Monday, September 9, 2024 Chen Liang, Chairman of China International Capital Corporation (CICC), highlighted the vast potential for growth in China’s artificial intelligence (AI) sector during the International China Investment Forum. He predicted that China’s AI industry could generate over 10 trillion yuan (US$1.4 trillion) in investments over the next six years.
Addressing the audience at the event organized by Xiamen’s municipal government and co-hosted by CICC, Chen emphasized that China’s AI market still has enormous room for expansion and investment. The CICC estimates that AI market demand in China could reach 5.6 trillion yuan by 2030.
Much like the US, China is undergoing an AI surge, with local tech companies making significant investments in developing advanced AI models, particularly large language models used in platforms like OpenAI’s ChatGPT. This AI technology is being applied across a range of sectors, including healthcare, legal services, entertainment, and logistics, to drive productivity improvements. More than 237,000 AI-related companies were launched in China during the first half of this year, bringing the total number of registered AI-focused businesses in the country to around 1.
7 million. As AI becomes a national priority for Beijing, the Chinese government has implemented favorable policies to bolster the industry, especially in light of heightened competition with the US. AI is being positioned as a key driver of industrial transformation.
China led global robot installations in 2022, accounting for 52% of total installations worldwide. AI advancements are also enhancing the robotics industry, with the recent World Robot Conference showcasing AI-powered robots designed for various tasks, from household chores to industrial operations like sorting medicine or managing factory goods..
