At the 2026 Inclusion·Bund Conference, held from September 9 to 12 at the Shanghai Huangpu Expo Park under the theme "Co-creating the New AI Economy," Zhang Hongjiang, Investment Partner at Source Code Capital and Foreign Academician of the U.S. National Academy of Engineering, shared his insights on the future economic landscape.
Zhang emphasized that today's societal economy is built upon networks formed by interactions and exchanges between individuals, enterprises, and nations. Looking ahead, he envisions a shift towards economic networks constructed by intelligent agents. In his view, every economy possesses its own currency, and tokens are poised to serve as the monetary unit within the agent-driven economy.
As with any currency, tokens will exhibit varying levels of value. Zhang drew a vivid analogy, stating, "Tokens are the Moutai of our new generation—we aspire for the premium quality of Moutai, not just any ordinary spirit. This underscores the superior capabilities of agents and the robustness of large language models." His remarks highlight the importance of focusing not solely on the token's price tag, but rather on the quantity of tokens required to accomplish a complex task, which ultimately determines its true worth.
This perspective shifts the conversation from mere cost to the efficiency and effectiveness of AI systems, suggesting that the real measure of value lies in the token consumption needed to achieve desired outcomes. As the AI economy evolves, understanding this dynamic will be crucial for businesses and investors alike in navigating the new digital frontier.
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