AI — China's New Driving Force
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China is emerging as a driving force in the field of artificial intelligence (AI). With significant investments and advancements in AI technology, China is positioning itself as a global leader in this transformative industry. The country's government has made AI a national priority, fostering innovation and creating a favourable environment for AI development. Chinese tech giants such as Baidu, Alibaba and Tencent are at the forefront of AI research and application, making significant contributions to areas like computer vision, natural language processing and robotics. Additionally, China's vast population and massive data resources provide a unique advantage for AI research and development. With its commitment to AI, China aims to harness the power of this technology to drive economic growth, enhance various sectors including healthcare and transportation and shape the future of industries and society as a whole.
The "Secret Weapon" of Alibaba
The new CEO of Alibaba, Eddie Wu, joined in 1999 as its first programmer. He has held roles such as CTO of Alipay. He is now leading Alibaba's efforts to boost market competitiveness by refocusing on the Taobao platform, prioritising customer needs and driving digitalisation initiatives.
China-US AI Battle Wages On
China and the US are in fierce AI competition, but determining a long-term winner is challenging. China once had an advantage but is now weakened by the emergence of generative AI. AI development has two directions: control and liberation. China is focusing on reconciling these functions.
Bright Spots
China's manufacturing of electric vehicles and renewable energy sources, such as solar and wind, experienced substantial growth, with EV production rising by over 42% since the first half of 2023. World Bank and IMF indicate China will contribute at least 30% of the global economic growth this year.