Two photon collisions offer a variety of physics studies that can be
performed at the future electron-positron colliders. Using the planned CEPC
parameters as a benchmark we consider several topics to be studied in the
two-photon collisions. With the full integrated luminosity the Higgs boson
photoproduction can be reliably observed. A large statistics of various
quarkonium states can be collected. The LEP results on the photon structure
function and the tau lepton anomalous magnetic moment can be improved by 1-2
orders of magnitude