China's State Council has planned to create a domestic artificial intelligence industry worth $150 billion within the upcoming years, an AI hub. Xi Jinping has inspired tech entrepreneurs such as Rona Jiang as he spoke about the internet, big data and artificial intelligence at the Communist Party's once-every-five-year assembly. At the packed assembly bringing together 2,200 party members, Xi announced he wants to bring advanced technology into the Chinese economy with the purpose of expanding engines and creating new business models such as the shared economy.
Scientists are claiming we are experiencing the fourth industrial revolution. AI-engrained technology is predicted to increase global productivity by 14% within the next thirteen years. That means an additional US$15.7 trillion. China, being the world's second largest economy will see a 26% increase to its economy by 2030. (PricewaterhouseCoopers)
A few months back, China's State Council announced the plans to build a country-wide artificial intelligence industry worth around US$150 billion and to make the country an “innovation center for AI” similar to that of Silicon Valley. In Xi's speech last Friday, he announced “We need to speed up building China into a strong country with advanced manufaacturing, pushing for deep integration between the real economy and advnaced technologies including internet, big data, and artificial intelligence.”
Jiang, an entrepreneur based in China is creating an 'on demand' model to change the way shirts are made using artificial intelligence. Xi Jinping's speech left Jiang hopeful of China's future. She said “we feel our start-up is on the right track, heading the right direction, despite facing many of challenges.”
According to data released by the National Bureau of Statistics, the Chinese government has spent 1.57 trillion yuan last year on technology research and development, an increase of 10.6%.This figure is immensely greater than EU spending on technology, which is around 2.08%. Xi is encouraging Chinese nationals to “foster new growth drivers from sectors including mid and high level consumption, innovation, green economy, shared economy, modern supply chain, and human resource services.”