Tech ty­coons sup­port Xi’s in­no­va­tion vi­sion

China Daily (USA) - - G20 2016 CHINA - By MENGJING in Hangzhou mengjing@chi­nadaily.com.cn Chen Yingqun con­trib­uted to this story.

Tech ty­coons at the busi­ness fo­rum on Satur­day that pre­ceded the G20 Lead­ers Sum­mit in Hangzhou, Zhe­jiang prov­ince, hailed the key­note speech by Pres­i­dent Xi Jin­ping, which em­pha­sized in­no­va­tion, say­ing the di­rec­tion, com­bined with cur­rent prac­tices in China, could solve the global chal­lenge of growth.

Xi sent a clear mes­sage in the speech that pil­lars of the vir­tual econ­omy — data, ar­ti­fi­cial in­tel­li­gence and other in­ter­net-pow­ered tech­nolo­gies — should be used to drive real growth, as they have be­come in­creas­ingly im­por­tant in China’ s econ­omy.

Sun Pishu, chair­man of In­spur Group Co, China’s largest server maker, said the world econ­omy has not fully re­cov­ered from the 2008 fi­nan­cial cri­sis be­cause the third in­dus­trial rev­o­lu­tion, us­ing elec­tron­ics and in­for­ma­tion technology to au­to­mate pro­duc­tion, has lost mo­men­tum.

“It is high time to fur­ther the de­vel­op­ment of the fourth in­dus­trial rev­o­lu­tion, char­ac­ter­ized by data, and in­no­vate the de­vel­op­ment mod­els to drive new­growth,” he said.

In his key­note speech at the open­ing of the B20 Sum­mit, Xi said that sci­en­tific and tech­no­log­i­cal in­no­va­tion are the keys to de­vel­op­ment.

Robin Li, chief ex­ec­u­tive of­fi­cer of Baidu Inc, which op­er­ates China’s largest on­line search en­gine, said in­no­va­tion is not only the pow­er­house of China’s econ­omy in the new nor­mal econ­omy but also the key driver for a new global econ­omy.

“In­ter­net-pow­ered technology and in­dus­try is about to take off, and ar­ti­fi­cial in­tel­li­gence will bring rev­o­lu­tion­ary changes to how peo­ple live and the way they pro­duce,” Li said.

“Com­pa­nies and gov­ern­ments around the world must seize the op­por­tu­nity to deepen their col­lab­o­ra­tion in plat­forms, resources, tal­ent and poli­cies,” he said.

The gov­ern­ment has un­der­scored the im­por­tance of in­no­va­tion, in­tro­duc­ing var­i­ous poli­cies to en­cour­age in­for­ma­tion con­sump­tion and guide the de­vel­op­ment of smart man­u­fac­tur­ing. It has low­ered the thresh­old of sup­port for in­di­vid­u­als set­ting up their own busi­nesses to be­come part of the mas­sive in­no­va­tion wave.

China has for the first time joined the world’s top 25 most-in­no­va­tive economies, which had been dom­i­nated by de­vel­oped economies, ac­cord­ing to a re­port re­leased in Au­gust by Cor­nell Uni­ver­sity, INSEAD busi­ness school and the World In­tel­lec­tual Prop­erty Or­ga­ni­za­tion.

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