AI is poised to revolutionize various aspects of China’s systems, business landscape, social welfare, and national security, aligning with the 2017 State Council guidelines. The objective is to leverage AI to enhance societal safety, comfort, and efficiency, with specific emphasis on its application in social management and public services.
The global race for AI dominance stems from its role as a foundational technology capable of driving productivity, fostering competitiveness, and addressing societal challenges effectively.
In the realm of Artificial business, China stands out as a frontrunner, outpacing the US in both the quantity and quality of AI research papers, as per a recent Nikkei study. The Chinese Artificial market is projected to surge to US\(38.89 billion this year, with a projected compound annual growth rate of 18% to reach \)104.7 billion by 2030, surpassing the US market valued at $106.5 billion this year.
Notably, China boasts over 4,300 AI enterprises and a minimum of 238 large language models (LLMs) – deep-learning AI algorithms driven by extensive datasets. Major tech players like Baidu, Alibaba, Tencent, Meituan, and iFlyTek have made significant inroads into this burgeoning sector.
With 975 million smartphone users, China leads globally, generating vast amounts of online data crucial for AI advancement. The nation’s proactive stance on fostering innovation and digitalization is underscored by President Xi Jinping’s proposal of the International AI Governance Initiative during the Belt & Road Forum for International Cooperation.
The initiative advocates for a “people-centered” approach to AI development, prioritizing inclusivity, fairness, risk-based testing and assessment systems, and regulatory reforms safeguarding privacy and data security. While not the inaugural international AI conference, the World AI Governance Initiative is poised to influence the global AI regulatory landscape significantly.
Hong Kong, positioned as a key player in China’s AI evolution, can contribute substantially to this growth trajectory. Economic Secretary Paul Chan Mo-op highlighted the city’s potential in attracting talent and investments, particularly amid the current political climate, emphasizing its success in drawing medical researchers and government support.
Moreover, the Greater Bay Area has established a comprehensive AI ecosystem spanning research to commercial applications, further solidifying Hong Kong’s role in this transformative journey. As China gears up to lead the global AI arena, Hong Kong’s strategic involvement is poised to be instrumental in this trajectory, bolstered by the nation’s expanding AI market and strategic initiatives like the Belt and Road Initiative and the International AI Governance Initiative.
