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This article summarizes the panel discussion on “The Future of Video Coding,” organized by the U.S. Local Chapter of APSIPA on April 24, 2021. This panel brought together world leading experts in video coding to discuss and debate this hot topic. The speakers are leaders from various video coding fields, ranging from video coding standards, visual quality, deep learning approaches, screen content coding, reinforcement learning, rate-control, video coding for machines, and more. The panel discussed and debated different future issues related to video coding, including but not limited to, the emerging areas within the next 5 years, the trend and role of deep-based coding, the impact of visual quality assessment, the role for academia, the advice for graduate students, and more. The key points of the panellists’ opinions are highlighted in italics.