2026 Conference Recap
Conference Summary
On March 7, 2026, the 20th Kellogg Greater China Business Conference (GCBC) was successfully held at Northwestern University’s Kellogg School of Management.
Centered on the theme "Beyond Difference – Collaboration and Competition in a Changing World", the conference gathered 30+ distinguished speakers across sectors such as economics, investment, AI, healthcare, mobility, and retail. It attracted 350+ attendees, including alumni, industry leaders, professors, and students.
Opening Remarks & Fireside Chat
​Joey Wat, ’00 MBA – CEO, Yum China Holdings, Inc.
Francesca Cornelli – Dean, Kellogg School of Management
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Joey Wat described Yum China’s transformation after she was brought in as a turnaround leader. Her approach focused on three priorities: assembling a strong internal leadership team, identifying an early breakthrough by reducing store CapEx to improve payback periods, and establishing a simple, clear strategy that could be easily understood across the organization. Looking ahead, Yum China still sees significant growth potential in China, particularly through expansion into lower-tier cities. She noted that Chinese consumers are increasingly confident and rational in their choices, demanding continuous innovation to meet unmet needs. Trends such as solo dining and rising expectations have led the company to pursue front-end product segmentation while consolidating backend operations to control costs. On technology, Yum China applies AI primarily to increase employee productivity and solve operational problems rather than pursuing the most advanced models. Ultimately, Wat emphasized that the most essential leadership capability is “people first,” arguing that strong teams matter more than strategy alone.
Panel 1 | Open, Closed, and Global: Investing Across a Rewired US–China Tech Ecosystem
​Thomas Toy, '79 MBA – Managing Director, Startup Capital Ventures Jenny Xiao – Partner, Leonis Capital Yanhong Lin – Founder and Managing Partner, CTIC Capital
Moderator: Tianhao Wu – Managing Director, Northwestern University Investment Office
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The panel examined the evolving US–China tech investment landscape amid growing regulatory friction and geopolitical complexity. Panelists traced the arc from the open "coopetition" era of the 1990s to today's more constrained environment, where CFIUS scrutiny, outbound investment restrictions, and nationality-based due diligence are reshaping deal flows. The discussion also unpacked the open vs. closed source AI divide — with Chinese open-source dominance identified as the single greatest long-term threat to US closed-source AI valuations. On talent, the panel was bullish: with roughly 50% of top AI researchers holding Chinese undergraduate degrees, Silicon Valley's access to Chinese talent remains a critical — if increasingly fragile — competitive advantage. Panelists closed with career advice for MBA students, emphasizing disciplined networking, technical fluency, geographic boldness, and the ability to recognize and act on generational opportunities.
Panel 2 | China Biotech Through the Investor Lens: Value Discovery, Strategic Positioning, and Global Expansion
Fred Fei ’11 MBA — CEO & Funding Partner, Fortera Capital
Ed Zhang ’08 MBA — Co-Founder & CEO, Overland Pharmaceuticals
Jason Zhang — Portfolio Manager, Global Healthcare, Hillhouse Capital Management
Moderator: Yanhong Lin — Founder & Managing Partner, CITIC Capital
The panel explored the rapid evolution of China’s healthcare and biotech ecosystem and its growing role in global life sciences innovation. Over the past decade, structural changes — including regulatory reforms, expanded capital market access, and the return of globally trained scientific talent—
have accelerated the development of China’s biotech sector. At the same time, a robust ecosystem of contract research organizations, manufacturing infrastructure, and integrated supply chains has enabled innovation to scale more efficiently than ever before.
Panelists emphasized that China’s biopharmaceutical industry is transitioning from an earlier phase focused on “me-too” or incremental innovation toward a more globally competitive model built on advanced modalities, platform technologies, and deeper biological discovery. Lower development costs, faster clinical trial recruitment, and highly efficient R&D infrastructure allow companies to progress promising assets more rapidly while reducing early-stage risk.
Looking ahead, the discussion highlighted the continued importance of cross-border collaboration in healthcare innovation. While the US remains a leader in foundational scientific discovery, China offers advantages in development efficiency, manufacturing scale, and patient access. Despite geopolitical uncertainty, panelists agreed that the future of global healthcare innovation will likely depend on leveraging the complementary strengths of both ecosystems to accelerate the development and delivery of life-saving therapies worldwide. In closing, the panel offered career advice for students interested in healthcare investing: cultivate genuine curiosity about science and patient impact, build strong cross-disciplinary networks, and develop the ability to combine domain expertise with emerging tools such as AI to identify the next generation of healthcare opportunities.
Fireside Chat | Technology, Manufacturing, and the Future of Innovation in the Midwest
Ni Pin – Founder & CEO, Wanxiang America
Moderator: Hon. Bruce Markell – Professor of Bankruptcy Law, Northwestern Pritzker School of Law
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In this fireside chat, Mr. Ni Pin and Professor Bruce Markell explored the evolving role of the Midwest in global innovation, manufacturing, and U.S.–China economic engagement. The conversation began with the Midwest’s unique position in the American industrial landscape. Mr. Ni explained that Chicago was originally chosen as the base for his company largely because of its proximity to customers across the manufacturing “Rust Belt,” allowing the company to stay close to its industrial clients and supply chains.
Over time, the region’s strong manufacturing ecosystem, talent pool, and infrastructure further reinforced the decision to remain and grow in the Midwest.The discussion then turned to emerging technologies, particularly the rapid development of humanoid robotics. Mr. Ni suggested that robotics could become the next major industrial revolution, comparable to the rise of the automotive industry. He argued that the Midwest—with its manufacturing base, logistics networks, and industrial expertise—could become a key hub for the development and production of humanoid robots in the United States. At the same time, he noted that such technological progress also raises profound societal questions, including the future of labor and how institutions should respond to large-scale automation.Professor Markell brought a legal and institutional perspective to the conversation, highlighting how technological change often moves faster than policy and regulation. Together, the speakers reflected on how education and professional skills may evolve in an AI-driven world. While knowledge and information are becoming increasingly accessible through technology, they emphasized that human judgment—the ability to question, evaluate, and make decisions—will remain a uniquely valuable capability.The conversation also addressed entrepreneurship and the changing nature of innovation. Mr. Ni discussed the rise of “one-person companies,” enabled by AI tools and digital infrastructure, where individuals can launch and operate businesses with minimal organizational scale. At the same time, larger institutions can still play a critical role by providing capital, networks, and platforms that allow these smaller innovators to scale their ideas.The session concluded with reflections on trust and collaboration in global business. Both speakers emphasized that trust is essential to successful partnerships, particularly across borders. Transparent communication, a willingness to understand different perspectives, and a win-win mindset can significantly reduce transaction costs and enable more effective cooperation in an increasingly interconnected global economy.
Fireside Chat with Joel Mokyr & Bo Li, facilitated by Dean Cornell
Professor Joel Mokyr – Robert H. Strotz Professor of Arts and Sciences, Northwestern University; Recipient, 2025 Nobel Prize in Economic Sciences
Mr. Bo Li – Deputy Managing Director, International Monetary Fund
Moderator: Francesca Cornelli – Dean, Kellogg School of Management
Professor Joel Mokyr and Mr. Bo Li discussed the forces driving long-term economic growth amid today’s global challenges. Professor Mokyr argued that sustained progress requires a culture of openness to new ideas, and noted that China’s surging research investment is reshaping global technological leadership. Mr. Li highlighted that AI could impact 40–60% of jobs in the coming decade and framed the IMF’s role as a “macroeconomic de-risker” supporting vulnerable nations. Both emphasized that international competition can fuel innovation but must be governed by rules, and that navigating today’s uncertainty demands resilience and global cooperation.
Panel 3 | Cross-Border Collaboration Reimagined: Strategic Synergies and Value Creation Between U.S. and Chinese Innovative Pharmaceutical Companies
Tom Spalding — Head of Global Oncology Products and Pipeline Strategy, Takeda
Blake Salisbury — Senior Vice President of Business Development, Innovent Biologics
Weiyong Sun — Chief Business Officer, Hansoh Pharmaceutical Group
Qiusong Tang — Global Search & Evaluation Lead, Corporate Business Development, Roche / Genentech
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Moderator: Kyle LaHucik — Biotech Journalist, Endpoints News​
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The panel examined the evolving landscape of cross-border pharmaceutical collaboration between U.S. and Chinese innovative companies, with a focus on the strategic rationale, deal structures, and value creation models that are reshaping the global biopharmaceutical industry. Using the landmark $11+ billion Takeda–Innovent partnership as a central case study, panelists discussed how Chinese biotech companies have matured from early-stage licensors into globally competitive partners. Innovent’s ambition to become a global biopharmaceutical player, combined with Takeda’s recognition of Innovent’s immuno-oncology and ADC assets, illustrated the shift toward deeper, more balanced collaborations.
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The discussion highlighted significant evolution in deal structures across the industry. Traditional licensing models are increasingly being replaced by profit-sharing arrangements, co-development agreements, joint ventures, and NewCo structures, reflecting Chinese biotech’s growing confidence and negotiating leverage. China’s clinical infrastructure—featuring large patient populations, efficient trial recruitment, and lower development costs—continues to serve as a structural advantage that supports cross-border partnerships. Notably, Hansoh’s out-licensed ADC asset received FDA Breakthrough Therapy Designation based on Chinese clinical trial data, demonstrating that data generated in China increasingly meets global regulatory standards. Large pharmaceutical companies are also expanding beyond individual licensing transactions to invest in innovation ecosystems within China, as exemplified by the Roche Accelerator program that incubates early-stage biotech startups.
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Looking ahead, panelists expect cross-border collaboration to continue expanding through multi-asset and platform-level partnerships, hybrid investment models including NewCo creation with global management teams, and growing cross-border talent networks. Professionals who understand both ecosystems are playing an increasingly important bridging role between U.S. and Chinese companies. At the same time, the panel acknowledged key risks and structural challenges: geopolitical uncertainty remains a potential constraint on collaboration and investment flows; traditional licensing economics may limit returns for biotech companies; and rising competition across similar therapeutic targets could compress the value captured by any single asset. Despite these headwinds, the consensus was that the complementary strengths of the two ecosystems will continue to drive meaningful innovation and value creation in global biopharmaceutical development.
Panel 4 | AI Transformation Across Industries: From Strategy and Investment to Real-World Deployment
Tom Cong — Sr. Director, Corporate Investment, Cisco Systems, Inc.
Gabriel Quek, ’19 JDMBA — Senior Director & Head of Partnerships, Legora
Li Wang — Head of Statistical Innovation, AbbVie
Moderator: Sébastien Martin — Associate Professor, Kellogg School of Management​
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The AI panel explored how enterprises and innovators can navigate the rapid transition of AI from high-level strategy to real-world deployment. The discussion focused on the shift from simple AI assistants to autonomous agentic frameworks, highlighting the need for robust risk management, applications built on top of foundation models, and the increasing value of proprietary data.
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Panelists emphasized that as foundational models become interchangeable and the technical hurdle for execution drops, traditional moats are diminishing. Successful organizations must now focus on building vertical-specific workflows and integrating human-in-the-loop oversight to ensure the absolute accuracy demanded by highly regulated industries like law and pharma. Whether scaling customer support or accelerating clinical trials, understanding that the true ROI of AI lies in elevating work quality rather than mere time efficiency is key to sustainable adoption.
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As the capabilities of AI continue to grow exponentially, the conversation stressed the enduring importance of domain expertise, creativity, and human judgment. Ultimately, the next era of AI transformation will be defined not by the models themselves, but by how effectively human innovators leverage these tools to amplify their own "taste" and solve complex, real-world problems.
Featured Spotlight｜Digital technology for real impact: From aid monitoring to e-commerce, creating opportunities for all
Xubei Luo — Senior Economist, World Bank
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Dr. Xubei Luo delivered a keynote on how digital technology can drive inclusive economic development. She emphasized that technologies such as AI and e-commerce should be viewed not as innovation for its own sake, but as practical tools to improve resource allocation, economic efficiency, and opportunity creation.
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Dr. Luo first discussed the evolving landscape of global development finance, noting that concessional funding for low-income countries has become increasingly fragmented and complex.
She highlighted how AI and machine learning can help analyze aid data more effectively, improving transparency and enabling policymakers to better track where development resources are allocated.
She then illustrated the real-world impact of digital platforms through the example of rural e-commerce in China, where improved logistics, digital marketplaces, and online marketing have enabled local artisans to reach national markets and create new employment opportunities.
Dr. Luo concluded that while AI has the potential to boost productivity and expand opportunity globally, its impact will ultimately depend on thoughtful policy choices that ensure technology supports inclusive growth rather than widening economic gaps.
Panel 5｜Retail in 2030: Reverse Innovation, the Paradox Consumer, Shopping via AI, and the Battle for Loyalty
Jie Cheng — Former Global VP & Head of Digital Commerce, Mondelez
Bruce Li — Advisory Board Member & Former VP, Jing Dong (JD.com)
Jason Goldberg — Chief Commerce Strategy Officer, Publicis Group
Yi Wang — Founder & CEO, Yelophant
Moderator: Ashlee Humphreys — Professor, Kellogg School of Management, Medill School of Journalism, Northwestern University
The retail panel discussed how the retail landscape is undergoing a seismic shift as China’s digital-first playbook, pioneered by platforms like TikTok, Temu, and SHEIN, goes global.
Specifically, panelists highlighted the rise of the "paradox shopper," individuals who demand rock-bottom prices for everyday goods while simultaneously splurging on premium, high-status experiences. A central theme was the disruptive speed of Chinese supply chains; Jason Goldberg noted that SHEIN produces 6,000 new items daily with a two-week lead time, a "factory-to-shelf" model that has utterly outpaced traditional fast fashion.
The discussion also explored the concept of "System Zero", the outsourcing of mundane shopping decisions to Agentic AI. As AI agents begin to manage replenishment and product comparisons, panelists argued that brand loyalty will hinge on "brand love". For a product to be chosen by a robot, it must be "loved" enough by the human to be specifically named in the AI prompt. Ultimately, the panel concluded that while AI optimizes efficiency, uniquely human skills like storytelling, creativity, and the ability to build trust remain the most valuable assets for future retail leaders.
Special Thanks
We sincerely thank our generous sponsors for making this conference possible:
Yelophant, PSW Group, GCBC 2014, Uni Uni
We also thank the Wang Family (Karl Wang ’25 MBA, Yimin Wang ’26 MBA), and the Liu Family (Victor Liu ’26 MBA, Amanda Su and Caleb Liu) for the invaluable support that made this celebration of ideas and dialogue truly possible — thank you!
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If you’re interested in the future of China-related business, technology, and global collaboration, we warmly invite you to stay connected with us! We look forward to seeing you next year at Greater China Business Conference!