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Sazon said digital payments are more secure and convenient than cash and give users an identity that empowers them. Mynt has already reduced its bank transfer fees.

Asked about competition from banks, she said banks are also partners, and that 90% of the company's base comes from low- to middle-income households that banks do not serve. The main competition, she said, is converting people who still use cash.

The PBOC may make the overnight rate its main policy rate, replacing the current benchmark, which could ease policy without a traditional rate cut. Polka Mishra, partner at Javelin Wealth Management, called it effective easing but not a big one, adding that it is not enough to revive consumer sentiment.

He said retail sales were not growing and growth remained export-driven. Property relief is circular, he argued, since consumers want to save while property prices have fallen amid multi-year negative sentiment. Local governments lack the resources to support it, and policy has focused more on tech than on the broader economy.

Haslinda framed the recent move as a rotation out of AI rather than an exit from the sector. Mishra said AI cannot be ignored, but it is too risky to be fully in it, so investors should take a more cautious approach.

He said investors should focus on companies with stronger cash flows, since the central question is whether AI spending will earn a return.

The order was signed internally in July and only recently made formally public. Annabelle Droulers explained that federal officials may not use DeepSeek directly, but it can still reach agencies through third-party software vendors and contractors.

Chinese models are much cheaper to run than OpenAI or Anthropic models, which can make contractors tempted to use them. Data can then be routed through DeepSeek's architecture when contractors process it on backend systems.

Droulers noted DeepSeek is reportedly working with Huawei on future AI chips, underscoring its central role in China's AI ecosystem.

Stephen Roach said the summit delivered little. He said stability is good, but calling the outcome 'constructive' and 'strategic' overstates it, arguing Trump has no strategic approach and is transaction-based.

Roach said Trump appears mainly to want a deal with Xi Jinping, and questioned why Xi would trust a leader likely to renege, citing Canada, Ukraine and NATO. He said Xi is still worried about the Chinese economy, and that time is the only thing he gains from these summits.

Asked whether he was disappointed by the limited AI progress beyond an AI hotline, Roach said the two sides had different narratives, especially on doomsday AI scenarios. He questioned what an AI hotline would concretely do.

He argued cooperation is necessary given AI's potential, but said Trump does not want to regulate AI, while China is moving toward more restrictive oversight.

Roach said restrictions on advanced technology spur China to proceed on its own, citing Huawei and its subsidiaries building processing technology to support DeepSeek's open architecture. He argued the more the US tries to stop China, the greater Beijing's incentive to proceed independently.

He expected some kind of trade deal by year-end, which he called likely to be a lousy one for the US, though Trump would describe it as a success.

Asked about a possible summit between Xi, Trump and Putin without Ukraine or European leaders, Roach called it appalling. He noted that Congress passed a secondary sanctions bill that would have put real teeth into Russia's war machine, and that Trump then signed an executive order that effectively countermands it.

German Chancellor Friedrich Merz said Europe does not want a trade war with China, but is ready to push back on unfair practices. He said the EU agreed on combustion engines on Friday, giving a common European position.

Asked whether Germany's car industry can counter subsidized Chinese EVs, Merz said yes but said the industry faces a big transformation it must carry out itself. Government can provide the framework and political opportunities, but companies have to do their own homework.

Marine Le Pen says she is the only one who can restore law and order, blaming far-left elements for the looting and rioting. A far-left candidate says police overreacted but also promises to address the underlying problems. Le Pen has looked at increasing spending, and faces pressure to show where the money would come from.