China’s ambitious plan to become the artificial intelligence global leader
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China’s ambitious plan to become the artificial intelligence global leader

According to the Chinese State Council’s latest development plan, the country plans to make artificial intelligence (AI) a “new, important” driver of economic expansion by 2020. On Thursday, the cabinet announced that it sees China becoming a global leader in AI, with the industry generating $59 billion annually by 2025. According to the report, some of the areas that will be crucial to this endeavor include AI software and hardware, intelligent robotics and vehicles, virtual reality and augmented reality.

It’s a great year for Chinese technology stocks

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SOURCE: Yahoo Finance

The report said that: “artificial intelligence has become the new focus of international competition. 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."

According to a PwC report from June, AI will contribute as much as $15.7 trillion to the global economy by 2030. China wants a big piece of that pie, as it plans to become a “world power backed by its technology business giants, research centers and military,” according to Bloomberg.

Investors have responded positively to the report, and they are not alone. Kevin Lau, a senior economist at Standard Chartered Bank in Hong Kong, said: "The positive economic ripples could be pretty substantial. The simple fact that China is embracing AI and having explicit targets for its development over the next decade is certainly positive for the continued upgrading of the manufacturing sector and overall economic transformation."

Disclosure

Dominion holds Baidu, Tencent, and Alibaba – as well as a number of other Chinese companies with interest in AI – in its Global Trends Ecommerce Fund.


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