolution and Its Transformational Impact, more than 1,700 business leaders, policymakers and experts from over 90 countries are participating in more than 200 sessions over the three days of the meeting.

About iQIYI

Founded in April 2010, iQIYI is one of the largest Internet and mobile video service providers in China. An independently operated subsidiary of Baidu, the world's largest Chinese search engine, iQIYI is focused on providing Chinese users with the best possible online video experience, and has become an industry leader in developing innovative products and technologies.

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