The Chinese-made humanoid robot will guide visitors to the event site at the 16th Annual General Meeting of the new champion, also known as Summer Davos, held in Tianjin on June 25th. Zou Hong/China Daily
Experts and entrepreneurs said that China's efforts to accelerate the application of rapidly evolving artificial intelligence across a wide range of sectors will help the country become competitive in the technology frontier and create immeasurable business opportunities for investors.
According to them, China is at the global forefront of the development and application of AI technology. This has become an important force in strengthening economic development and industrial upgrades as the country recognizes AI as an essential tool for promoting new quality productivity and fostering new growth drivers.
The country's super-large market, robust engineering talent pool and a thriving innovation ecosystem support the ability to promote technology from the lab to the industrial sector, they added.
Zhu Min, former assistant managing director of the International Monetary Fund, said China will make significant advances in the use of AI technology over the next 18 months to two years, highlighting that large-scale manufacturing of 1.4 billion people, a huge consumer market, and a wealth of industrial application scenarios will provide unique advantages for AI development.
Zhu spoke at the 16th Annual General Meeting of the new champion, also known as Summer Davos, at Tianjin last month. He said AI Plus will serve as a key driver of China's economic growth.
China surpasses the US in the number of academic papers published in AI, gaining top spots around the world, adding that such papers are increasingly focusing on the specific industrial applications of AI.
Noting that Chinese AI startup Deepseek has opened up a wide range of space for AI deployments, he said there is a great potential for growth as China's services sector, technology and AI will have future employment in these emerging sectors. It is very important to strengthen retraining in the job market and let people know the best ways to use AI, he added.
Analysts at Goldman Sachs said that the generation AI breakthrough could lead to drastic changes in the global economy. These breakthroughs could drive 7%, or about $7 trillion, increase global GDP and increase productivity growth by 1.5 percentage points over a decade, they said.
