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'Talentism' defines success in new capitalism, says Davos chief

Hong Kong will keep its economic power if it can retain its entrepreneurial spirit

Klaus Schwab says the world must change "outdated" systems in the post-coronavirus era.  (Photo courtesy of WEF)

TOKYO -- Talent has replaced capital as the definitive factor for success, the founder of the World Economic Forum told the Nikkei Asian Review, as he stressed the need for the world to build new social and economic systems in the wake of the novel coronavirus pandemic.

"What we have to recognize is that entrepreneurship is actually the essence of capitalism today," said Klaus Schwab, the host of the annual meeting in Davos, Switzerland, in a recent video interview.

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