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Only a small fraction of firms expect AI to enhance profitability, states McKinsey China chairman at Consensus.
The chairman of Greater China at McKinsey stated that nearly all companies are trialing AI, but few are fundamentally altering their organizations sufficiently to realize profits.
McKinsey Greater China Chairman Joe Ngai at Consensus Hong Kong 2026 (CoinDesk)
Key points:
- While 98% of businesses are exploring AI, only around 5% report improvements to their bottom line, according to McKinsey’s Joe Ngai at Consensus Hong Kong on Thursday.
- Organizational hierarchies, rather than technology, are hindering extensive transformation.
- Companies in China are concentrating on applied and embodied AI, Ngai noted, who anticipates an emerging “robot dividend.”
Almost every significant corporation globally is engaging with artificial intelligence, yet very few are undergoing substantial changes as a result, stated Joe Ngai, McKinsey’s chairman of Greater China, at Consensus Hong Kong on Thursday.
Internal assessments indicate that 98% of corporate leaders claim to have implemented some form of AI, Ngai remarked. However, when queried about the extent of its deployment at scale, “that figure declines sharply” to under 20%, he explained. In terms of quantifiable profit impact, only 5% have seen gains.
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According to Ngai, the obstacle is not technical capability but rather organizational structure.
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He explained that modern corporations are structured with “layers of personnel, hierarchies, managers, and reporting.” In a world driven by AI, this framework creates friction.
Rather than rethinking business models, many companies are merely adding AI initiatives on top of outdated processes, seeking approvals, trialing limited applications, and maintaining established reporting lines.
“This is not where the greatest advantages of AI can be realized,” Ngai stated. “The challenge of AI implementation primarily lies with people.”
From his perspective in China, Ngai observes a different methodology. Chinese firms have spent a decade digitizing their operations around mobile technology and data. Consequently, there is a “much greater receptiveness … to agentic and AI,” with reduced resistance from labor structures and legacy governance.
In contrast to Western discussions that often focus on advanced models and artificial general intelligence, China’s approach is pragmatic: “There’s significantly less emphasis on the models … with much more discussion regarding usage.”
Ngai also pointed out embodied AI, such as robotics, automation, and autonomous driving, as a significant frontier. Given the scale of China’s supply chain, he predicts an upcoming “robot dividend,” suggesting that the country may soon deploy more robots than humans, countering demographic decline and transforming industrial productivity.
Ngai characterized 2026 as shaped by two opposing dynamics: geopolitical instability and technological advancement. CEOs are managing tariffs and fragmentation on one side, while navigating AI-driven transformation on the other. Nonetheless, corporate earnings remain robust.
