China sees ar­ti­fi­cial in­tel­li­gence as a $59 bil­lion eco­nomic boost

The Denver Post - - FEATURES - By Bloomberg News

China aims to make the ar­ti­fi­cial in­tel­li­gence in­dus­try a “new, im­por­tant” driver of eco­nomic ex­pan­sion by 2020, ac­cord­ing to a de­vel­op­ment plan is­sued by the State Coun­cil.

Pol­i­cy­mak­ers want to be global lead­ers, with the AI in­dus­try gen­er­at­ing more than $59 bil­lion of out­put per year by 2025. Key de­vel­op­ment ar­eas in­clude AI soft­ware and hard­ware, in­tel­li­gent robotics and ve­hi­cles, vir­tual re­al­ity and aug­mented re­al­ity, the Coun­cil said last week.

“Ar­ti­fi­cial in­tel­li­gence has be­come the new fo­cus of in­ter­na­tional com­pe­ti­tion,” the re­port said. “We must take the ini­tia­tive to firmly grasp the next stage of AI de­vel­op­ment to cre­ate a new com­pet­i­tive ad­van­tage, open the de­vel­op­ment of new in­dus­tries and im­prove the pro­tec­tion of na­tional se­cu­rity.”

The plan high­lights China’s am­bi­tion to be­come a world power backed by its tech­nol­ogy busi­ness gi­ants, re­search cen­ters and mil­i­tary.

E“The pos­i­tive eco­nomic rip­ples could be pretty sub­stan­tial,” said Kevin Lau, a se­nior econ­o­mist at Stan­dard Char­tered Bank in Hong Kong. “The sim­ple fact that China is em­brac­ing AI and hav­ing ex­plicit tar­gets for its de­vel­op­ment over the next

Edecade is cer­tainly pos­i­tive for the con­tin­ued up­grad­ing of the man­u­fac­tur­ing sec­tor and over­all eco­nomic trans­for­ma­tion.”

The Coun­cil also called busi­nesses, uni­ver­si­ties and the armed forces to work more closely in de­vel­op­ing the tech­nol­ogy.

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