China to lead the world in artificial intelligence

The World Artificial Intelligence Conference based on the topic of “Intelligent Connectivity, Infinite Possibilities” was held in August.

The conference attracted both domestic and international AI scientists, entrepreneurs, government leaders, and officials to discuss the most recent industry trends and technological advances. An accompanying exhibition covering a place of nearly 15,000 sq meters displayed cutting edge technology related to industrial ecology, AI urban application, autonomous vehicle operation, etc. Almost 400 homegrown and global companies participated in the event. After operating as a factory to the world for nearly four decades, China is working vigorously towards becoming an innovation hub for cutting edge technology like big information, virtual reality, and AI. 

The latest report by the Chinese Institute of New Generation Artificial Intelligence Development Strategies recognized the rapid strides being made by the nation in the latest years and highlighted his huge potential in altering the future form of the Chinese economy. In addition, based on a study by PwC, the global Gross domestic product could expand by 14 percent by 2030 due to the application of AI. The analysis further highlighted that China is likely to contribute nearly $7 trillion of the $15.7 trillion of the global wealth produced in this manner from the period, compared to the American contribution of $3.7 trillion. 

The desire to ascend the global value chain became clear from 2017 when China stepped up its efforts to build itself into a strong nation with advanced production, insisting on deeper integration between the real economics and advanced technology such as the internet, large information, and artificial intelligence. In the exact same year, the Ministry of Industry and Information Technology revealed a 3-year plan to facilitate the development of AI and machine learning until 2020. China’s overall ambition could be broken down into 3 parts: maintaining speed with AI technology by 2020, attaining AI breakthroughs by 2025, and become a world leader in AI by 2030. 

To accomplish this, it’s been pouring huge amounts of cash into AI based research and development. In 2017, Chinese venture capital investors contributed nearly 48 percent of the entire AI venture funding worldwide. Throughout the exact same year, Chinese start ups increased $4.9 billion in comparison with the $4.4 billion achieved by their North American counterparts. China’s large technology companies like Alibaba, Baidu, Tencent have been plowing billions of dollars into AI based research and development. In March 2017, for Example, Baidu established the National Engineering Laboratory of Deep Learning Technology. The main ambition of this installation is to conduct research in image and voice recognition types of human-machine interaction, and identification.

Similarly, e-commerce giant Alibaba pledged to invest $15 billion yearly up to 2020. The business has already introduced the AI cloud solutions for the health care and manufacturing industries. These endeavors, government’s regulatory support, accessibility of an AI talent pool, together with a lot of data is helping the nation to make substantial strides in this discipline. Local governments are financing the AI business in resources and both finance. Shanghai has established policies with the intent to establish itself as a foundation for top quality AI development. The town has begun constructing the nation’s initial AI innovation application forerunner region with the national innovation of the new generation AI and growth zone. 

The latter will act for strengthening the innovation capacity, improving the environment of entrepreneurship, thus becoming an engine of AI based research and innovation. There has been A robot seen making a beverage at Changyang Campus Shanghai, in Yangpu district, June 21, 2019. Shanghai is already home to nearly 1, 000 AI businesses, including global giants like Microsoft, Amazon, and SAP, that have launched their AI research institutes in the city. It aims to become an AI hub by further expanding the business to over 100 billion yuan by 2020, in accordance with the plan established by Shanghai municipal governments last year. 

Meanwhile, last November, Beijing constructed a new R&D institution named the Beijing Academy of Artificial Intelligence. Besides, in addition, it established a plan qualified Zhiyuan Action Plan, both initiatives meant to support scientists and researchers to make disruptive discoveries in AI technology and systems. The town allocated a fund of $2.1 billion last year to get constructing a science and technology park focusing mainly on development and research associated with AI. The park, hoping to become home to over 400 enterprises eventually, is likely to be completed in the next five decades. Kai-Fu Lee, the author of the AI Superpowers, states: At the age of AI, data is the new oil. 

As the AI begins to electrify industries, China’s embrace of the messy details of the real world will give it an advantage over Silicon Valley. The planet is at the cusp of a big change, and massive diffusion of electronic technology won’t just deepen, but additionally change it fundamentally. Looking at the profound effect of that technology on governments, enterprises, and individuals, it appears they’ve no choice, but to join the bandwagon to ease their development and set up them fruitfully.