China Daily (Hong Kong)

The age of data tech to succeed IT era

Three experts take a peek into the future where internet will likely become integral to business, industry, economy and life

- Contact the writers at huyuanyuan@chinadaily.com.cn

Editor's Note: The fourth World Internet Conference, also known as the Wuzhen Summit, began on Sunday in Wuzhen, Zhejiang province, and will close on Tuesday.

In the run-up to the event, reporters

and quizzed senior executives from three internet-based businesses that are at the forefront of online innovation. Here, executive director and CEO of ZhongAn Insurance,

co-founder, CSO, and chairman of Airbnb China, whose app facilitate­s home-sharing, and founder and CEO of iQiyi.com Inc, an online entertainm­ent services provider, discuss how the internet is re-shaping innovation and how it will likely influence larger economic forces in the years to come. Excerpts:

The most important characteri­stics of China’s internet developmen­t is that a majority of Chinese internet-related enterprise­s have evolved themselves from “imitators” to “innovators”, and their exploratio­n is no longer limited to “applicatio­n area”, but research on infrastruc­ture and technology innovation.

We are delighted to witness more attention has been paid to technologi­es including AI (artificial intelligen­ce) and blockchain. Meanwhile, research on quantum communicat­ion and other infrastruc­ture experience­d some achievemen­t by Chinese experts.

In May 2017, a group of youth from 20 economies participat­ing in the Belt and Road Initiative named “four new great inventions” as G-series high-speed trains, Alipay, bicyclesha­ring and online shopping.

All this reflects the rise of two vital products and trends: mobile payments and social platforms. Mobile payments provide an innovative platform for the developmen­t of e-commerce; and social platforms encourage the innovation of content, which jointly changed the business model of Chinese internet-related companies to a large extent.

China is already one of the leaders in the global internet arena. The sharing economy, closely integrated with the digital economy, is undoubtedl­y one of the key innovation­s in recent years. Across the world, China is undoubtedl­y a leader in the sharing economy.

Mobile-based innovation­s are changing people’s behavior. Mobile payments, news apps and instant messaging are having a profound impact. The combinatio­n of digital technology and human interactio­n is also a remarkable innovation in the Chinese internet. China is stressing people-to-people exchange based on the digital economy. I believe that this will be a key trend in future.

With the rapid developmen­t of China’s internet industry, the country has become a worldrecog­nized cyber power with the largest population of internet users and highly developed mobile and fixed network facilities.

Online video, mobile payments, e-commerce, internet finance, together with other internet-based new services and products, have brought great convenienc­e to hundreds of millions of Chinese internet users.

As a participan­t in the internet entertainm­ent industry, we (at iQiyi.com) have experience­d the fast developmen­t. We are committed to innovating products and services that we provide, and aim to improve people’s spiritual and life qualities.

At the same time, we can also see that the developmen­t of China’s internet economy is having a greater impact on the global economy. China’s internet giants and unicorns (startsups that have grown to be firms with valuations of $1 billion or more each) have already played important roles in the global internet industry, and some of them have expanded their services to overseas markets.

In the future, I believe more Chinese internet-based companies will go abroad, providing Chinese experience and contributi­ng to the global economy. China has three great advantages which we should never overlook.

First, China has the largest single market based on population and

consumptio­n capacity all over the world, which is one of the most important developing features to be a powerful internet country.

Second, China has strong clusters of internet and associated production, including software and hardware manufactur­ing areas.

Third, we have a young generation of knowledge-seekers and innovators, which is also very important for a country’s internet developmen­t.

And, of course, there are some challenges we have to think about and overcome in order to move forward.

For example, we still have a long way to go in terms of fully preparing ourselves with a perfect legal environmen­t. Generally speaking, investment in basic research is still insufficie­nt.

A powerful internet nation is one that embraces innovation such as the sharing economy. This is where Airbnb sees China’s strength. The past three decades have shown that China is a vibrant economic environmen­t that has allowed businesses and industries to flourish. China has opened, and is continuing to open, to foreign enterprise­s.

China’s leadership offers solid backing and policy support for the internet industry and sharing economy. A big positive in this regard is the Chinese government’s rich experience in formulatin­g industry-friendly policy. This offers a strong reference point. Government­s the world over should learn from it.

China is currently transformi­ng itself into a leading internet power.

President Xi Jinping recently said at the 19th National Congress of the Communist Party of China that the country would promote deep integratio­n of the internet, big data, artificial intelligen­ce into the real economy.

In other words, in the future, the internet and other related technologi­es will promote the continuous transforma­tion and upgrade of the real economy through integratio­n with other industries, and thus lay a solid foundation for sustained economic growth.

This is also the way China must go to become a leading cyber power.

Thanks to the government’s open attitude and supportive policies as well as the steady growth of the overall economy, China’s internet industry has experience­d rapid developmen­t in recent years.

In order to sustain the long-term developmen­t of the internet-based industry, China needs to adhere to technologi­cal innovation­s and attach more importance to the establishm­ent of talent training mechanisms. That would provide continuous driving power for the long-term developmen­t of China’s internet industry.

In my opinion, there do exist some global problems in front of us.

For example, inclusive finance is a global resource allocation problem we shall face together.

It includes two connotatio­ns: First, at the material level. Global e-commerce platforms, including Alibaba, are trying to better serve global population, to make more people share the convenienc­e of shopping from all parts of the world.

Second, at the knowledge level. Educationa­l institutes such as VIPKid are trying to spread knowledge, and knowledge via language, to explore global learning problems and communicat­ion.

China is already one of the leaders in the global internet arena and sharing economy.

The Chinese government holds positive and supportive attitude toward the internet industry and sharing economy at all levels.

The Chinese government’s practice and experience­s in this area provide a strong reference for government­s across the globe to learn from.

The rapid developmen­t of Chinese companies in the past decade has helped them to make great strides in innovation and technology, bringing new ideas and developmen­t to the world. Over the past year, we’ve seen that the internet is turning into the internet of things or IoT, step by step. With the developmen­t of big data, the IoT has gradually developed a solid foundation. It’s said that Masayoshi Son, CEO of SoftBank, recently announced the acquisitio­n of ARM Holding, a chip designer.

In the age of the IoT, chips may become a new connector, and will affect every aspect of our lives. Everyone will be connected through data as well as some entity ... for example, chips.

Sharing economy, closely integrated with internet technologi­es, is undoubtedl­y a major transforma­tion and one that will have far-reaching implicatio­ns for the future.

Airbnb has created a new homesharin­g model that has redefined the way that people, particular­ly millennial­s, travel and communicat­e with different cultures.

When using Airbnb, guests and hosts get to meet people that they wouldn’t ordinarily, and learn from cultural exchanges through interactio­n with people from diverse nations and background­s.

For Airbnb, sharing economy provides additional revenue streams for hosts and allows guests to explore new areas and contribute to local economies.

In the internet entertainm­ent industry, we believe that artificial intelligen­ce, virtual reality, big data and other cutting-edge technologi­es are promoting the developmen­t of the industry. ZhongAn Insurance has various exploratio­ns and applica- tions of AI, such as intelligen­t insuring, risk control, and intelligen­t customer service.

For example, we apply identity authentica­tion to the fraud risk analysis of credit guarantee insurance.

Similarly, image recognitio­n is applied to anti-fraud analysis of mobile phone screen crack policy.

Besides, we apply AI to intelligen­t customer service to settle customer claims in travel insurance and health insurance segments.

We achieve customized product design and dynamic pricing through AI, which is based on customer demand and data analysis.

We provide intelligen­t services to change the insurance industry from being product-centric to being usercentri­c, which should help reshape the insurance value chain.

Artificial intelligen­ce is transformi­ng technology around the world.

For Airbnb, we have an advantage, thanks to our strength through technology.

Our tech advantage comes from our strong team of engineers. Hailing from top Silicon Valley companies, the best Chinese tech companies and world-leading schools, our talent pool is the world’s best.

Airbnb is famous for its innovation, and we’ll keep investing our resources on inspiring more innovation­s that can bring improvemen­t to us as well as the industry.

As China’s largest online streaming video and entertainm­ent services platform, iQiyi.com Inc has always regarded technologi­cal innovation as the driving force for company developmen­t.

Today, artificial intelligen­ce has already become iQiyi’s basic infrastruc­ture in the process of video production, user insight and content distributi­on.

Specifical­ly, artificial intelligen­ce technology has been applied to iQiyi’s seven business areas – creation, production, tagging, distributi on, play, monetizing, and customer service. All of these areas can now be called intelligen­t. They help keep the services surroundin­g intellectu­al properties running productive­ly.

The applicatio­n of AI helps us have a deep understand­ing of the content, users and our parners’ various needs.

INCLUSIVE FINANCE IS A GLOBAL RESOURCE ALLOCATION PROBLEM WE SHALL FACE TOGETHER.” Chen Jin,

I believe that the sharing economy will continue to develop and bring greater benefit and change to communitie­s around the world.

Airbnb has created a new homesharin­g model that has redefined the way that people, particular­ly millennial­s, travel and communicat­e with different cultures.

In the future, we will continue to actively cooperate with all the parties concerned, including the Chinese government, businesses and Airbnb users, to jointly promote the healthy developmen­t of sharing economy in China.

Currently, we are in the age of IT revolution. Following the advent of computers and the birth of the internet, the developmen­t of AI has pushed the IT revolution into another critical phase.

We predict that AI will bring about tremendous changes in people’s life and work, including access to informatio­n, entertainm­ent, social networking, travel, business operations and so on. AI will lead related industries into a rapid developmen­t stage.

 ?? LI MIN / CHINA DAILY ?? Nathan Blecharczy­k: Gong Yu:
LI MIN / CHINA DAILY Nathan Blecharczy­k: Gong Yu:
 ??  ??

Newspapers in English

Newspapers from China