Smart Cooking

A worker operates a cooking machine in an automated restaurant in Beijing on November 7. The restaurant is equipped with seven cooking machines programmed to prepare popular Chinese dishes in minutes without the need for human chefs. report said.

During this period, China will see over $700 billion of cumulative imports in emerging services, including charges for the use of intellectual property, telecommunications, computer and information services, financial services, and cultural and recreational services.

China has seen rapid growth in imports of services since it joined the World Trade Organization. Its services imports surged to $467.6 billion in 2017 from $39.3 billion in 2001, with its global share increasing to 9 percent from 2.6 percent, official data showed.

In terms of the global travel industry, China’s outbound travel consumption has contributed 16.7 percent of the added value and created about a quarter of jobs in recent years, according to the report. artificial intelligence (AI) into their services. Many top IT companies including Alibaba, Tencent and Jd.com have protracted their businesses into the financial sector, establishing platforms after obtaining financial licenses.

In its latest report on China’s financial stability, the People’s Bank of China (PBC) labeled these IT giants engaged in financial business as financial holding companies.

Their presence has stimulated the proliferation of Fintech and relevant applications in China, especially in terms of investment advisory services, risk management, and customer services. The utilization of AI technologies in finance also contributed to efficiency improvements and cost reductions for financial institutions.

Along with the rapid use of financial technologies, almost 1,900 Fintech startups established in China over the past three years, according to a Fintech database developed by the Tsinghua University PBC School of Finance.