Tech tycoons support Xi's innovation vision

Tech tycoons at the business forum on Saturday that preceded the G20 Leaders Summit in Hangzhou, Zhejiang province, hailed the keynote speech by President Xi Jinping, which emphasized innovation, saying the direction, combined with current practices in China, could solve the global challenge of growth.

Xi sent a clear message in the speech that pillars of the virtual economy - data, artificial intelligence and other internet-powered technologies - should be used to drive real growth, as they have become increasingly important in China's economy.

Sun Pishu, chairman of Inspur Group Co, China's largest server maker, said the world economy has not fully recovered from the 2008 financial crisis because the third industrial revolution, using electronics and information technology to automate production, has lost momentum.