Behind every new era lies the rise of a key factor of production: from land, oil, and electricity to data, and now it is the Token’s turn. We build our analytical framework around the idea of “intelligence as a service,” arguing that what large models truly deliver is no longer merely a tool, but a form of intelligence that can be called upon, metered, and priced on demand. Following this thread, we go on to examine the nature, cost, value, and competitive logic of the Token economy. Our central claim is that competition in AI is shifting from “can it be used” to “is it worth using.” Token efficiency, the ROI of the AI era, will become the key measure for understanding this wave of technological revolution. Yet the ultimate standard for judging AI is never how many Tokens it consumes, but how much it helps people get done and how much it amplifies their abilities. The end point of the Token economy remains, after all, the human being.
每個新時代背後，都有一種關鍵生產要素的崛起：從土地、石油、電力到資料，今天則輪到了 Token。我們以“智力即服務”為核心建立分析框架，主張大模型真正交付的已經不只是工具，而是一種可以被按需調用、計量和定價的智力服務。循著這一線索，我們進一步討論 Token 經濟的本質、成本、價值與產業競爭邏輯。其核心判斷是：AI 競爭正在從“能不能用”轉向“用得值不值”，Token 效率，也就是 AI 時代的 ROI，將成為理解這一輪技術革命的關鍵尺度。而衡量 AI 的最終標準，始終不是消耗了多少 Token，而是幫助人完成了多少事情、放大了多少能力。Token 經濟的終點，依然是人。

About the Speaker:

Dr. Jason Si is Vice President of Tencent and Dean of Tencent Research Institute. He holds a Doctor of Law degree and oversees Tencent’s industry analysis and policy research in the areas of digital economy, platform governance, and frontier technology, continuously producing in-depth observations on China’s digitalization and intelligent transformation. He has broad academic and industry influence. Dr. Si concurrently holds a number of academic and professional positions, including Industry Professor at Zhongnan University of Economics and Law, Distinguished Senior Research Fellow at the University of Hong Kong and the Chinese University of Hong Kong, Industry Doctoral Supervisor at the School of Social Sciences, Tsinghua University, Master’s Supervisor at Peking University Law School and Tsinghua School of Economics and Management, Council Member of the China Law Society, Executive Council Member of the Copyright Society of China, and Vice Chairman of the China Industrial Internet Development Alliance. He was also a visiting scholar at Stanford University. Dr. Si has long been engaged in research on the internet industry, law, economics, and public policy. He initiated the Tech for Social Good project, promoting positive interaction between technology and society. He is recognized as a “Top 1% Highly Cited Scholar” on CNKI (China National Knowledge Infrastructure). He has organized the compilation of the Digital China Index, serves as Editor-in-Chief of the journal Internet Frontiers, and has published monographs and book series and authored dozens of high-level research reports. His academic papers and commentaries have been published in authoritative journals such as Exploration and Free Views, Science of Law, and Tsinghua Business Review, as well as in main stream media outlets including Guangming Daily, Economic Daily, and Study Times. He has conducted in-depth reflection and theoretical synthesis on numerous landmark cases arising from the development of the internet in China and around the world, as well as the underlying patterns behind them, and has broad academic and industry influence.
司曉，法學博士，騰訊集團副總裁、騰訊研究院院長，全面負責騰訊在數字經濟、平台治理及前沿科技領域的產業分析與政策研究，持續輸出對中國數位化和智慧化進程的深度觀察，具有廣泛的學術和業界影響力。 司曉博士兼任中南財經政法大學產業教授、香港大學及香港中文大學特聘高級研究學者、清華大學社會科學學院行業博士生導師、北京大學法學院和清華經管學院碩士生導師、中國法學會理事、中國版權協會常務理事、中國產業互聯網發展聯盟副理事長等職務，並曾作為訪問學者赴斯坦福大學開展學術研究。司曉博士長期從事互聯網領域的產業、法律、經濟與政策研究，發起了Techfor Social Good（科技向善）專案，推動技術與社會的良性互動，入選知網”全國高被引學者 TOP 1%”。他組織編制數位中國指數，主編《互聯網前沿》雜誌，出版專著、叢書，撰寫高水準研究報告數十部，在《探索與爭鳴》、《法律科學》、《清華管理評論》等權威刊物及《光明日報》、《經濟日報》、《學習時報》等頭部媒體發表大量學術論文和評論文章，對中國乃至全球互聯網發展中湧現的大量經典案例及其背後的規律性問題有深入思考與理論總結，具有廣泛的學術和業界影響力。

The seminar will be conducted in Putonghua.

*CPD credits are available upon application and subject to accreditation by the Law Society of Hong Kong (currently pending).